AGRICULTURAL COOPERATION IN DENMARK. 
87 
holders includes some private business firms, but the bulk are farmers 
who are also members of the cooperative associations. 
Table 16. — Danish Cooperative Bank. 1 
Year begin- 
ning January 
1. 
Capital 
stock. 
Reserve 
funds. 
Volume of 
business. 
(000 omit- 
ted) 
Year begin- 
ning January 
1. 
Capital 
stock. 
Volume of 
Reserve business, 
funds. 1 (OOOomit- 
(ted) 
1915 
2 $364, 714 
637,412 
1, 488, 460 
2, 132, 550 
( 2 ) 
$55, 560 
91, 543 
210, 000 
2 $234, 882 
950, 875 
1, 605, 457 
1, 670, 679 
1919 
2, 531, 974 
2, 129, 431 
2, 675, 268 
3, 283, 854 
345, 150 
312, 600 
533, 400 
209, 300 
1, 856, 298 
1916 
1920 
1, 643, 366 
1917 
1921. 
2, 057, 072 
1918 
1922 
2, 721, 536 
i Sources: Beretning omDen Danske Andelsbanks Virksomhed i Tidsrummel i January-31 December, 1922— 
8 Regmkabsaar, 1922. 
* Conversions throughout at prevailing average rates of exchange as quoted by Federal Reserve Board. 
Voting privileges are extended only to members (shareholders) 
who have actually done business with the bank that year. Delegates 
elected by such shareholders form the general assembly, which con- 
stitutes the highest authority in the bank's affairs. These delegates 
are elected on the basis of one delegate for each 50,000 kroner ($10,- 
465) share capital, but the individual shareholders can at no time 
elect more than half as many delegates as the association sharehold- 
ers. Accordingly, the control of the bank will always be with the 
cooperative associations. The general assembly elects a committee 
of 20 representatives (chosen in respective districts) which, in turn, 
elects the board of directors. The managing directors chosen by this 
board to direct the banking business must be approved by the com- 
mittee of representatives. 
The surplus earnings during the fiscal year, after providing for 
interest on capital stock, depreciation funds, and at least 25 per 
cent for reserve fund, are returned to those shareholders who have 
transacted business at the bank. 
The Danish Cooperative Bank has attained this startling growth 
and success during its first eight years, which embrace the war 
period inflation and the depression of the last two years, with agri- 
culture as its foundation. It is probable that a new bank under simi- 
lar conditions, but established on industry and commerce in Den- 
mark, would have told a different story, especially with the indus- 
trial crisis in Denmark's industries, which has resulted in big losses 
to banking institutions. Probably the cooperative bank was partic- 
ularly fortunate in being started during the prosperous war times, 
when money was plentiful with the farmers. It was equally fortu- 
nate during the depression period, that its foundation was agriculture 
(which due to its high organization in Denmark has weathered the 
depression in fair shape) ; for when an industrial or trading enter- 
prise fails it usually involves enormous losses, while if a farmer 
fails it usually involves only a comparatively small sum. 
MISCELLANEOUS COOPERATIVE ORGANIZATIONS. 
Denmark has a large group of voluntary cooperative insurance 
societies of all kinds: Life, farm employers' liability risks, hail, 
storm, livestock, etc. In the rural districts there are a large number 
