Tells Fiji

Priest From Honduras Tells Fiji About Credit Unions Something New in Co operative Movements

A N event of considerable interest CX to Fiji was the arrival during November of the Rev. Father Vlarion Ganey, S.J., Credit Union ;xpert from British Honduras. He vas there at the invitation of Bishop and on the recommendation >f the Governor, Sir Ronald Garvey, vho came in contact with Father Haney's work during his recent :erm as Governor of British Hon duras.

In a broadcast from ZJV, on No vember 21, Father Ganey explained ;he object and operation of Credit Unions in British Honduras, and low their establishment in Fiji can lid economic development, par ticularly for the Fijian people.

British Honduras, where Father Haney has been working for the last 16 years, is about twice the size ind has about one quarter the population of Fiji. There is a con iiderable racial admixture, the prin jipal groups being Creole, Carib, American Indian and European of Spanish and English extraction.

Local industries, in order, forestry, litrus, chicle (basis of chewing ?um), and a small sugar industry with one mill.

The first Credit Union was estab lished in 1943 with a membership if 35 Carib fishermen and assets if $17.50. To-day there are 23 Uredit Unions with assets of over £300,000 and a record of loans to members of over $750,000. Losses through death or failure to repay have been less than one-tenth of one per cent.

Father Ganey described the Credit Union as a co-operative society of people with a common bond of em ployment, association or residence, ivith the purpose of encouraging thrift in regular amounts, and from he savings thus made, to olfer loans to members for provident or pro ductive purposes at reasonable rates of interest.

This is how the Credit Union works:— Any person who is of good char icter, is prepared to pay 1/- entrance fee, and purchase at least one share valued at £l, may enter. Shares may be purchased by regular de posits of 1/-. A Board of Directors, elected by members, governs the Union. The Board elects a treasurer, and members elect a credits com mittee to pass on applications for loans, and a supervisory committee to examine the books and records at least quarterly. Financial safe guards are ensured by the law under which the union is registered, by the supervisory committee, and by

annual legal audit, and by bonding the treasurer and all others who handle money.

Loans from the fund are made only to members, and the Union’s earnings are from interest paid on these loans, at the rate of 1% per month on the unpaid balance. In terest is paid on shares up to a maximum of 6%.

The Credit Union, Father Ganey pointed out, has intangible values more important than its function as a banking institution: it is con structive and engenders a spirit of mutual help and trust, giving the people an ideal they have long needed.

Father Ganey was a guest at Government House for several days after his arrival in Fiji. He will

remain in the Colony for about six months, before returning to British Honduras.

The new Judicial Commissioner of the BSIF, Mr. G. J. Horsfall, took his seat on the Bench in Honiara for the first time on November 5, when the November sittings of the Judicial Commissioner’s Court was formally opened. The Attorney- General, Mr. P. N. Dalton, wel comed Mr. Horsfall to the Protec torate in a brief* speech. Cases (all native) listed for hearing at the November sittings included burg lary, larceny, incest, demanding money with menaces, murder and rape.