870 Credit Banks in Austria. [feb., 



stimulate the movement by advice and information. In 

 Lower Austria the Central Agricultural Bank has been en- 

 dowed by the Provincial Government with a sum of ,£8,300, 

 and in addition in 1899 the Diet determined to devote the 

 " Colloredo-Mansfeld Fund," which amounted in 1903 to 

 ;£i 1,007, to tne promotion of Raiffeisen banks and other 

 Agricultural Co-operative Societies and their Federations. A 

 small grant of £12 10s. is also made to Raiffeisen banks to 

 defray the expenses of their formation, subject to their com- 

 plying with regulations as to inspection and audit. The fact 

 that their accounts are officially audited is stated to have 

 greatly strengthened the confidence of the agricultural popu- 

 lation in these institutions. 



As regards Upper Austria the Provincial Government has 

 since 1888, when Raiffeisen banks were first introduced into 

 the Archduchy, granted cheap advances at 3 per cent interest 

 to provide them with working capital. The amount in any 

 one year was limited to ^8,000, and as a matter of fact that 

 sum has never been reached, the total amount so granted in 

 15 years only reaching .£33,000. In addition a small loan of 

 £8 is given free of interest towards foundation expenses. 

 An annual grant of £200 has also been given to the Central 

 Co-operative Bank at Linz. 



An interesting form of assistance has taken the form of 

 courses of instruction for book-keepers and accountants con- 

 nected with the societies, towards which small grants for 

 travelling expenses and payment of teachers have been made. 

 The Diet also undertakes the supervision and auditing re- 

 quired by law, so that no expenses arise. 



Most of the other Provincial Governments also make small 

 grants and in other ways encourage both directly and in- 

 directly the formation of Credit Banks, particularly those of 

 the Raiffeisen type. A good deal of information on the sub- 

 ject was supplied by the local authorities of the various 

 Austrian Provinces to the Sixth International Co-operative 

 Congress, which was held at Budapest in 1904, and is printed 

 in the Report of the Congress. 



