Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1913-07-03
ITALIAN RURAL
LIFE INSPECTED
AMERICAN COMMISSION GIVEN
INTIMATE INSIGHT MO M
POETiNT PHASES.


most interesting phases of italian rI-
raj lie have been Investigated hy tho
I American Commission ou Aer.rutur-
Ial Organization. Cooperation ana
Rural Credits. now travelling in Eu-
rope 10 examine the arou systems
boo use on this side of the Atlantic.
A. Cramoua. Haly fIc commits
sioucrs inspected the Peoples BANK.
which D. more or Jess thD mainFIay of
the rural population Thi bank H1s
leycellently housed aud Was said Zoo
Boz Zoo an extremely flolrlshiue c1ndi-
ton From tho appearance OF every
thing connected with ihc institution
/ this was easy to believe The bank
b. not truly cooperative DO principle.
but is properly spelkIue joint
stock company depending 9u larger
commercial institutions % depart
particularly Ir1m fhc cooperative
idea insofar a the number oi votes
held by tHn members i8 dependent on
the shares they possess on the
other hand b. may tr called peoples
bank Boo $50 iar as thc object kept in
mind by the directors is not primar-
lily to make profits. boo 90 ensure tho
bcttermcut oi the circum tances OF
the local population. who are thom-
selves thc shareholders. 90 may bc
| oIlleI rural bank for the reason
I that It win lend money by prefer
oraucc. and af % favorable rate. 90
those curarrd BOO agricultural pur
suits Tho director explained that
tho bank acted iu This vay bonu
Ilu.culurc nas considered rho main
/ INDUSTRY ol which depended fhr vei-
fare MOT ONLY of che nciehh1rhood.
I but of fbc whole nation
The bank was WiIline 90 lend ou
Iauy REASONABLE, security. collateral,
| band or endorsement tho latter prac-
Iti,aly amounting Zoo lending on char
Iartrr. Tic rate of interest remains
almost alvIys below five per cent
land the director secuted The idea ul
Iauy seriou. trouble arising between
the bank aud its clients or sharcbold-
/ crs.
Tho working OF tine CrDmoua bank
seems 70 Dee guaranteed to some cN-
tent by the flourishInr Central Ban
ip di Roma. and ultimately by the
| approval and vatchful eye OF the
government. but it cannot bo said To-
bc subsidized or aided by the state
The expenses are largely Kept down
/ hv Che altruiam of the officials most
iof whom give their services either
rratitousIy or ~ an almost nominal
Wugc q principle regarded with sus-
piciou by many members o. tho Ann
cr.cau commission and stigmatizcd
Dos some as "a suicidal policy
Onc of the chief functions OF this
bank Is 20 make advances 60 facilitate
the work of the cooperative Society
of Local Farmers. ha,.u- for its oh
iect the Improvement 900 agriculture
and the ENCOURAGEMENT of modern
methods ON the part of its members.
Membership may Doe had ON easy
terms and carries with o. the rirht to
buy from the society. fertilizer ma-
chincry, etc. at practical, cost price
For this purpose Che credit of the
bank Is called into play
Another institution lited hy the
commissioners was tha Crcmona For-
tililer Factory. also cooperative and
apparently very f'owi.hiug The
phnsphatrs manufactured here are
sold exclusively go the members OF
the Cooperative sorioty at price
allowing for o. reasonable profit ON
the shares held hF che members them
selves.
These three organizations The
Bank. the Farmers Cooperative So
cicty and tho Fertilizer Factory are
iu theory independent though % was
made plain thai loo practice their
membership aud their directorate oy
crlapped largely. and chat they work
ed together tor mutual advantage.
About ten miles from Crrm0nl. iu
The cillagc nf Sorcsiua. O. situated
What ls presumed 90 bc the largest
cooperative dairy in tle world.
handling the products of 5000 COWS.
Here every single by-produrt was
being fully utilized The main pro-
duct of the factory WIS soft cheese.
but this was supplemented by the
makine OF skim milk butter and mills
sugar Finally tho riusiugs were fed
to hogs.
As 10 the financial results. there is
general law Boz Italy which LAYS
down that BOZ the ease 90 cooperative
societies no shareholder shall receiy,
% dividend greater than per cent
Duf che members of this dairy we're
receiving 800 per cent The eyplana.
zion is that ten wears after the for
nation OF thc society 1ll the share
capital was paid off, after which alI
the huIldiugs and machinery were
paid for Now there are no share.
holders receiving dividends. bot
simply members. among whom the
annual profits are divided as a boo,
uus But DO this annual bonus BIZ
reckDned as dividend on the origin
cal value of members shares. Il
amounts to go per cent