Captain COOPERasked the Undersecretary of State for India whether any credit societies or loan banks on co-operative principles have been established in India; and, if so, how many; whether any supervision is exercised over them by the Indian Government; whether their working is shown to be satisfactory; whether any financial assistance has been given them by the Indian Government; and whether there is any reason to anticipate any money advanced to them being irrecoverable?
§ The UNDER-SECRETARY for INDIA (Mr. Montagu)On 30th June, 1909, there were 2,008 co-operative credit societies in India. Their working is under the supervision, in each province, of an official registrar and a sufficient staff. They had received £45,743 as loans 1095 from Government, their aggregate funds from all sources amounting to £537,675. There is no reason to anticipate that any part of these loans will be irrecoverable. It is expected that as the banks increase in strength, the initial advance made by Government will be repaid. I would refer the hon. Member to pages 47 to 49 of the Statement exhibiting the Moral and Material Progress of India in 1908–9.
Captain CRAIGWill the right hon. Gentleman send a copy of that reply to the Vice-President of the Department of Agriculture in Ireland?