AGRARIAN TENDENCIES IN EUROPE 67 



class includes the vast number of farmers who fall 

 between these two extreme groups. 



Attention is directed also to the danger of over- 

 specialization, which may result in unbalanced pro- 

 duction and a failure to utilize the by-products of 

 the farm. While these precautions may not be out 

 of place, it is not likely that many people will feel 

 that this is an immediate danger confronting the 

 cooperative movement in this country. 



The Growth of Rural Credit 



The rural credit movement has gained consider- 

 able headway in western Europe since the War. A 

 great stimulus to cooperative credit has been given 

 in England by the passing of the Agricultural 

 Credits Act in 1923. The plan contemplates the 

 formation of credit societies with the cooperation 

 of agricultural organizations of Great Britain. Co- 

 operative credit also has gained considerable head- 

 way in Holland in recent years. The two Dutch 

 central cooperative banks of Utrecht and Eindhoven 

 report great progress. These banks have become 

 powerful financial institutions and have contributed 

 greatly to the financial resources of the farmers of 

 the country. These cooperative agencies proved 

 especially effective during the crisis that followed 

 the close of the World War. 



Agricultural credit facilities have been available 

 in Italy for many years. One sees centralized 

 agricultural banks in all the larger cities of that 



