252 THE FUTURE OF OUR AGRICULTURE. 



small a society, with such close touch among members and 

 so much care for publicity, sure to become known. That is 

 why each society is limited to so small a district, by pre- 

 ference a parish. That is why, even if it did not follow as 

 a necessary consequence from the smallness of the district 

 the number of members is very eclectically kept down. 

 That is why credit is only permitted to members. That 

 is why the monthly or fortnightly balance sheet is hung up 

 to public view (for members) wherever the Committee 

 meets. That is also why it is made a rule that wherever 

 there are wealthier members among the poorer, the wealthier 

 members must certainly be represented on the Committee, 

 with freedom, of course, to go out of the society should 

 they consider any undue risk to be about to be incurred — 

 after which all liability for future commitments would 

 automatically cease for them. And that is one reason why, 

 for greater security still, there is a Supervising Council 

 placed above the Committee, to pass in review periodically 

 — as a rule every quarter — ^whatever the Committee has 

 done, and express an opinion upon it. Even that is not 

 enough. The society is required every year to fix, for the 

 year, the maximum amount of credit to be granted to an 

 individual, and also the maximum of all lending, which 

 must not be exceeded, except it be by decision of a 

 general meeting to be called for the purpose. 



Thus fenced in, unlimited liability ceases in effect to 

 be unlimited. It is unlimited to the lender of money and 

 to the depositor, who both have the entire number of mem- 

 bers to answer with all that they possess for whatever they 

 themselves may entrust to the society. It is unlimited, as a 

 safeguard, inside the society, to compel every one to do his 

 duty in the giving of that vigilance and labour which serve 

 as a substitute for the tangible possessions which are not 

 present. But as regards the liability incurred by any one 

 member, it is altogether limited — Hmited by himself. 



In this way is that " minimum of risk," which is a standing 

 precept to every co-operative bank, whatever its type, and 

 which Sir R. Morier held to have proved so effective, use- 

 fully combined with the " maximum of publicity " and 



