DEFINITE STEP FORWARD

Dominion, Volume 18, Issue 57, 1 December 1923, Page 7

DEFINITE STEP FORWARD

IMPROVEMENT OF ECONOMIC SYSTEM COMMUNITY SETTLEMENT CO-OPERATIVE SCHEME IN NEW SOUTH WALES Claiming that it was a definlta step towards Improvement of the existing economic system and solution of the proolems connected with it, tha New South Wales At- ' torney-ceneral moved the second reading of a BUI to encourage co-operative community settlement. By Telegraph—Press Association. —Copyright. (Rec. November 30, 8.25 p.m.) Sydney, November 30. In the Legislative Assembly, the Attorney-General (Mr. T. R. Bavin), moved the second reading of tlie Cooperative Community Settlement Bill. He explained that it provides for bringing existing cooperative societies under its scope and enabling those not strictly co-operative to come in. It embraces eight different types, of cooperative societies, with the object of assisting rural producers to purchase suuulies and market their products. raise loans, promote community and close, settlement, and provide common services; also urban credit societies for assisting members to acouire furniture, tools, and other necessaries : building societies to help members to build or acquire homes; and investment societies, which will enable members to combine for the purpose of acquiring shares in anv company or business authorised bv tlie rules. The amount of capital held by any members will be strictly limited and interest on share capital will be limited to 8 per cent. Tlie membership will be unlimited. Shares will always be buyable at Hie face value, hence speculation in them will be impossible. Air. Ravin claimed that the Bill was a definite step towards improvement of the existing economic system and solution of the problems connected with it. without the employment of revolutionary methods. It was a measure in which all parties could co-oper-ate. the aim being to promote the interest, alike of the capitalist, the wage earner, the producer, and, the consumer, without destroying individual initiative. He stressed the vital value the co-operative , community movement would have in promoting land settlement, increasing primary production and checking the drift of rural uonulation to the citv. The debate was adjourned.—Press Assn.