30 INFORMATION RELATING TO CO-OPICRATION AND ASSOCIATION 



the war had notably reacted on those institutions which still enjo}^ popnlar 

 confidence. 



The punctuality of members in repaying the amounts they borrowed 

 has been entirely praiseworthy. Loans numbered 3,025 on 31 December 



1914 and had risen to 3,114 at the end of 1915. Deposits on 31 December 



1915 amounted to 854,800.49 liras as against 807,901.27 liras on 31 Decem- 

 ber 1914 : that is they increased by 46,899.22 liras. This increase shows 

 that even the poorest .classes, from whom the deposits emanated, were 

 well-to-do, a fact confirmed by the diminution in loans which allowed the 

 funds to augment their reserves in specie. The amount of the bills held 

 was lowered from 840,450.35 liras in December 1914 to 720,809.17 liras at 

 the end of December 1915. 



The Federation of Salerno was founded in April 1916. It immedi- 

 ately undertook the formation of new funds in the vast region of Salerno 

 and lyucania. The rural funds of Siano, Vietri-sul-Mare, Bracigliano, 

 Castel San Giorgio, Toirello, Pastena and Fosaro were thus constituted, 

 and others are in course of formation at Eboli, Danzara, Cioriani, Fisciano, 

 S. Cipriano Picentino and Agliara. 



3. THE INSPECTING AND BOOK-KEEPING OFFICES FOR CO-OPERATIVE SOCI- 

 ETIES. — IsHtuto di credito per le cooperative. Branch at Reggio d'Emilia. Extract 

 from the report on the balance-sheet for 1916. 



The Istituto di credito per le cooperative of Milan founded long since 

 and most opportunely offices for the inspection and book-keeping of co-op- 

 erative societies. The reason for their existence is explained as follows 

 in the report on the budget for 1916 of the Reggio d'Emilia branch. " The 

 needs of co-operation become larger and more and more complex and the 

 desire of the Istituto di Credito for a regulation of credit grows proportion- 

 atel}'. Hence the necessity that there shotUd always be at hand the ma- 

 terial for learning the conditions of the enterprises as regards their economy 

 and their capital in real estate. This gives a motive to all the co-operative 

 societies to prove the value of their organizations, for it is from all of them 

 together that operations of credit in general and of fiduciary credit in par- 

 ticular can derive their indispensable effective guarantees ". The report 

 cited shows the activity of these societies. In 1916 they kept the books 

 of 54 co-operative societies and drew up their balance sheets : the office 

 of Reggio did this for 31, that of Guastalla for 23. 



The inspecting office imdertook notable work. It revised 164 bal- 

 ance-sheets, belonging, respectively, to 67 consumers' and 97 labourers' 

 co-operative societies ; and it gave 195 consultations. 



The results obtained by revising the balance-sheets were the bases 

 for the compilation of statistics of 1914, and the like are now being compil- 

 ed for 1915. If the data collected be resumed the progress of co-opera- 



