. year. '

PAGE FUUR

THE GUARDIAN

Authorized as Si-cum! Clue Mull Post Office ' Department. Ottawa. The Island Guardian Publishing Can CIRCULATION

l”o'.ai City Zone . . l lull Truiiliix Zorro All Qtlicn .. Foul bet l'uiv.I -.

President uml Associate Editor. fun A. Burnett. Asiiocliiio Editor. Frank Walker.

"Ihe Strongest Memory 13 Weaker Man the Weakest Ink".

CiiARLUT'l'Ii'l'0WN. TUESDAY. NOV. 13- 195! .

Vanishing Savings

In an age when politicians profess that it is morally wrong for a man to have an income substantially larger than his neigh- bor it is not surprising that Parliament should have become firmly committed to a system of redistributive taxation. In Canada today the taxing power of Ottawa is invoked with increasing frequency to relieve those with adequate incomes of the amount which normally would be saved and invested. and to distribute it among those whose incomes are large enough only to meet the immediate necessities of life.

The political purpose which underlies the humanitarian objectives of redistribu- tive taxation makes it difficult to halt, the process once it begins. Nevertheless, the fact remains that those who are the re- cipients of the involuntary largesse of the taxpayer generally spend the extra income they receive in the form of baby bonuses and old age pensions without means 'test and the like. rather than save it. Thus the demand for an ever-diminishing supply of consumer goods is increased, and the savings that would normally go into the expansion of the country's productive cap- acity dissipated. The result is inflation and mounting prices.

The trouble with the redistributive pro- cess is that ultimately, having exhausted the resources of those in the higher and middle income brackets, the tax collector is forced at long last to take away income even from those whose'earnings are small. At this point talk about social security be- comes a mockery and everyone becomes poor.

Redistributive taxation has just about reached that stage in Canada today. Lest anyone doubt such a conclusion, let him ask himself how often during the past year he has had to borrow or dip into his dimin- ishing savings to pay his taxes.

-in 1945, recalls a story of a certain French

Mr. Howe. tcanadals rearmament effort is just emerging from the tooling stages'. And the size of the defense program is 185 bil- lions over in three-year period. Adding the bullish and bearish factors together, and translating them into their influence on agriculture, it looks like a rising farm price level-or at worst no general decline."

I-DIIURIAI. NUli:S

'This is Book Week and also Young Canada's Book Week. a very proper re- minder that youngsters are interested in well written books whether they be writ-

ten especially for children or not.

, too

The introduction of direct coast-to-coast telephone dialing in the United States brings another problem to the small apart- Jment dweller, where to store telephone 'books for all the numbers he can dial.

9 C C

Charles Kemble, British actor, died this date 1854, youngest brother of John Philip Kemble and Mrs. Siddons. He joined his famous brother at Drury Lane in 1794. His chief laurcls were, however, won in comedy roles.

The two-year job of dredging the Montague River is very nearly complete and another important channel of trade kept open. Trade is the life-blood of a community and transportation facilities its

very arteries.

0 O 0

Now counting the cost. Britain has so far spent ill (some 533i;-) billion 0" War damage repairs. Nearly 311; million build- ings including 3,160,000 homes were dam- aged by enemy action. More than 40 per cent of this devastated property was in London.

0

Forestalling the Western United Na- tions. Former Norwegian foreign minister Halvdan Koht has revealed that before World War II Norway turned down a Sov- iet request to use a harbor in North Nor- way for storing coal in transit from the Soviet mines in Spitsbergen.

u o 0 .

Mr. Churchill's announced intention to restore the ancient university representa- tion in the l-louse of Commons, abolished

s

politician; He asked the late A. P. Herbert what constituency he represented. When told that it was Oxford Univeisity the Frenchman was impressed by the progres- siveness of English institutions! ' O I 9 i

There was no "stuck-upism" on the

The Why And The Wherefor K

The Bank of Nova Scotia (says The: Letter Review) finds farm productivityi "disappointingly low” in Canada. It notes in its Monthly Review that, while some in-. dividual farms have average yields of 10,-' 000 pounds of milk per cow per year, and some regions 6-7,000 pounds, the national average is only 4,600. Canadian food pro- duction, it continues, could be greatly in-, creased if even what is known at present, were fully applied. This is true. But any- real programme to improve farm product- ivity &in Canada must carry with it two guarantees: firstly, that the farmer will not (as today) have urban consumers; ranged against him and threatening him: with price control: secondly. that he will not (as today) be deprived of competent help through the urban counter-attraction of artificially short hours and artificially high wages. especially in war production centres. If the price of mill: is not al- lowed to advance proportionately with all other prices, why should the dairy farmer try to produce more of it?

i Pool.

Farm Price Prospects

lege, writing in the Financial Post, farm price levels will rise in the next year. This

opinion is based on the assumption that!

Canada's industrial boom will be passed on to agriculture. Farniers' prosperity is closely related to production, employment and payroll trends in manufacturing in- dustries. The other factor on which it de- pends is the export market. This is still important, but it is of declining significance. Less than a quarter of Canadian farm pro- ducts now enter export channels.

The writer notes that gross and net in- comes of Canadian farmers have been maintained at the record high levels of the postwar period. Cash incomes in 1951 are running higher than those in 1950. Wheth- er they will be higher for the whole year dependson how much of the current wheat crop is marketed before the end "of the

"Looking at 1952". he says, "the pro- spect is that farm prices will continue high? This forecast is made against consideration of the fact that some i commodity prices have weakened in the put three totaix months. It also takes account of the fact that Canada in just getting nicely into her

fl i Another "How not to do it". According to Mr. David L. MacFarlanc.; professor of economics at Macdonald Col-l

part of Princess Elizabeth and the Duke of Edinburgh when here. They made them- selves at home in whatever company they were, and took a practical interest in what they were shown, nevervletting the con- versation slackcn. always asking for addit- ional information. ' r i O O I

On arrival at Southampton recently, Mr. T. J. Boulstridgc, managing director of J. A. Phillips 8: Co. Ltd., cycle manufactur- ers of Smethwick, said that his five-week trip through the eastern parts of Canada and the United States had netted him firm orders for cycles and parts totalling more than 31,000,000. '

O O Q . v

Are we not thankful that we are not on the prairies these days? Premier Douglas of Saskatchewan reports that grain, valued at S200,000,000 is lying under the snow on the farms. He has renewed a proposal for cash advances to help through the win- ter those farmers whose grain is still un- threshed. Mr. Douglas addressed the an- nual meeting of the Saskatchewan Wheat He suggested advances on the basis of M0 an acre, or on the basis of need.

V 0 If Ella really were old, she wouldn't have told this on herself. But her official duties as grand- mother took her, for the second time in a month, into a small but nice-appearing restaurant in London (Ont.). "This time", she said to the waiter, "see if you can get me a plate that isn't cracked." The waiter departed. but his loud instructions to the cook were: "No cracks in the plate, Bill. The old girl's particular." I O I '

Circles in Montreal close to the CBC ex- pect the early retirement of Dr. Augustin Frigon, long its general manager, which will set off a chain reaction of other changes. Assistant General Manager Donald Manson, stationed at Ottawa, may be named gen- eral manager, for a short time.- He will be

man of the rd, who will take the title of general manager plus the new office of president, with wider power: than heretofor vected in the general manager. He will be succeeded, it is hold, is chairman of the board by Jean Desy, presently Canadian Ambassador to Italy, and a-witeran comer diplomat in the Department of Exteilui Af- fairs. There have been repeated report that Mr. Danton could have a post in Can- cdc's diplomatic service for the asking. His

followed by A. Davidson Dunton, now chalr- P

FHE GUARDIAN. .CHARLOT'llE'll0WN'

Pdtato 6

PUBLIC FORUM This column is open to the dilcussion by correspondents of questions of interest. Tile Guardian does not necessar- ily endorse the opinion of correspondents.

H Memo To

Followinx is the text of the poem written by Charlel ENC! of Toronto for CBC's program of farewell to Princes: Elizabeth and the Duke of Edinburgh:

1 l

PRINCESS ELIZABETH AND Rugged and picturesque, the THE LAMONTS OF P. E. I. l captions said.

' -- !And the tourist-folder of land Sir.-I wonder if the Lamonts' opens. of Prince Edwai-d 1.-"land know oil , he special relationship in wlnclijm-nis of the searching sea

hey stand to their Royal visitor. Fade backward "m" we "ma"

Princess Elizabeth? ies of the hills. me

lPulpwood drifts in quick

The name "Lamont." has not.j , as is sometimes supposed. 3 iB 5"i,1'”,Y,f,,,::, iii lf)::,ap.i:i:Qm. French origin. It originated in WV” ,

Argyllshlre, Scotland. and is a.Andm;:,'Chcd on rock, etched 0'" modified form, of 'Lauman' ory "S rim 0, sky.

'Lagman' tEnglish 'lawmaii'), tlic.A stone tow" ringing Wm. me name of the founder of the Clan.l name st. Lawrence . . .

Sir Laumian's father was lVla.lcolm1

-a good Highland name-but for Time gum! me fold of hand some reason it wasthe souls name And the land changes

which became adopted as the; ' surname of the clan. llc liiniseil Woods and hills and smooth

. flourished in the first half of thci breast; of - fields slope in- l3i.h century. and his dESCCl'ldalli.5l. ward:

were for some time known bylThC fields slope south:

various n-ames:MarLagman. Low-iGF0PTlv bT0nz9- '-""5" Md 3'9"” man, Lawmont. Lawmountl, etc..:glff:x5:glc:"t,l3'"3g7c:l:; tamed; el.c.. but in the 18th and 19th cen-5 , '

turies the spelling became stand.tBl”k Cmmneys "H" smoke' and

ardised as either Lamont or La- snwke m mms

younger sons or daughters, oft-1 forests shoots from the main branch in Dark on precambrlan mounds. Cowal. Argyllshire, mill to live The wings of gulls in other parts of Scotland or in Sllllflnw ll Ill0l-lllllllll foreign Ends. 3 word is north. it is through mic of these mi- grations that the family of Ihcl Earl of St.ratlimoi'e I:,.anclfaLh:r: of Princess Elizabeth) traces its . , connection with the LanionL.s. The!lgugah::pc::::c:'rag':e5e '.rh”” 3” .””'. d”:'”'"”” "”m' Laid flat and high and. fertile Wis" 0"” '5 mm Jah" M the with the sleep of time. White Lion'. the lounrh.-r of the mm Wm, the gold 01 now on Slrat.hm0rc fa-:nil,v. was a son of me bmck depth of "me.

beach. The

Nd.-in - - - But the is

turned.

Page

are

the cm” 0i I-3m0"L alid 7"-'5 Tuned to the wind in wire. tuned from Cowal as the result. of ti (0 me wind . - .

fatal quarrel. The other is that. Purple und black the veil of he married the dauglitcrl of 5.? storm.

Launiarn. Over paling light at the edge of

Curiously enough. the Laiiionts E P131"-

in I-'.E.I.-or at; least one blumuli And the wheat leaning. bczlnnlnl of them-represent another oft- '0 m0Ve With 3 8'10"! N15!-

shoot from the main Colral linv.l l”'3- 1" "'9 wind hem” "H'- Before crossing to l".E.l. aliuill.lThP mountains now 1829 they had been for some ccn-' ' , ' '

turics settled in the Isle of skyc.;Theo(3”;:,';f( "”d '"”"l"” l”"'P"' How "h." gm m Skye has "Dt.,Whitecarved in the sun - - - been -established by full docu- Hmmung with hem” the mentnry evidence, but. all the

available evidcn-cc makes it prac.'l.l,,u?,?rngth:h:lo::,;,.t with I towg lically ccrtlin that they are new Ming ,0", unheard,

seen-ded from a son of the la.:dlAnd at then. gee; (Ham) of Lamont who. aE0hllt fhcd year jngigtqnt mg,

1400. fled to Perl s ire on was ' fortunate in securing the patron- age of the powerful house of Drummond. '

It seems that. one of his de- scendants-known as .Kennt2ih. son of William. son of James- was given some land: in Trotter- nish, Skye, about the beginning of the 16th century. trained in the low and established as a kind of sheriff there to collect the Kim's rents and other dues.

Amongst. the Lamont: in P.E.X. the descendants of Malcolm Ln- mont (lrnmlgranl. in 1829) have preserved the names of their forefathers going right back to Kenneth. The line runs: Malcolm, Murdoch, John. Duncan, Donald. Murdoch. Duncan. Kenneth.

'.l'lle old historic lands of the When the hurt sou lookin- Llmonto in Cowal have. piece by WM" "'9 mind -i0'"'l'l')'l"r

mm been pus,” mm om? when the blood nu-icmbcrn. bonds. But perhaps the dencen - mm of Sir Laumcn in Canada and "uh I hand ""';'",S "h"'' In overdtho l')lI8W w'orld wtllle btl Mo!" ! my ' lnterutae to ear o In 1 mp which is belnz made to ensure l" :,'':,j;',',','. f”. f"' ”""k ”' that one only estate now romain- lng will continue pen-nanen-ily ill for the on-biurunlnc of : min- Lumont ownership. The late Sir tcnonoe fund. phoukl this Ippeol Norman Lnnfont, Baronet of meet. with Limoou Vinit- Knockdow. has in his will offered in; Scotland will be able totump the acute of Knockdow to the the nether in their, own land. clan umom Society as the rep- mi ratios in . house with all on ruuitotlvu of Clan Lamont hlotorfouoor.-imam ullulr tou- throughout the world. fctborl.

Whether t.hf.s'offcr can be ac. I am. Sir. ctc.. cepted will depend upon the auco W. D. LAMONT. one of on eppnl which the Socl- 88 Ookflcid Avenue

city

the

Ask us the question, voyaxerl.

This heaped geography- This colored crust of hill. field. city, forest, res and stone-

Whul breath informs it?

What long pulse of life

Live: in the vein: of it?

What is the blend of fear,

strength. song and dream

Slowburnlnz in its heart?

We cannot tell you that.

There in no answer but the wordlen answer:

That live in flesh, in nerves. heart, blood and bone;

The moving image: that crowd our dream:

Somewhere

rgcroicnmteffnrt. lbmgthcwoirhd

a

future will be of his own choosing,

yty is now making to albumen G!u3ow,.acctlniid. '

l-,

rower'c Imam

Certain Voyagers

mend .Purrs from the black lips of As everyone knows. the .Hlg:l-iM,d",1,g';;.e..s.;g . . . - ' I

lands were for long the "wild and ;son",wh,.,o R mgbuund ,1,-en

woolly west of this country. and; shouting Erie.

the Lamonts did not have their;

lroublcs to seek. Sometimes on Now! me mane land,

account. or feuds. and sometimes Hm-C an mi; page the swamps

of course through the mziniagc of, ""5 ban-en; and the inland

Somewhere a mower chlrps, far off, with a sound of crickets. And a sidehill tilts to the wind. Smelling of hay and sun - - - lvolces. A woman's voice. Anger and love ion the tongues of time: and the l shrill shouts of children lBlown from the schoolhouse , woods. where the apples nest

1By the grey roots of maples - -,

Streets. And a The im-

placable clock

Blasting the mind from sleep; floor that shakes

To the mussed weight of har-

" ncssed wheels turning but going nowhere - - -

SW88...

Dreams and images that live in flesh, forever moving;

Forever merging with time, for- ever blending. reminding - -

Somewhere an axe falls, today. in a woodlot.

Over the hill from fenced. fields and the red roofs of horns; The stroke is an echo, echoing up

in time . . .

Somewhere in morning dusk a boat. grates to a landing: Slilher of fish, and sound of the

sea's wash- And the mind moves, finding familiar sound In the dusk of the channel,

l-leuring ugnln the splash.

Seeing again the nuirk behind courseulles - - -

A million answers, voyages; in- finite answers.

Sounds. images, unnumbered. multiplied.

Crowding the memory rind the memory of memory. rind the -dream of tomorrow. Hearsay and hope- Last night, tomorrow, breath of years- Merged in the brcnthiiig now.

and the

And so we say: Send thc'hcart looking. voyager-s.

Send the heart looking. Let. the mind journey and the blood remember.

Qt)(".04Ki)GOW4C0-'?2tIG)--.f,Ie3.i543 9 Old Charlottetown 2 mm: 9. r. I.)

I'AlNTERS' SOCIETY

"A meeting of the painter: of Charlottetown and vicinity was held in the carriage shop of Mr. P. H. Trsinor on Wednesday eve. ning last. A large number of painter: were present. and Mr. P. H. Tralnor was appointed to the chair. After considerable discus- sion with regard to present con- ditions of trade. etc.. the follow- ing resolution was moved by Mr. Joieph Steniforth, seconded by Mr. Francis McRory. and passed unanimously: That we, the paint. er: of Charlottetown and vicinity -for the purpose of more fully uniting ourselves and to give ul the means of more fully sustain- ing our position in future. and for the better protection of our right: on workmen and as men-4-do for-m ouuelvel into. and organize a Society for the better government of our ti-nde'." , -The Examiner, March 2, 1873.

A

Tlic Ago-old-story

&.5

Io! all in u nuchnnd ui uldlhfiofnnlnutlioflowar of (run. The gun withoroth. and the flower thereof fcllcth Ivy: but the 'word of the Lord

for over. And this in the word which by the gospel in preached unto you.

Gnllkr MISSENDEN, England -(CF)-A women who purcblud 1 shopping bag at 5 church rum- muo solo in ,thlo Buckingham- chlro town discovered some cur- rency hidden in the lining. it was returned to the person who donu- tcd the bu for the sole.

. labor unions".

Part Two

most. important fields in the whole cooperative movement. This. however, is one field which the co- operative leaders of England seem not to have studied seriously. If is true they have a small deposit ac- count or savings bank in most local cooperatives. but still the majority of their societies run on a credit basis where installment buying is rampant. On the upper or national level, however. they have solved this financial problem to a point where in foot anccs sometimes develop embarrass rig surpluses. Their co- operative insurance company is the fifth largest in Eiigland. in some special fields of insurance. The cooperative bank is I branch of the Wholesale, and handles most of the funds of the cooperatives unions. several municipalities. and some other groups. Since the cooperative insurance company and the bank have been organized it has been necessary only for the officials to plan care- fully and investigate thoroughly before expanding. because ample money is always available. The value of lmurcnce protection for their members is stressed every- where, but what in perhaps more important, the leaders liave stress- ed the value of the people having their insurance dollars under their own control, and within their own orbit of Activity. 0 0

In France. the credit unions. along with all other monetary and financial lnstltutlon.1,suffered some severe losses during the war- There. small parish unions are or- ganized prsctically all over the country.

Besides. there are regional banks

agricultural bank which is backed by the national government. The parish units are small, part-time institutions which are not making a great deal of progress npw, be- cause the people have little or no- thing to save; and because funds are limited. there is little or no- thing to loan.

However. there are some pro- gressive units among them. espec- ially where they are large enough to operate on a full-time basis. Except in the case of these larger credit unions, all the mortgage applications go to the regional bank for final approval. latter. of course. having been endorsed by the local credit committee.

At the regional bank. sufficient money to meet. the loan may be available from the surplus funds of some other bank, but ordinar- lly the application goes on to the central bank. Thus it actually boils down, in the mortgage field. to a government system of agri- cultural loans and financing. The people are now trying hard to get away from this-first. because the

more personally. if there was no other source of credit. . . .

The manager of the central co- operative bank in Paris is R clever and apparently very capable busi- ness man. who spent nine months in the United States last. year maklng 3. survey of agricultural credit systcnis. We obtained a copy of hisrreport. and were sur- prised to find that he did not even mention credit unions.

when asked how he could have missed studying the "credit un- ions" in the U.S.A. after making such ii. thorough analysis of the "Farm Credit Administration" and other credit policies. shrugging his shoulders, he replied: "Well, they are not suitable to agriculture. Credit unions are ideal for indus- trial workers but. not for farmers. Ir. practice they are merely or check-off arrangement and too often I high pressure savings sys- tem sold to the factory workers and run by the top officials of the

He added: "The credit union system they have there does not work in the country among farm- ers. so I just did not bother to mention it." That should start us thinking a bit; and when we re- alize that the Quebec Credit Un- ions do not associate themselves with the Credit Union National Association. and that the lending officials of CUNA are usually from large. capitalistic companies. we might Ill start to think it little deeper about this matter. Are the savings and insurance dollars of CUNA really working in the best interacts of the common people?

I I O 0 0 However, we did see credit sys- tems that work in the rural parts. That system is based on the credit union ides too. In Germany the Rciffeiun and Bchulze-Dclltzsoh systems Ire making I recl contri- bution. though they have met with difficulties lines the war. But. in Germany there in also I lnrge co- operative banking system. owned by the consumer cooper-olives. labor unions and other urban or- nnlntions.

The Netherlands in a small country which has two separate cooperolive bcnkl. Ind two repa- rcte credit cyclonic. But they are operated in two different part: of the country and liy two different lroupu of people. They began VIII! In. on I smell, part-time bull. like our credit unions in Canada. but coon found the need of A central bunk and direct supervision and advice. in order for this to be effective the super- Vl'0l' mull man a certain rim- ount of authority. for supervisory vurpoul. and in given these pow. Ifl by tho members.

The internal. rates and other current blnklnq regulation: mun chlnkr from time to time. as

credit. and finance is one oTthe stances warrant.

fi1”.ff..?"?.f..fJ.'S;3..”..fI."”2Sf..?.i! ""32; '”';k,,,"";; l; 0;';,",P",; - ' .'s(-haven c an a nun. because the people could be saving mm (mm me Ministry at Am.,c,,1,

NUVEMBER 1.5, 1951

-1 -

Lessons From Europe .In Community Progress

By Leo P. Molsaao -

(continued)

(All Rights Reserved)

CREDIT AND FINANCE

And the. local iiianagers. in order to keep me. organizations sound. must. com It with orders on these from 3,” central bank on thug mute ' Many of the local societies hail now been re-organized on A full? time basis with checking an complete banking facilities, emu iii the small villages. They nee : deposits from non-members 1,5; do not make loam to them. ' O O O

In the Netherlands. usually above or attached to the bank building is the residence of the treasure: 0! manager. Where the area and membership l5 small, the millage: supplements his income by serving , as secretary of the local farmers union branch. the town Council the water committee. oi' by do;,..' some other secretarial work of community nature.

We visited several of those

small banks. and, once we joined a Board of Directors to dbcun their operations and actlvltlu. They were A group of local farm. ers who knew their job and who were as interested in their co. operative as in their own private farms. In Finland. there is what lp. pears to be the best rural credit system of fill. It is I real factor in the economy of the country. The central bank is guaranteed by the state. but controlled by mg local credit blinks which now pro. vlde over 6095 of the credit need: of the rural people. The ccntrrl bank does not deal directly with individuals but only with um local banks and the central co- operatives.

In Finland. u. start was also , made with smlll part-tlrn credit - units pleading for suppo from W

and in Paris, there is n. control-the people. This support never

crime until they amalgamated the locals and set. the up in s busi- ness-lfke way wl I full-time treasurer and banking fncilltlu. thereby providing the service thit the rural people required. In 1930 there were 1416 small. part-time credit societies in Finland. ' Now there are about 680 with u few more still to be amalgamated. ,0 o 0

We were told that there was I great. deal of opposition to this amalgamation policy at first. but greater efficiency and better ser- vice fo the members has resulted in even more interest ln.md more support. for. the larger units. There are some banks with IS many as ten employees. but usuri- ly there is only one full-time min- ager and a clerk. The Average membership in the local societies is 330 members. Many non-mem- bers have savings in the locals but only members can borrow.

There are regional supervisors and inspectors who have aboutthe some authority as those in the Netherlands. On the Board of the

lure. and one from the Ministry of Finance. The other twelve. members of the board are elected by the members of the local credit banks.

The educational value of then- locals is apparent from the fact that in mostly every school district. there is in "collecting branch" of the local credit bank. The school children have their own commit- tees and officers and collect sav- ings weekly from their parent! and other members. The manner of the local credit. bank visits the schools at least once or-twice A year. and gives the pupils a talk on the fundamentals of credit ind finance. thus encouraging the habit of thrift among them. He dir- cussea with them the pros and coils of insurance, tells them how it should be bought, why it is ner- essary, the best. policies to bill?

etc.

one

The system that. appears to b! working well is combining insur- ance facilities with the local credit bank. They are two separate incl- etles. of course. but since they M9 so closely allied they work well to- gether; and the manager of tilt- credit society is also the local H3.'ll of the cooperative insurance- group.

A person coming into the ban! in cash ll cheque. get a loan or till his day to day business can 8150 renew his fire insurance. or nut! ill5lll'al'lC8, or discuss iiirl life in- sui-ance pi-obleim with the loci!- maiiagcr. This system is no! .l'f' widespread but appears to W-'! splendidly rind tobe an economist. combination.

The insurance set-up in Finland is really not cooperative; ll " rather on a mutual hula becmisa of legislative restrictions. in sve- oen it may be noted. the cooper- ative insurance company in I ' par-tmcni of K.F. (or the can- sumcr wholusle) and their c00ll' erntive credit system is slmllal to that in England. scatterer throughout Denmark, there are ' fcw small. credit moieties similar in Canadian credit unions. bu' their contribution in so iiiclflllllcj ant that cooperative official: (1- nut even cor: t..o discuss them-

In Denrmrk ciao. there is ' central mortnn bank where low! can 'be ommec by me'"”'” writing I largo loan or moi-lilac! Tr: become 1 member of this or- ganlutlon, one hn-to borrow. ll" cave. For instance. when lrltld'(l'; it house or buying I farm. ll member first goes to the bank. of); trifnx n lempcnrylocn to comolr-1. tho dcnl for the farm. or llnlfj the house. and he than rm; LI. and to the cooperative mm?!" company. Tiny will then nmng I mar-tun. pdycqoo the mallet

my off the bunk: and than inf:

..

financial and economic circum-

.-(-Oonllnued on Pan 5 001- 1)