274 Cooperation in Agriculture 



COOPERATIVE CREDIT UNIONS IN THE UNITED STATES 



There are a number of cooperative credit unions in the 

 United States and in Canada, especially in the Province 

 of Quebec, where there are a number of mutual banks that 

 furnish credit to the farmers. In Massachusetts, the 

 cooperative credit unions have been encouraged by the 

 enactment of laws permitting the incorporation of credit 

 unions. The Meyrick credit union at Springfield was the 

 first to incorporate under the law, and at the end of one 

 year it had 105 members, a capital of $3000, and $10,000 

 in outstanding loans. In 1911, thirteen new unions were 

 formed, with a combined capital of $25,000. 



THE JEWISH CREDIT UNIONS 



The Jewish Agricultural and Industrial Aid Society, 

 according to data furnished by Mr. Leonard G. Robinson, 

 the General Manager, has established eight credit unions 

 during the past two years, with a membership in June, 

 1912, of 240. They have 836 shares outstanding, with 

 a total capital of $4180. These unions have been in 

 operation on the average seven months, and during that 

 time they have granted loans aggregating $17,755, or 

 more than four times the capital. The repayments 

 have amounted to $7525.52, or nearly one-half of the 

 amount loaned. Their net profits for the period amount 

 to $308.65, or at the rate of more than 12^ per cent 

 per annum, all of which has been placed in the reserve 

 fund. 



The plan of these credit unions is set forth in the Annual 

 Report of the society for 1911 as follows : 



