Cooperative Credit Associations in Certain European Countries and Their Relation to Agricultural Interests

Cooperative Credit Associations in Certain European Countries and Their Relation to Agricultural Interests

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1892 edition. Excerpt: ...with equity, for the profits of a society which, in any case, was to operate chiefly with borrowed capital, would arise mainly from that source. That is, they would arise chiefly from the credit of the society rather than from its share capital; and in dividing them among its members, if a division was to be made, their respective contributions to that credit, could these be mathematically estimated, would be a more equitable basis for the distribution of profits than their contributions to the minor element of share capital. It is quite evident, too, from what has been already said, that even in the least wealthy of the societies--that is, in those of least wealthy membership--these contributions to the corporate credit would depend incomparably more upon the private possessions of the members, all of which were pledged for the corporate debts, than upon the comparatively insignificant amounts which at most would be paid in on shares of capital stock. Nay, more; as contributors to the corporate credit, these last might well be regarded as outweighed simply by the personal qualities which alone could be thrown into the scale by many a poor, but honest, sober, and industrious member. For such reasons, among others, the Eaiffeisen associations were at first organized without a share capital; but a reserve fund was provided for by arranging that all the profits of their business in excess of their very moderate annual expenses should be devoted to its creation and gradual increase, thus accomplishing the triple object of strengthening their credit, diminishing the dangers to which unlimited liability exposed their richer members, and avoiding those dividends which excited Eaiffeisen's apprehensions.. This fund was to be the inalienable property of...show more

Product details

  • Paperback | 54 pages
  • 189 x 246 x 3mm | 113g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236564480
  • 9781236564481