WORK DONE OR PROJECTED 221 



(elected annually by ballot at the general meeting), and an 

 honorary secretary and treasurer, this particular post 

 having been filled from the outset by the rate collector 

 of the parish. 



With an initial membership of nine, (increased by the 

 end of 1910 to 32), the society started by opening an account 

 with the local branch of a joint stock bank, the chairman, 

 in his own name and that of the society, giving a guarantee 

 to the extent of 100 for sums due to the bank. At one 

 time the overdraft amounted to 94, but subsequently, 

 with the growth of deposits, the society has generally had 

 a balance to its credit. The bank charges 5 per cent, on 

 overdrafts and allows 2 per cent, on current account credit 

 balances. The society pays 3 per cent, on deposits, and these 

 amounted, at the end of 1910, to 186. Deposits are to 

 be left with the society for not less than three months, 

 and one month's notice must be given of withdrawal. 



The chief purpose of the society is to make loans to its 

 members for profitable purposes at a low rate of interest. 

 In the total of 32 members at the end of 1910 there were 

 included eleven small farmers, three market gardeners, 

 three blacksmiths, two carpenters, two labourers, a butcher, 

 a horse-dealer, a carter, a woodman, a miner, and a foreman, 

 most of whom, in addition to their main occupations, 

 cultivate small holdings or allotments. The first loan 

 granted was one of 30 to a small holder to enable him to 

 buy some lambs, the amount to be repaid in eight months. 

 In the first year two loans were made, in the second only 

 one, and in the third two, but in 1910 six were made, 

 aggregating 175. In sixteen years the society advanced 

 to its members 78 loans aggregating 2,300, and ranging from 

 5 to the maximum of 50, with an average of nearly 30. 

 At first the society charged 5 per cent, per annum on loans ; 

 it soon raised the rate to 6 per cent, in order to build up a 

 reserve fund, and on attaining this object it put back the 

 rate to 5 per cent, again. Loans are granted mainly for the 

 purchase of cows, sheep, lambs, pigs, or seeds, or to enable 

 a borrower to hold over stock or corn for better prices. On 



