738 Agricultural Co-operative Credit Societies, [dec, 



may expect to gain by becoming a member of such a society 

 is that of obtaining loans for profitable purposes connected 

 with agriculture at a low rate of interest; and if a man is 

 unlikely himself ever to require such a loan, his motive for 

 joining as member can only be to help on a beneficial move- 

 ment, and to assist his neighbours, by his guarantee and 

 guidance, to get small loans on advantageous terms. 



The accounts of the society, with the exception of those 

 relating to individual loans and deposits, are open to the 

 inspection of all interested in the funds. They must be 

 audited annually and submitted to the Chief Registrar, and 

 a copy of the annual balance-sheet must be conspicuously 

 displayed for the information of all concerned. 



At the end of 1910 there were in England and Wales 40 

 registered societies of the above type, scattered over twenty 

 counties. Six of these were registered in 1895 and 1896, 

 seven were registered in the three years 1904 to 1907, and in 

 the last three years the numbers registered have been respec- 

 tively seven, ten, and ten, so that the movement has recently 

 shown signs of more rapid development. 



Of these 40 societies, nine either sent in no returns or 

 reported that they had as yet done no business. According 

 to the annual returns for the year 19 10, submitted to the 

 Chief Registrar by the remaining 31 societies, they had at 

 the end of the year 663 members — an average of 21 per 

 society. They had during the year advanced 119 loans to 

 their members, so that less than one in five of the members 

 took out a loan during the year. The loans aggregated ;£ 1,390, 

 and averaged £12 per loan; in individual cases they varied 

 from £3 to £40. The earnings of these 31 societies during the 

 year amounted to ^"147 (including a gift of £50), and the 

 charges of the year were £82, so that there was a net profit on 

 the year's working of £15, besides the gift. Their expenses 

 of management, which are included in the above charges, 

 amounted to £34, or a little over £1 per society. Their total 

 assets amounted to ,£1,924, of which ^1,421 were out on 

 loans to members, and their total liabilities to ;£ 1,654, °f 

 which ^489 were due to banks and ;£ 1,088 to depositors; and 

 the total profits to date of all the 31 societies put together 

 amounted to £270. This total includes gifts aggregating 



