Page:Indian Journal of Economics Volume 2.djvu/718

 EOONOMIC OORPEIEIVOl grain before the end o! March and have till the if proper useful. eultivstrs next harvest by their management eould be The second class were stored their surplus 8owksrs. soonred, those grain to be kept alive These grsnsriea, were always very granaries in which in good years as a provision for bad years. Those were not popular, as now a days his experience was that cultivators preferred to sell their grain, maintain their savings in cash, and trust.to being able to buy imported grain when a famine oame round. With regard to using societies more freely for the distribution of takavi he explained the system pro- vailing in the Bombay Presidency and added that he saw no way out of the present dilemma. It was intolerable that two agencies, the Mamlatdar and the co-operative credit soderies, should both be finauoing side by side the same cultivators for similar objects. On the other hand to grant tsksvi to soderies would amount to state subsidy and would oertainly enfeeble their spirit and undermine their independence. He was earlrely in agreement with Professor Coyajee that sooieties might well be used more freely by distrier offioers as ohannols for obtaining eeonomie information about the people. He agreed with Mr. Nanavail in the noeessity of maintaining liqaid reserves whioh would be available in famine, but thought thzt at present any definite poreen- rage of the regerve fund would be too small to be o! any praotioal use. Professor Joyous remark that oo-operahon did not oreate oredit but simply mobilized it, was trile; but was not perhaps the whole truth. The existenoe of a good society of the Raiffeisen type had a wonderful moral efteat aud undoubtedly tended to make each individual member a more valuable eoenomio unit. He assured Professor Horne that pressure was not put on depositors, exoept by their neighbors, to refrain from withdrawing deposits in famine years. On the oont. rary the Provincial Bank was conserving its resouroes. with a view to helping societies to meet withdrawals of dopemrs punotully and the importsnee of this was constantly kept in view. He welcomed Professor 81ster's view that the existence of credit societies orested  need for parallel purehaas, and sale, and distributive soderies, and fully endorsed it. He was strongly opposed, however, to his suggestion that separate savings banks were required in addition to oo-opom-