PRIMARY PRODUCTION
119
accepted by a growing number of people, particularly peasant farmers and fishermen, as a sound and democratic way of improv- ing their lot. While the main effort was directed at first toward the physical formation of societies and toward ensuring that they were sound in organization and economy, existing societies and the general public are now more aware of what such unions afford, and the department is placing more emphasis on the moral and educational side of the movement. An important development during the past seven years has 'been the growth in the number of co-operative building societies, which are at present formed, with one exception, of local pensionable officers of the Civil Service and have been established with funds loaned by Government. Another development of interest is the increasing appreciation by rural communities of the improvements they may make in their way of life by co-operation and the formation of better living societies. Several of these societies have successfully completed water supply and housing schemes, as well as community centres for their members.
A further source of credit to farmers who are members of co- operative societies is the J. E. Joseph Trust Fund. The fund is administered by the commissioner, as Registrar of Co-operative Societies, and since its establishment in 1954 some 9,527 loans total- ling $13,704,083.79 have been issued. In addition a large number of societies operate their own revolving loan fund schemes which are steadily growing in size and effectiveness and which it is hoped will reduce the dependence of members for short-term credit on official and outside sources. The best examples can be found in fishermen's co-operative societies, 58 of which operate revolving loan funds with a total capital of some $910,000 and a turnover of $660,000 a year. A new source of credit for co-operative societies became available towards the end of the year with the establishment of the World Refugee Year Loan Fund for Co- operative Societies. The fund is designed to provide loans for a wide variety of purposes of social or economic benefit to societies and their members and has a capital of nearly $500,000.
Eight new co-operative societies were registered in 1963, bring- ing the total on the register at the end of December to 385. At present there are 15 different types of societies. A table showing the number of societies in being at 31st December 1963, with