Credit Union Launched In Auckland District
; (Special- AUCKLAND, This Dny.j : A new financial system, modelled to, ; benefit working' people, by which rash: : advances may Ik* matin with or without security, shares ran bo taken up on the! • principle of weekly contributions from; ‘savings, under which loans advanced can! be paid off at an interest rate of not over; 1 per cent, monthly, and under which; ; interest-bearing deposits can be made. I has been introduced into- New Zealand. l 'and may in future play an important, part in. thi- life'of the community. i The system is. described as a credit i : union, and one union has already beep! !registered by the .Manchester Unity of [Oddfellows and is, in operation* in .New. Zealand. The movement has been officially launched by the Auckland district of the! Order through its 7,'t lodges, and is! already receiving substantial support, I while other friendly societies tire actively considering introduction' of the scheme. |[ Briefly stated, a credit union is a mu-i' tual society with a twofold purpose, promotion of thrift among members, andn making it possible for members to bor- • row easily, at reasonable rates' of interest , It is an independent organisation, en-j ( tirely voluntary, and confined strictly tub members of the Order, their wives andj ( children. A credit union has been in I] vogue in America for many years, and j has a membership approaching 3,000,000, H with assets estimated at £100,000.000. !<
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Bibliographic details
Northern Advocate, 28 September 1943, Page 3
Word Count
236Credit Union Launched In Auckland District Northern Advocate, 28 September 1943, Page 3
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