n was the only one to
dispute the need of this, and though the bank has given a stimulus to
the formation of co-operative societies, it still denies that this is a
healthy propagation. Nevertheless, some even of the Schulze-Delitzsch
societies resort to this state bank for money. It is under government
administration and lends immense sums each year. In France the Bank of
France has been compelled to lend L1,600,000 free of interest, and to
give about L120,000 per annum out of its profits to assist agriculture;
this money is being lent free to "regional" banks, and by them at about
3% to local societies. State help has also been given to the
co-operative bank of the French workmen's productive societies. In
Austria and in many other countries a great deal of similar help has
been given.

Denmark and agricultural co-operation.

Closely connected with certain developments of credit, and deserving to
rank as the third, if not the second, great subdivision of co-operation,
is agricultural co-operation, a movement in the main of the last twenty
years, but amounting now to a great force, almost everywhere except in
Great Britain, and in some countries almost to a revolution. It is
important to say agricultural co-operation and not co-operative
agriculture, for in spite of some customary mutual help in farm work, in
spite of several attempts, and some small successes, in co-operative
farming, the actual cultivation is almost everywhere individualistic.
The farmer or peasant cultivates alone, or with his family, or servants;
when he co-operates with his fellows, it is to manufacture, or to
market, the products of his farm, or more often to obtain the things he
needs for his farming, to raise stock, to own expensive machinery in
common, or insure against risks. By these means the small farmer,
without sacrificing his own peculiar advantages, obtains most of the
advantages of the big farmer, to the immense improvement of his
position.

At almost every point agricultural and credit co-operation touch; yet
the most perfect example of agricultural co-operation is not concerned
with credit co-operation in any form. The farmers of Denmark practise
co-operation in almost every variety, except for raising capital. The
commercial banks have provided money to start dairies and other
co-operative societies; so that, it would appear, the need of credit
co-operation has not been felt.

The Danish farmer is almost always a freeholder