Feb. 1907.] 



Ill 



Miscellaneous, 



2. To aid them by a wise and prudent system of credit in the shape of loans 

 and advances, the proposed employment whereof must be communicated to tli 

 association, be approved by it, and be in accordance with the spirit in which 

 it is founded ; 



3. To enable persons devoid of fortune but who are industrious, honest and 

 laborious, to form part of the association by granting them facilities for paying up 

 their shares in the capital stock by means of very small weekly instalments ; 



4. To secure the practice of 'the Christian and social virtues that mark the 

 good citizen, the honest, the laborious and honourable worker, by exacting above all 

 moral warranties of highest order from the shareholders who borrow from the 

 association : 



5. To combat usury by means of co-operation and mutual assistance by 

 providing all who are deserving of the same, through their fondness for work, their 

 skill and the integrity of their conduct, with the moneys they require for carrying 

 on their business or occupation, and which they cannot obtain from existing finan- 

 cial institutions owing to the insufficiency of the present system ; thereby making 

 them independent of lenders who levy exhorbitaut commission or interest, or of 

 those who impose too onerous conditions in connection with credit ; 



6. To foster the spirit of enterprise and promote local works, whether of an 

 industrial or agricultural character, by the prudent use of the savings effected with 

 in the district covered by the association's operations ; 



7. To spread amongst its members a practical knowledge of the elementary 

 principles of economic science and to teach them respect for their engagements 

 established by their signatures, as also the advantages inevitably derived by those 

 who faithfully fulfil the obligations they have undertaken ; 



8. To create and foster mutual confidence between shareholders by means 

 of economic relations based on the security of warranties of a high character, in as 

 much as they are founded in a very great measure, on morality, honesty, order, love 

 of work and prudence ; 



9. To gradually procure them— by persevering efforts towards securing 

 economy and consequently a just measure of credit — that economic independence 

 which inspires and fosters the feelings of personal digiuity and convinces one of the 

 need of relying above all upon oneself to improve one's position and raise oneself in 

 the social scale. 



Operations op the Levis Society. 



The objects of the society a re sufficient to indicate the nature of its primary 

 functions. In the first place it encourages savings by the formation of a capital 

 made up of shares which are small in amount payable in weekly or monthly instal- 

 ments, and on the basis of which the division of the year's profits is made. Secondly, 

 it receives from its members deposits of any amount of not less than 5 cents, on 

 which interest is allowed ; and, thirdly, it grants loans, makes discounts and advances 

 to members on their own signature and the personal security of other members of 

 the society. The society is restricted in its operations to doing business with its 

 members only, and the membership is restricted to a certain area. 



Shares and Shareholding. 

 To become a shareholder and thereby a member 'of the society, persons 

 desiring to become such must be accepted by the society in the first instance. Appli- 

 cations for allotment of stock are required to be submitted to a council of adminis- 

 tration appointed at a general meeting of members of the society, which council may 

 require every application to be seconded by two shareholders. Every shareholder 

 must be reputed as of good habits, sober and punctual in payments, Either men. 



