THE CREDIT-UNION BANKS 57 



by such contributions. The investment of capital in 

 the bonds of this and other Credit Unions is con- 

 sidered in Denmark to afford a security of the highest 

 class. Loans can be obtained from Credit Unions 

 both on large and on small properties. The largest 

 loan advanced by the Credit Society of the Danish 

 Islands amounts to ,94,400, but the sums lent are 

 sometimes as small as 33. There exist, however, 

 two if not more Credit Societies especially adapted 

 to the wants of small-holders, which societies are more 

 or less supported by a State guarantee. 



The interest charged on Credit- Union loans, accord- 

 ing to the list of the Copenhagen Exchange, varies 

 from 3 to 4 J per cent. Of late years, owing, I sup- 

 pose, to the increase in the value of money, the 

 interest has risen to 4 or 4 J per cent., but fifteen or 

 twenty years ago it was much lower. Interest and 

 sinking-fund are payable simultaneously, the sinking- 

 fund, which as a rule is 1 per cent., being added to 

 the interest. A peculiarity of the method is, however, 

 that the amount of the instalments repayable never 

 decrease until the whole debt is discharged. As in 

 the course of time less becomes payable on account of 

 interest, more is paid on account of sinking-fund. 



