A Way to Help Yourself

Te Ao Hou, November 1957, Page 28

A Way to Help Yourself Most of the first day was given over to general discussion. Mr Booth spoke of his belief in the need for a new approach to the economic problems of the Maori people, and of the part that co-operative investment societies could play in this. As most of his audience were well aware of the crucial part he has played as an officer of the Department over the past few years in fostering and guiding the establishment of investment societies in the Hokianga his words carried special weight. The societies were, he said, an attempt at self help, an encouragement to saving, and an example of the benefits of practical co-operation. They were not a new idea, but had flourished Canada and the U.S.A. for many years. Groups started in Fiji only three years ago, with some initial Government backing, had saved over £100,000 and had loaned over £23,000 to members In a general outline of the rules Mr Booth said that membership was entirely voluntary and open to anyone over 16 years of age, though members under 21 could not sit on the committee. Each member was required to state how much wished to save each month, and a minimum 5/- had been set. The money saved by each group was invested at 3%, and if the business warranted it, a bonus was paid at the end of each year. Profits were derived from interest on loans to members, and in the existing societies the rate charged was 8%.