298 Cooperation in Agriculture 



contribution to the reserve or guaranty fund, and another 

 for the expenses of administration. The annuities have 

 totaled 6 per cent, but they now average around 4 per 

 cent or lower e.g. interest being 3 per cent, sinking fund 

 one-half of 1 per cent, guaranty fund one-fourth of 1 per 

 cent, and expenses one-fourth of 1 per cent. Some of the 

 banks also require a lump payment on the grant of the 

 loan of 1 or 2 per cent to be credited either to the working 

 or to the guaranty fund. The working fund is formed by 

 the contribution made for the expenses of management 

 and any special sources." 



