THE FISHERMEN 257 



societies, and repayable by means of contributions to the 

 sinking fund within a maximum period of ten years. 

 " Thus," writes M. Rivoal, " not only do our district 

 banks discount bills subscribed by the members of the 

 local societies and endorsed by these societies ; but they 

 may also give their consent to special loans exclusively 

 intended for maritime co-operative transactions. In 

 short, the local caisse fulfils a double office : it issues 

 personal loans and collective loans under given con- 

 ditions, as is the case in Denmark. 1 Now that the 

 commercial education of the Breton fishermen is well 

 begun it is possible to induce them to adopt the system 

 of bills of exchange. For the rest, while demanding 

 negotiable effects, nothing will prevent us, as a measure 

 of prudence, from continuing for some time longer to 

 make our local banks simple intermediaries rather than 

 actual banks. If we are correctly informed, this method 

 is that recommended by the Minister of Agriculture in 

 the operation of the agricultural banks. Be this as it 

 may, we can only put up with this state of things so 

 long as those interested are still without the necessary 

 social education or business experience. As soon as 

 we have brought our various groups of sea-going 

 fishermen to the degree of perfection that we aspire 

 to, we shall proceed to transform the local societies 

 into banks, which will undertake as much business as 

 possible. 



To sum up, the French fishermen have at their dis- 

 posal co-operative societies, local institutions of mutual 



1 The law of March 25, 1910, authorises the district banks to 

 receive advances from the State in addition to the sums available 

 as reserves destined for the use of institutions useful to seamen, and 

 in addition to a subsidy of 72,000, proceeding from the 15 per cent, 

 levied upon the profits of gaming in clubs and casinos. 



17 



