Miscellaneous. 



250 



fees, subscriptions and deposits, and loans bearing a fixed rate of interest ; that the 

 liability of the members is unlimited, every member being jointly and severally res- 

 ponsible for any losses that may be incurred by the society ; that the loans 

 advanced by the societies are for reproductive purposes only, the borrower being 

 required to satisfy the managing committee that the object for which the loan 

 is required is one that affords a reasonable security for his being able to repay the 

 loan at the date fixed ; and that the operations of a society are confined to a 

 small area in order that the personal character and needs of applicants for loans 

 may be known to the members and committee. 



All the societies existing in the United Kingdom, with the exception, of 

 fifteen (thirteen of which are town societies) are registered under the Friendly 

 Societies Acts as "Specially Authorised Societies." The fifteen societies are regis- 

 tered as Industrial and Provident Societies, with share capital and limited liability. 

 In a number of cases in Ireland, where sufficient local capital has not been available 

 at the commencement of the society, loans ranging in amount from £50 to £100 have 

 been advanced at a low rate of interest by the Congested Districts Board, or by the 

 Department of Agriculture. 



In the following table the progress of these societies during each of the six 

 years for which statistics are available is shown. It will be seen that in 1903, as 

 compared with 1898, the number of societies had multiplied five times and the 

 membership four times ; the capital had more than doubled ; the amounts of loans 

 advanced and repaid had each multiplied about 2| times ; while the working 

 expenses had doubled and the profits trebled. 



Year. 



Number of 

 Societies making 

 returns. 



1 



Total number 

 of members. 



1 



1898 



31 



2,659 



1899 



48 



3,472 



1900 



64 



5,015 



1901 



• 81 



6,014 



1902 



114 



7,921 



1903 



154 



10,509 



Amount of Loans. 



Repaid 



rl nri no - 



as 



£ 

 42,245 

 47,511 

 53,922 

 64,746 

 77,607 

 85,128 



Advanced 

 during 

 year (in- 

 cluding 

 Renewals), 



£ 

 14,955 

 17,773 

 17,975 

 20,058 

 31,107 

 33,753 



during 

 year 

 (including 

 Interest). 



£ 

 11,734 

 12,712 

 14,461 

 19,777 

 23,279 

 27,194 



S3 



03 d sh a 



£ 

 1,396 

 1,658 

 1,901 

 2,012 

 2,671 

 2,938 



W 03 

 ■g H ft 



£ 

 212 

 309 

 493 

 568 

 813 

 652 



Except in the case of the fifteen societies referred to above, no dividends are 

 paid by the societies, the profits, after working expenses and interest on loans and 

 deposits have been paid being carried to the reserve funds and used as working 

 capital. It is claimed for these societies that, by advancing loans for the purchase 

 of a cow, or a few pigs, and for similar purposes, they have enabled many labourers 

 to realise considerable additions to their income, and that as yet no bad debts have 

 been incurred. Considerable progress is shown in 1903, as compared with 1902, the 

 number of societies in 1903 being 154 as compared with 114, and the membership 

 10,509 compared with 7,921. The total capital was £85,128, or an increase of 9*7 per 

 cent ; the amount of loans advanced £33,753, an increase of 8*5 per cent ; and the 

 profit after allowing for all expenses £652, a decrease of about 20 per cent. 



