The co-operative movement in Russia; its history, significance and character . ,070 12,7ol 14,310 15,450 Although the loan and savings societies are fewer iniiuinbcr than tlie crerlit associations, yet the origin of theformer is of a much earlier date, and ;.s far back as 1866the first loan and savings society was established in thevillage of Dorovatov, in the province of Kostroma. Sincethen the movement grew among certain sections of the intelligentsia and the Zemstvos, who were endeavour-ing to build up such societies among the peasants. TheIuiidatiKiilal mistake of their attempts was that t
The co-operative movement in Russia; its history, significance and character . ,070 12,7ol 14,310 15,450 Although the loan and savings societies are fewer iniiuinbcr than tlie crerlit associations, yet the origin of theformer is of a much earlier date, and ;.s far back as 1866the first loan and savings society was established in thevillage of Dorovatov, in the province of Kostroma. Sincethen the movement grew among certain sections of the intelligentsia and the Zemstvos, who were endeavour-ing to build up such societies among the peasants. TheIuiidatiKiilal mistake of their attempts was that the forni r)L CO-OPERATION IN RUSSIA. of tho loan and savings organisations wa<s not suited to theRussian village. Thus, for instance, every member hadto subscribe a certain ])art of the capital, and, in con-sequence of the poverty of the Russian village, it wasbeyond tlie means of the average Russian peasant tobecome a member. And even now the loan and savingssocieties are prevalent, not among the peasant populationof Central Russia, but mostly among other classes of the. Diagram showing the Growth of Mkmbkrship of CrkdttAND Loan and Saving Associations during I90i>-ll>ir)(ill thmisands). people, and in the more prosperous and outlying provincesof Russia. There are strong loan and savings societies inPoland, in the Baltic provinces, and among the Jewishpopulation. The credit association is the prevailing type of co-operative credit among the 2:)easants. CO-OPERATION EN RUSSIA. 53 The credit association in its present form was thecreation of the law promulgated in 1895. The distinctivefeature of the credit association, as compared with theloan and savings society, is that in the case of the formerthe mem here are not called upon to subscribe any capital,and the initial capital required for commencing operationsis advanced by the State Bank. The short term and other advances made by the StateBank to the credit associations amounted on the— 1st Januai-y, 1913, to
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