370 PROVISION OF BORROWING FACILITIES. 



borrow Rs. 1,000 for a marriage on no higher terms than Rs. 500 

 formerly, if it merely leads him to borrow and spend accordingly ? 

 "Lightly come, lightly go," is but the record of experience. Nor is 

 it less embarrassing to owe a bank Rs. 1,000 than a soiocar Rs. 500, 

 in case, indeed, of the borrower's death, it may be much more so, 

 from its greater amount. 



Unpunctuality is much complained of, especially in the case of 

 members who do not draw regular monthly incomes; this is but 

 natural, and is found in Europe and the United States also, among 

 the non-wage earners, such as peasants, shopkeepers, &c. This fact 

 points to the need for an adaptation of the system to such classes ; it is 

 a priori impossible that societies started for and by official and other 

 stipendiary classes, should suit those whose incomes are of uncertain 

 date or accrue only at certain seasons. Out of seventy societies 

 taken at random, of which the winding-up reports were analysed, no 

 less than forty-two failed solely or chiefly because of arrears ; both 

 benefited and non-benefited subscribers made default, but specially 

 the former. 



It seems that punctuality is in India the hardest to learn of all 

 business lessons, and, as has been stated, it is probable that 

 unpunctuality is connived at, if not encouraged, by reason of the 

 heavy penal interest which results ; in one Nidhi three-tenths of the 

 income was from fines ; in another and very large one the net profits, 

 after deducting guaranteed interest, were practically obtained from 

 this source. Here then is another result of the greed for dividends ; 

 if these were fixed and all surplus went to a reserve or to works of 

 utility, it would no longer be the interest of managers to allow 

 unpunctuality, and the Funds would serve the great purpose of 

 instilling the virtue of punctuality into an unpunctual clientele. 



Advantage*, actual or possible. These will have been understood 

 from the foregoing sketch ; they are the introduction of co-operative 

 principles and habits, the stimulation of thrift and providence, the 

 inculcation of business habits and punctuality, the cheapening of 

 credit, the insuring, so long as the rules are observed, that the 

 members will, if non-borrowers, get back their money with interest, 

 and if borrowers, that they are secure from all annoyance so long as 

 they pay their dues punctually, and that all dues will be rightly 

 credited to their accounts ; business is extended by cheapening loans, 

 and not by entrapping the unwary and ignorant, profits aro to bo 



