4 



Agricultural Credit Banks, 



£50 on the security of his deposit, and a further £50 on that 

 of his stock and implements and the guarantee of two 

 sureties. Even in the present bad season this man's farm 

 looks well, and, as he is hardworking and knows his business, 

 his success is fairly certain. 



Case 3. — A foreman in a commercial concern established 

 himself independently in the same line of business, and 

 locked up his small capital in manufactured goods of his own 

 production. He was granted a loan by the Scawby Society 

 on the security of his stock in hand and of two sureties. 

 This loan was repaid, and a fresh one for a smaller sum 

 granted, which, after an extension of time, asked for on the 

 ground that it would enable the borrower to establish 

 himself, w r as duly repaid. This man has now secured a 

 connection of customers, and has a good prospect of success. 



But for these loans he would have been obliged to sell 

 his first manufactured stock at a sacrifice, and must have 

 drifted to his old position, and thus lost the independence he 

 coveted. From the last balance sheet we observe that the 

 loans to members during the year (varying from £7 to £50) 

 amounted to £107. The interest charged has been 6 per 

 cent., and as the officers have all been honorary, a small 

 reserve fund has accumulated. 



The Wiggenhall Agricultural Credit Society, established 

 May, 1896, in the Norfolk village of that name near King's 

 Lynn, is another example of the utility of co-operative credit. 

 The committee of management is composed of the vicar, 

 two market gardeners, two small holders who are also 

 skilled agricultural labourers (one a shepherd, and the other 

 working at dyking, fencing, thatching, etc., by the piece), 

 and two labourers who also occupy allotments, with a local 

 estate agent as honorary secretary. 



The president of the society at a recent annual meeting 

 lamented the fewness of similar institutions, and remarked 

 that if there were more of them about it would be for the 

 benefit of small holders generally, adding that an industrious 

 man who might often turn an honest penny if he had the 

 means, could, where these banks Avere in existence, borrow 

 small sums in the same way that a large farmer could go to 



