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The following conclusions are obvious from this table :
(1) The Society has made great progress during the last
ten years of its existence. This is indicated by the steady
increase (a) in the number of its members, (b) in its total
turnover; (c) in the amount of members5 deposits and
(d) by a similar expansion of the reserve fund. It may
be noted that members* deposits and reserve fund are the
two pillars of the financial structure of any co-operative
credit society.
(2) The fact of its increased financial stability is indirect-
ly attested to by (a) the constant increase in the non-
members' deposits—which suggests that the confidence
of outsiders in the financial position of the Society has in-
creased : and by (d) the fall in the rate of interest on
loans from non-members—which implies that the supply
of deposits from external sources is considerable.
(3) Finally, the rate of interest on loans to its members
has also decreased. This forcibly shows that the
real function for which such societies are started,
namely, to make capital available to its members at as low
a rate of interest as possible, has been discharged by the
society. This ability on the part of the Society to reduce
its rate of interest on loans is an incontrovertible proof
of the fact that the financial position of the society is
sound.
We may note in passing two facts of great importance :
(i) that the Society is conducting its work without the
assistance of the local District Bank, for the last four
years ; and (ii) that the deposits from non-members are
received from twelve different places, including Bombay
and Surat, thanks to the indefatigable energy of its found-
er, who is at present its chairman.
SERVICES RENDERED BY THE SOCIETY
Low rate of interest: From this historical review of
the working of the Society, it is evident that the most im-
portant service it has rendered to its members is to make
capital available to them at a low rate of interest.
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