Page 411 - The_story_of_the_C._W._S._The_jubilee_history_of_the_cooperative_wholesale_society,_limited._1863-1913_(IA_storyofcwsjubill00redf) (1)_Neat

Progress of the C.W.S. Bank.

anti-trade-union prejudice ever will complicate the position of tlie
C.W.S. , but in any general extension of trade union business it would
need to safeguard itself against the danger of a costly disturbance
of ordinary business possibly arising from the national di'ain of a
great strike; and, as some of its friends forget, it caimot pledge
constituent societies without consulting the latter and obtaining
their approval.
So much for the service of the bank to societies; there remains
the more direct service to individuals. At the Quarterly .Meetings
of September, 1897, an official scheme of advances for house building
inet with a httle criticism and a very general approval. It took the
form of lending to the retail societies up to 75 per cent of the
certified value or cost of particular properties, which sum the
society would hand on to the individual member desirous of
providing himself with a house, itself granting a supplementary loan
if necessary. The further details need not trouble us here, sufficient
that for this specified purpose practically any responsible co-operator
was enabled to obtain a twenty years' loan at a gross charge,
"
including local expenses, of about 4 per cent. The C.W.S. house-
building scheme came just at the very time it was wanted," said a
veteran co-operator of South Wales (Mr. Thomas, of Cwmavon)
to the writer, in 1912. The then existing local colHery ompany
(
was selling the cottages it had ovmed, as the tinplate company did
soon after, and the easy C.W.S. terms encom-aged the co-operative
society to rise to the opportunity. From 1901 to 1907 the operation
of the scheme was suspended. In March, 1901, it was reported that
societies were investing their surplus capital outside the C.W.S.,
which offered only 3 per cent for loans, against a return of
rather over 3 per cent from municipahties. The federation itself
requiring money for productive and other purposes, the interest on
trade loans then was advanced to 3J per cent. About three years
later, in 1904, the share capital of the Society was increased, each
new society-member being obliged to take up one £5 share for every
five members. By 1907, however, the C.W.S. funds again had
accumulated in excess of the Society's needs, and £250,000 was set
aside for reopening the house-building scheme. Up to December,
1912, an aggregate amount was advanced of £361,935, with an
outstanding balance of £199,612, owing by 1,148 individuals, through
110 societies. Individual house-owning during recent years has
yielded place in co-operative favour to the modified collectivism of
the copartnership tenant societies, but anyone who wishes to fee
327