Does—And How
p. 116 · Read in the full issue
What A Credit
Union
AS a result of an offer of $l,OOO made by the Credit Union National Association in the United States recently, to help cover the cost of sending a Fijian trainee there, the Government of Fiji has agreed to find the remain ing costs and has selected Joni Naisare to undertake the special course in Credit Union manage ment.
Credit Unions have no connection with industrial unions. They are simply a form of savings and loan society, formed by a comparatively small group—such as the employees of a single factory. They pay in regular small amounts, and may borrow at reasonable rates of in terest.
Credit Union Headquarters in Suva gave an instance of one group’s operations. The union was formed in February, 1954, with 45 members.
By January, 1955, there were 59 and £377 had been saved. , Short-term loans had been made totalling £1,782.
All had been repaid on the due dates. At the end of the year, after expenses had been paid, and a cash honorarium given to the Treasurer-
Manager, the members drew a bonus of 31 per cent, on their shares.
This was merely one of a large and increasing number of groups formed in Fiji last year. With proper supervision the Credit Union, already operating on a major scale in Hawaii, appears well suited to Pacific Islands conditions.
H The Hon. G. R. Powles, High Commissioner for N Western Samoa, and Mrs. F leave Apia in the Beaverbanl month, and will spend s months in Europe. Mr. Fowl* had two strenuous terms in W> Samoa and has earned a he