Fast loans Missouri

Could you kindly give us the percentage of cases in which the society has to fall back on sureties? Is that number increasing or decreasing 1 —From last year it is decreasing.

Are you quite sure that when repayments are made to societies, money is not borrowed from mahajansl —I think in good societies it is not done, but in bad societies I think it is done in some cases. Have you any typical cases to show where fictitious payments have been made? Can you leave even the oldest of your A societies without any control of your staff? However there is no harm in having an experiment of this sort. Is it a fact that the Ajmer Bank was compelled to reduce interest on loans due from 16 heavily indebted societies from 6 per cent, to 3 per cent. And yet all loans were given on the recommendations of your staff? Ordinarily when a depositor keeps a deposit for a year, if he wishes to leave his deposit for another year, interest will be added to the principal?

If the society has borrowed money at 5 per cent, or 6 per cent, from the central bank, the central bank in such a case will pay com- pound interest from 5 per cent, to 6 per cent? Take the position of a depositor in a central bank. A depositor has a right to add his interest to the principal every year. So in -effect the central bank has to pay him at compound interest at 5 per cent, or 6 per cent. Can the central bank then give loans for long periods at 8 per cent.

What I want to get at is whether the central bank can lend long period loans at 8 per cent. If simple interest is added to the capital of the depositors, and the whole sum is advanced as a loan to somebody, else at simple interest, the central bank cannot afford to charge 8 per cent, simple interest in case of arrears of interest?

I pass on to another test of the soundness of the co-operative movement. Do you think that the average member of the average society has become more businesslike and prudent? You think he has also become more prompt in repayment?

Do you think that the man has actually learnt the proper use of credit? If this improvement has really taken place, then such people should be able to borrow from the mahajans at a much cheaper rate of interest after becoming members of the co-operative societies? But in the course of six or seven years the old debts must have been wiped out if this improvement has taken place 1—I think in many cases these members think that these loans have been increased unnecessarily and are also resisting payments to these people. One very interesting fact arises from the figures given by you. It appears that a very large amount of the money of the central bank is unutilized? I notice from the Ajmer Central Bank Report that out of 11 lakhs of borrowed capital with the Central Bank of Ajmer as much as 6 lakhs have been invested in Government securities? Is there any saving in borrowing from outside and investing it in Government securities?

You want therefore to profit at the expense of the depositors, not for the purpose of utilizing the funds in the interests of agriculturists, but for the purpose of investing it in Government securities? All that profit is not in the interest of co-operation, because it is neither in the interest of the agriculturist nor in-the interests of the depositor who has built up this central bank? But this 0 lacs out of 11 lacs remains unutilized so far as the movement is concerned except by investment in Government securities. ThiB is my opinion that we keep it for fluid resources.

In what way does this differ from the principles of a joint stock bank which gives the depositor less and earns more profit for itself and not for the borrower or the depositor? And yet Government has given certain privileges to the central bank which the joint fast loans Missouri stock bank does not enjoy? Can you distinguish between a joint stock bank and a central bank 1 —In the central bank the profit does not go to the pocket of an individual, but it is mostly utilized to strengthen the movement and to make it bad credit installment loans Indiana more sound and to have more reserve. In the joint stock bank it goes to the pocket of an individual. If they derive any benefit, they will divide it up to 20 per cent, or 30 per cent.

To balance some losses We have not suffered any loss. Why is it that you are unable to utilize these six lacs in financing agriculture 1 —We cannot finance our members beyond the limits of safety. Although your members are heavily in debt, they still need money? On the one hand you say that there is scarcity of capital in the village.? Have you reached the limit of credit to be given to the members? I am talking of the members of the present co-operative societies.

So far as the co-operative societies are concerned, the utmost limit of financing them has been reached. You consider that a bad policy simply because it is unsafe? Perhaps they think that these loans have multiplied and they want to compromise with these people. In that case the movement does not encourage them to pay off their old debts 1—There is an idea amongst the members who now understand money matters that- these debts are the accumulation of compound fast loans Missouri interest, and I think every sensible man will do like this. If the mahajansi so desire they can go to the civil courts. So, he does not pay and asks the creditor to go to the civil court? You also keep deposits with the indigenous banker at 3 per cent. On an average what is fast loans Missouri in a year the amount deposited with the banker?

Even the non-agricultural societies seem to be unable to utilise the funds which they have got? I want to know from you tbe effect of the Land Alienation Act on the security available to the societies? Do you think the security available to the society is substantially less because of the fact of the Land Alienation Act?

The object of introducing this Act was that the moneylender was not dealing fairly and was getting hold of the land.