Page:Indian Journal of Economics Volume 2.djvu/502

 B. B. EWBANK whatever the system may' be, the real security wkieh forms so large an element of the total credit of any society is bound to diminish. Even if the movement had st its ecrumaud ample funds it is much improved. to finance all co-operators over s famine, difficult to see that the situation would be Without taking seecunt of the eternal old debts of agriculturists, there would still remain the liability for their suspended land revenue and for the borrowed capital of the preceding harvest. have to be found for In s ryotwsri province, swallowed up in the failure Moreover fresh loans would the next cultivating where large classes 8et80rl. eulturists can barely eke out s subsistence from their land in s normal year owing to the smaness of their holdings, the credit which they are able to offer cannot fairly bear an accumulated charge of this so Societies might find themselves throwing good money after bad. the last resort grant remissions, in the dilemma of Goverment may in but societies which are not chafftable institutions can never afford to do this, unless they charge enormously enhanced rates of interest to cover insurance against this risk. With their present holdings the credit of many agriculturists would have their needs manifestly for refusing to their chances reached its were unfair breaking point long before fully met. In such cases it is to disparage co-operative societies surcharge their credit and barter away of future prosperity for the sake of their weaker members. However strong societies may be, they eaunot sord to hang mill-stone of bad debts round their neck. They are bound to differentiate among their members and to insist plainly and firmly hs when member has received 11 the finance that his credit can reasonably_ command, he must go to the .relief works and send his stock to the cattle-