RAIFFEISEN BANKS 123 



'4. The purchase wholesale of food -stuffs and 

 agricultural necessities and their retail sale to the 

 members. 



1 5. The acquisition of implements or machines for 

 agriculture and industry, and their use in common. 



' These objects cover a wide field, and if carried out, 

 would develop agriculture beyond belief. It is claimed 

 that these societies are actually developing in the 

 direction here indicated. It should be noticed that 

 in fulfilling the object of improving production, a 

 prime necessity was that of " freeing the members 

 from the grasp of the usurer," and one principal result 

 has been precisely this : the usurer has been ousted, 

 and the people set free to develop their farms or 

 industries. No previous liquidation was asked for or 

 needed. The member was a neighbour ; his character 

 was known ; the use to which he intended to put the 

 loan and his power of repaying it was examined ; the 

 money was advanced, and the thing was done. 



1 All adults of either sex in full possession of their 

 civil rights may become members. A member may 

 withdraw or be dismissed. It may be noted that dis- 

 missal is necessitated by thel removal of the member 

 to a village outside the society's sphere of operations, 

 or if he joins another society of unlimited liability, in 

 which case, of course, the original society might lose 

 its lien over the member's property. 



1 Members have the right of voting at the general 

 meetings if present in person; females have no right 

 to take part in such meetings, but may vote by proxy. 

 Every member is entitled to ask for a loan. They are 

 bound to answer in all their property for the debts of 

 the society, to pay up their shares, to obey the rules, 

 and to watch over the interests of the society in every 

 way.' 



Since 1868, when the societies first began to develop, 

 they have multiplied with extreme rapidity. Statis- 

 tics, unfortunately, are incomplete, but they are said 



