Belgian Co-operative Societies. 



27 



loans afforded to its members, the second portion being a 

 sum payable on account. This payment on account is at the 

 disposal of the local bank so long as it continues in operation, 

 but in case of its liquidation or of its dissociation from the 

 central society, the sums paid on account devolve to the 

 latter, which can only utilise the money thus acquired in 

 defraying expenses incurred in the creation of new banks. At 

 the end of 1 897 there were five central societies in existence ; 

 but little action had been taken under the Law of 1 894 in 

 procuring loans from the General Savings Bank. On the 

 other hand 103 Raiffeisen banks had themselves opened 

 separate banking accounts with the General Savings Bank, 

 and their deposits on current account at the end of the year 

 just mentioned amounted to nearly £31,000. The total 

 amount of the loans advanced in 1897 by tne Raiffeisen 

 banks was about £18,700. A more detailed description of the 

 operations of these institutions will be found in an article 

 in this Journal published in June, 1 896.* There are now only 

 two co-operative credit societies of the Schulze Delitsch 

 type in Belgium. 



Co-operative distilleries may be established in accordance 

 with a Law of 15th April, 1896, and thirteen distilleries were 

 established in 1897, six of which were in operation with a 

 membership of 1 5 1 persons last year. 



Vol. III., No. 1, p. 45. 



