474 THE FUTURE OF OUR AGRICULTURE. 



the result been success. In England authorities are still 

 only groping their way for some new device which is to 

 make the thing easier in the country in which money is 

 really more plentiful and the principles of Credit and busi- 

 ness generally are better understood than in any other. This 

 has been going on for more than twenty-four years. And, 

 having vainly attempted to square the circle so long, we 

 still stand precisely where we stood in 1893. The object 

 apparently aimed at is, how to obtain money without giving 

 genuine security, such as would imply risk — such as our 

 people shortsightedly hope to avoid — which clearly is impossi- 

 ble. 1 ndeed the education impressed by the labour of earning 

 Credit is in truth the best part of the benefit to be secured. 

 It trains men to better ways in other business and in conduct. 

 There is no necessity for all this seeking and groping. 

 Experience has taught us that, although severe on points 

 of principle, Co-operative Credit is most adaptable in respect 

 of methods, which necessarily have to be suited to every 

 particular country. India has, under the guidance of its 

 resourceful Registrars, discovered and adopted new methods, 

 appropriate to its own conditions, such as neither Schulze 

 nor Raiffeisen dreamt of, and as unquestionably would be 

 out of place alike on the European Continent and in our 

 own country. It is not a question, as some people seem 

 gratuitously to imagine, of unlimited liability qitand 

 meme, making that form of obligation a sine qua non. Un- 

 limited liability is indispensable in one form of such Credit. 

 Generally speaking it comes natural to Germans, who have 

 grown up in the use of it. Where conditions are different, 

 limited liability is, provided the right sort of organisation 

 be chosen, absolutely as admissible. And it may be so han- 

 dled as to produce practically the same results, even morally. 

 Only it requires a more liberal provision of share capital, 

 a rather different form of service, and somewhat greater 

 familiarity with business. Even the ideal object of Co- 

 operation, such as that of Raiffeisen — which aims at 

 " brotherhood " and the moral as well as economical 

 uplifting of those who practise it — may be fully as well 

 safeguarded under the share system, for which limited 



