PROVISION OF BORROWING FACILITIES. 275 



and of the provision of funds, we shall not feel that we have suc- 

 ceeded unless we eventually find ourselves able to withdraw ; for as 

 has been well said, 'co-operation must be built up from the bottom, 

 and not from the top.' But, for the present, we shall be prepared to 

 advance money to rural societies in even fifties of rupees, subject to 

 the condition that the total advance outstanding shall at no time 

 exceed the total amount subscribed or deposited by the members of 

 the society, or a limit of Rs. 2,000 in the case of any single society. 

 It may be said that the first condition will greatly restrict the 

 advances ; but at any rate they will double the resources at the 

 disposal of the society. During the first three years of the life of 

 any society, the advances will be free of interest, and will not be 

 recoverable except in the case of the society being wound up ; while 

 after that period they will ordinarily bear interest at 4 per cent., and 

 will be recoverable in annual instalments not exceeding one-tenth of 

 the total amount due. The Registrar will have power to suspend the 

 payment of any instalment of capital on payment of any interest that 

 may be due, and such suspension will simply postpone the payment 

 of the suspended instalment and of all subsequent instalments by one 

 instalment period. 



Such my Lord, are the outlines of the legislation which we 

 propose, and of the executive action which we intend to base upon it. 



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