HG S039 K9Me6 B 3 13D ^Tfl O O CI o Q »«t«>«ti>>> m - • ♦♦ ♦♦♦+* * -♦■•t-i THE Moscow Narodny Bank: Its History and Achievements. 1912—1917. 'S^ P'tMished by the London Of fir. -r ''■■'■ Moscow Narodny Bank H3, Fi;>sbury Pavement, London, E.C. 2. I 4 iBMCi o< -<:>( J I * * THE Moscow Narodny Bank: Its History and Achievements. 1912-1917. o< Published by the London Office of the Moscow Narodny Bank, 83, Finsbiiry Pavement, London, B.C. 2. >o //G^ ,/. V ^ ^ .1 ^3^ \T:h^*-:Mbscdw Narodny Bank. Established 9122 May, 1912. Chairman of the Board : M. P. Avsarkissov. Board of Directors : A. E. KOULIZHNY. V. V. KOSTIN. K. J. Krilofp, a. N. Jekoulin. Head Office : MOSCOW, Miasnitzkaya 15. Central Goods Department : MOSCOW, Bolshaia Dmitrovka. Branches : PETROGE/ID : Nevsky 53. ROSTOV-ON-DON : B. Sadovaya 102. NOVO-NICOLAEVSK : Asinkritovskaya 61. Agencies in Russia : TCHITA, PERM, RYBINSK, VOLOGDA, NIJNY-NOVGOROD (Fair), CHARKOV, SARATOV, NICOLAIEV, VLADIVOSTOK. Goods Agencies : 83, Finsbury Pavement, LONDON, E.G. 2. 809, Broadway, NEW YOUK (U.S.). CAPITAL Total .. Rs. 4,000,000 (fully paid). . Rs . 6,000,000 (new issue). .. Rs. 10,000,000 TURNOVER 191 2 1913 1914 1915 1916 ^ J. Ks.22.735,535 15 k. 50,006,168 74 110,221,080 64 253,284,649 08 1,188,468,936 37 BUBNOFF, Manager of London Office. Illlllllllllllllllllll ^-^c^ The Moscow Narodny Bank Its History and Achievements. <»> THE origin of the idea of a Central Co-operative Bank for Russia can be traced back to the projects which were mooted some 203'ears ago in Co-cperative and Zemstvo circles for the organisation of a financial centre to serve the needs of those unable to avail themselves of the advantages offered by the large private banking concerns. For various reasons, into which it is unnecessary to enter here, the realisation of this idea had Jjeen greatly delayed, and before emerging in its present final shape it had to pass through various stages of transformation. There was a time, when attemyjts were made to establish a financial centre of an official governmental character which should " assist " co-operation, and in 1907 and 1908 Russian co-operation had nearly been furnishecl with a Central Bank of the Prussian type. The last preliminary stage in the history of the organisation of a Central Co-operative Bank dates from the first All-Russian Co-operative Congress in 1908. The full discussion of this question in the Congress was prefaced by the work of the Moscow Committee on Rural Loan and Savings and Industrial Associations, which took a keen interest in the matter, and elaborated a r)2r)Si9 ^ --c'" , V ^^^ :MC*SCOW NAltODNY BANK. • sc/Jtiiie" i^ov ?C J)auk-.()f. tlHs kiiitl. The Congress approved in principle the scheme proj)oscd l)y the Moscow Com- mittee, and entrusted it with the drawmg up of Articles of Association for a Central Bank. These preliminaries were completed, and in Januar}', 1909, the committee convened a conference of representatives from co-opera- tive societies to discuss details. As a result of the dis- cussion the Articles emerged in their final shape and were submitted to the Government for sanction, which was finally granted ui 1911. Thus the Moscoav Narodnj' Bank came into existence, having for its object, as appeared in the first paragra])h of the Articles : "To procure financial means to small credit institutions and all types of co-operative under- takings in order to facilitate their transactions." The Bank started upon its successful career on tlie 9th May, 1912, in small offices in the Miasnitzkaya iStr., Mosco\\ . The ])ublic in general, and the capitalists in particular, were very sceptical, and predicted the speedy collapse of the undertaking. The subsequent experience of the ]iank. howevei', proved that Co-operation is a real power, and wlien directed on tlu- right lines is able to achieve wonders. Mow Tin: Cai'ii'.m, wa.s R.ajsed. The caiiital of the Jiaiik was lixed at rvs.l,00(),()0(), divided iiitd 4,000 shares of lis. 250 each, and according to the law lialf of the capital had to l)e paid up and deposited witli the State Bank six months after the date of sanction of thi' Articles. THE MOSCOW NARODNY BANK. 5 The organisers were afraid that they would not be able to raise among co-operators the required Rs. 500,000 in time, and they Avere thinlving of inviting private people to subscribe. There were also some doubts as to the legal right of co-operative credit societies to subscribe shares in the Moscow Narodny Bank. The promoters were, therefore, very pessimistic, and took measures to petition the Government for an extension of time. Fortunately, aU their fears and anxieties proved ground- less. Russian Co-operation came out of the test with lionour. By the time the first meetmg of share- holders was to be held, the whole capital was subscribed, and more than half the capital paid into the State Bank accordmg to the law. By the 1st October, the whole capital of the Bank was paid up, and by November money was coming m as subscription m advance for further issues. Out of the 4,000 shares, 85 per cent were taken up b}' co-operative societies, and only 15 per cent by private people, the majority of whom, however, were in one way or another connected with the Co-operative Movement. The first Russian Co-operative Bank was thus from the beginning entirely in the hands of co-operative societies, who were able to guide and direct its policy. The very first meetmg of the shareholders passed a resolution to the effect that '" The whole of the activities of the Bank are to be directed exclusively to the interests of Co-operation, and, in particular, all funds at its dis- posal are to be used for the development of Co-operative Institutions ; the activities of the Bank must be based on the existing Co-operative Unions, Co-operative Societies, Zemstvo Banks, in so far as they replace co-operative unions, and must assist the organisation of new unions." 6 THE MOSCOW NABODNY BANK. A second and third issue of shares took place respec- tively in 1913 and at the end of 1916, bringing the total share capital of the Bank to 4,000,000 roubles. No shares of the third issue were sold to private persons and the Council of the Bank has now decided not to sell in future any shares to private persons but to allot them exclu- sively to co-operative societies. The 647 shares of the first and second issues which are held by private persons amount now to about 4 per cent of the total number of shares . The third issue of shares was taken up bv the co-operative societies ot Russia long before the time of the closing of the subscription lists and the distribution of the shares both amongst different groups of co-operative societies and separate districts of Russia \\as more equitable than of the previous issues. The final allocation of the shares of al) the three issues amongst different groups of co-operative societies is now as follows : — Union of Small Credit Associations .... 2,136 shares. I'nions of Cunsumers' Societies 1.559 Unions of Agricultural Societies 2,148 Credit and Loan and Savings Assocs. . . 5,725 Consumers' Societies and Artel Shops . . 2,192 Agricultural Societies 367 Labour Artels 201 Zcm^tvo Small Credit ]ii 497 Sundry Co-operative Societies 262 The total number of co-operative societies which have subscribed to all the three issues of shares is 3,749, THE MOSCOW NARODNY BANK. 7 including 196 Unions of societies : the average holding is somewhat over four shares per shareholder. The distribution of the shares in the differenc districts of Russia is as follows : — The Lidustrial (Central) District 2,937 shares. Siberia 2,559 New Russia (Black Sea District) 2,191 Little Russia 1,421 Volga District 1,259 South-Western District 1,025 Central Agricultural District 991 Ural District 901 Caucasia 780 The Lake District 625 White Russian and Lithuanian District . 531 Northern District 373 Baltic Provinces 44 The third issue of shares was largely over subscribed and a considerable number of applications from co-opera- tive societies could not be satisfied. Even after the subscription was closed new applications for shares con- tuiued to come in, as well as numerous inquiries as to the possibility of being placed on the list for future issues. The Fourth Issue of Shares. Thus the co-operative societies themselves have demon- strated to the Bank the necessity of a further increase in its share capital. Moreover, the Moscow Narodny Bank has to face the 8 THE MOSCOW NARODNY BANK. fact of the rapid growth of its deposit and current accounts ; for the current year this growth was at the rate of about 6,000,000 roubles per month. This progress enables the Bank to meet more adequate!}^ the financial requirements of the co-operative societies and generall}* occupy the place belonging to it by right as the Central Bank of Co-operation. The total sum standing to the credit of the De]3osit and Current Accounts has reached now 80,000,000 roubles and is bound to grow in future, and this makes it incumbent on the Bank to increase its share capital, as the 4,000,000 roubles of the latter can no longer be regarded as adequate. The Narodny Bank, which provides money for co-opera- tive societies, must also aim at emancipating itself from the fiuctuatuig tendencies of the money market and must have in its possession a share capital sufficient to meet all emergencies and ena])le it to enlarge its activities in the service of Co-oi)eration. Such are the considerations Mhich have decided the Board and Council of the Moscow Narodny Bank to proceed to a fourth issue of shares. A report on this subject was presented to the meeting of representatives of tile ('()-()]XM-ative societies, behig shareholders of the Bank, held on the 23rd to 25th April, 1917, where the proposal of the Board and Council met with full approval. A second meeting on the 2nd June, 1917, finally sanc- tioned the toiitth issue of shares. in ;un'(»i'dante with this tlecision the Bank is now pre])aring to issue a fourth series of shares to the amomit of (),000,0(M> roubles, divided into 24,000 shares at a nominal piice of '2~tO roubles each. The price of issue THE MOSCOW XARODNY BANK. \f is 260 roubles, the extra 10 roubles being a^jportionetl as follows : — 5 roubles to the Reserve Capital of the Bank, and 5 roubles to meet the expenses incurred in connection with the issue. The shares can be acquired exclusively by co-operative societies, priority being given to those which already possess shares m former issues, or were left unsatisfied at the allotment of the shaies of the third issue. Some Early Difficulties. The position of the Bank durirg the first year of its existence was a difficult one, owing to the state of the money market. The rate of discount stood very high in Russia and abroad, thus restricting the discount opera- tions of the Bank. Another adverse factor Avas the refusal of the State Bank to open a credit account for the Moscow Narodny Bank, even within the modest limits applied for. This acted as a deterrent on ihe Moscow Ni?rodny Bank in their discount business with private banks. On the other hand, the position as regards the floA\ of deposits and current accounts was very favourable. The Bank accepted ' Kopeck '" deposits (a kopeck is equivalent to an EngUsh farthing), and every depositor who had five roubles on the books was given a little money- saving box. This feature introduced by the Bank proved a great success, and was an encouragement to thrift. The Mode of Working. The mode of advancing the credit was dictated on the one hand by the position occupied by the Moscow 10 THE MOSCOW NARODNY BANK. Narodny Bank as a financial centre for the Co-operative Movement of the whole countr}-, and on the other b}^ the weakness of the 30ung institution. In order to serve efficiently the needs of the co-operative societies scattered over such an enormous area as Russia, the Moscow Narodny Bank was in need of a certain machinery enabling it to control its clients — the co-operative societies. The means of the Narodn}' Bank at that time were so limited that the creation of such machinery was out of the question. The Bank, therefore, in making its first steps, based its activities on the unions of co-operative societies and other centralised bodies, such as the Zemstvo Small Credit Banks, in so far as they were acting as co-operative centres. In those places where there were no unions or other centralised l)odies, the Bank was endeavouring to create such centralised organisations by uniting and co-ordinating the activities of the co-operative societies in a given locality, and concentrating them round organisations appointed as local representatives or correspondents of the Bank. The main task of these societies, actmg as representati\ es, wa« to uiiite the local co-operative societies, and to assist the Bank in attracting all the av^ailable local capital and to regulate the distribution of same in the given locality. Taking ad\ antage of their central position these societies, acting as representatives of the Bank, have directed their attention to the problem of raising capital locally and KU])plying it to the local societies which are in need of it, so that the money might remain in co-operative hands and not go to assist private enterprise. All the available funds of the various local co-operative societies are con- THE MOSCOW NARODNY BANK. 11 centrated in the hands of the representative society, which tlistributes them fairly among these societies. The balance, if any, after satisfying local needs, goes to the Moscow Narodn}' Bank, which passes it on to other localities in need of money. Thus capital is systema- tically diffused whenever necessary, the strain in one place being relieved by the superfluity in the other. The demand for credit varies according to locality. In the autumn, for instance, the call for currency amongst the peasants is very small, whereas autumn is just the time when the Siberian creameries are mostly in need of money. The Bank, through its representativ^e societies, is in sujh cases enabled to regularise the flow of capital in the proper direction . Some Statistics. The folio A\'ing figures give an indication of the progress made by the Bank : — On the 1st January, 1915, the monthly turnover was £850,000 ; on the 1st JanuiTy, 1916, it reached £2,800,000; and on the 1st September, 1916, £5,000,000. In the course of one year and a half the monthly turnover had thus increased six times. The amount of deposits with the Bank stood on the 1st January, 1915, at about £400,000 ; on the 1st January, 1916, at £1,000,000 ; and on the 1st September, 1916, it reached £2,200,000. It had thus increased six times during one ^nd a half years. The annual turnover in 1915 Avas £24,300,000 ; in the course of the first eight months of 1916 it increased to £49,000,000. Tlie main object of the Bank is to supply the Russian co-operative societies Avith credit within the limits of their needs in a convenient form and on easy terms. 12 THE MOSCOW NARODNY BAKK. Whilst transacting all kinds of banking business it does not deal in stocks and shares. The Credit Operations. Akeady m the iirst year of the existence of the Bank the demand for credit was enormous in spite of the high rate charged. The Bank had gained valuable experience, and elaborated a certain scheme of advancing credit. First (>f all the Bank declined to have active business relations with private people and firms, and the question of advancmg credit to them was excluded altogether. An excej^tion was made in the case of those acting as intermediaries for co-operative societies. Certain limita- tions ^\ere also placed upon advancing credit to co- operative societies. Thus, for instance, although credit accounts were opened for co-operative societies, such credit was not to exceed a certain proportion of the hold- ing of such co-operative society in the capital of the Bank. This was the only reasonable way of dealing with the problem, as otherwise the demand for credit A\"ould have exceeded many times the workmg capital of the Bank. It was also fair because it gave the Bank the possibility of serving the needs of all the co-operative societies which took part in the organisation of the Bank. The co-operative societies contributed a considerable portion of the deposit and current accduits opened with the Bank. This money came chief!}- from the societies nearest to Mt)scow. In the matter of credit the Bank naturally served the need Avhere it arose. This ^\•as not the same everywhere, and depended on various economic factors. Durbig the first year of operations the Bank i THE MOSCOW NARODNY BANK. 13 had to pay special attention to the South, which was in great need of credit. The di'stribution of tlie credit operations of the Bank among the various co-operative societies were more or less in the ratio of their holdings in the Bank. Thus almost half of the credit advanced by the Bank went to the South. The next largest creditor was Central Russia, then came the Caucasus, Siberia, &c. The fears expressed bj- various co-operative societies tliat the Bank would apply the money flo^^dng from given localities to relieve others to the detriment of the former proved false. The Bank tried to develop its activities evenly in all localities. During the first year the co- operative societies borrowed money in a proportion smaller than the limit to which they were entitled, but during the next year almost all the different regions had borrowed more. The Goods Department. The Bank could not possibly restrict its activities to the work of supplying the co-operative societies with capital. It had very soon to widen the sphere of its activities, and organise together with the co-operative societies the wholesale purchase of agricultural imple- ments, machinery, &c. In this respect it had to tread the same path trodden b}^ the co-operative credit societies, which were also obliged by the circumstances to go beyond their restricted limit of supplying credit and engage in the purchase of machinery, live stock, &c. It Avas a matter of urgent necessity for the Bank to organise the wholesale purchase of goods required by 14 THE MOSCOW narod>;y bank. the co-operative societies, and with this object in view the Bank applied for and obtained the permission of the Government to open a goods department, which has proved a great success. Through its numerous co operative connections, the Goods Department was able to study the position of the market and ascertain the exact requhements of the co-operative clientele, the exact tj^pes and makes of agricultural implements and machinery used in various parts of the coimtry, which the peasants have found by long experience to be the most suitable for their pur- pose, and a hundred and one other useful details. On the strength of this information, the department was in a position to enter into agreement with the best manufacturers for the delivery of the right kind of goods. In order to be self-sup])orting, the Goods Department made a small charge to the co-operative societies, ranging from 1 to IJ i)er cent, which covered expenses, and anj^ balance that was left went to augment the profits of the Bank, and was subsequently divided among the share- holders . The lirst year's operations of this department were small, and the turnover was not more than Rs. 527, 392, but the volume of business done was growing by leaps and bounds. In 1916, representatives of unions of co-operative societies were invited to take i)art in the management of the Goods Department, whicb thus began to play the role of an All-Uubsian Co-operative Purchasmg Centre. THE MOSCOW NABODNY BANK. 15 PUBCHASES FOR 1917. The Goods Department bought for the 1917 season the following goods : — Over 125,000 harvesting machines and ploughs, „ 18,000 tons of binder twine, 11,000 tons of snlphate of copper, 2,000 tons of flower of sulphur. Over 60 tons of insecticides, Ac, „ 300 tons of various seeds, „ 3,000 tons of fertilisers, and an enormous quantity of roof-iron and various other agricultural req^uisites. The Bank has entered uito an agreement ^ith the OrlofF Society of Zemstvos, and with the Kiev Society of South-Western Zemstvos, for the purpose of joint purchases, whereby better results and greater efficiency are achieved. Ten Unions of Credit Associations and two of the largest Agricultural Societies have come to a similar arrangement with the Btaik. Thus, the Bank in its wholesale purchasing is working in conjunction with strong organisations, the terms of price and purchase being the same for every party to the said arrangement. During 1915-1916, the Board of Agriculture became a ])arty to the same arrangement. in 1916 the Bank opened a branch in London for the purpose of organising and facilitating the sale of agri- cultural products abroad, and has entered into an agree- ment with the Union of Siberian Creamery Associations^ ^\'ith the Tar-Producing Artels of the Vaga district [Province of Archangel], and the Central Society of Flax Growers. 16 the moscow narodny bank. Sales on Commission. Apart from wholesale purchasing, the Goods Department of the Moscow Narodny Bank was also takmg goods from co-operative producers' societies for sale on commission in Russia and abroad. This branch of its business was, however, cut short by the war. Still, the department had succeeded in getting through to England about 100 wagon-loads of eggs from Pensa, and over 35,000 poods of flax from various co-operative societies in the flax regions. The attempt with the eggs was, from a commercial jjoint of view, a success, although the co-operative society in Russia, which is waging a fight against the local egg exporter, suffered a slight loss. The iiax transaction, however, in spite of the great difficulties owing to war conditions, proved a considerable success. In Russia the Goods Department was selling maize, hay, pigs, cattle, and tm-pcntine and resm, on behalf of the above-named Tar Artels in the Province of Aich- angel. However, immediately some independent organisation was started in an industry, as for instance, the Central Society of Flax Growers, the Goods Department passed on its experience and connections to that organisation, handing over to it the business it carried on in that particular l)ranch. The department only retained the duty of helping it financially. In order the better to serve the outlj'ing regions of Russia, the Bank has ()]H'ned branches at Rostov-on-Don, Novo-Nikolaevsk, and a number of agencies in other THE MOSCOW NARODNY BANK. 17 toAvns of Russia ; and lately a liranch has been opened at Petrograd. The London Agency. ! In 1916 the Bank opened offices in London at 83, Fins- bury Pavement, and in 1917 another agency was opened I in New York. The London Agenc}' works ui close contact with the Paissian Department of Agriculture, and during the first year of its existence it has been instrumental in pur- chasing large quantities of seeds, insecticides, and other requisites for Russian agriculturalists. In future the London agency will be in a position to assist in the export of Russian goods from co-operative sources for the use of English consumers. In connection ^\'ith the London Agency a new co- \ operative journal has been started, " The Russian Co- operator," published monthl}-, which deals with all aspects of co-operative life in Russia. The London agency works in close contact A\ith the British Co-operative Societies and Organisations. Long Term Credit Department. At the ordinary General Meeting of Shareholders of the Moscow Narodny Bank, held on the 23rd to 25tli April, 1017, it was decided in accordance with the report of the Vice-chairman of the Council of the Bank, A.N. Antziferov, to establish a special Long Term Credit Department. This decision was confirmed by the next meeting held on the 2nd June, which, as alreadj- mentioned above, has also sanctioned the proposal to increase the share capital 18 THE MOSCOW NARODNY BANK. of the Bank by 6,000.000 roubles. It was projected that out of the new capital 2,000,000 roubles should be assigned as the foundation capital of the Long Term Credit Depart- ment. The object of the New Department will be to finance industrial undertakings of Russian Co-operation. Up till noAv the latter had in the Moscow Narodny Bank a Central Institution for short term credit only, but the powerful growth of co-operative organisations which, in increased numbers, are creating their own industrial enterprises, urgently calls for facilities for long term credit. It is intended that the new department shall advance money for long terms to co-operative unions and in some cases also to individual co-operative societies ; the advances will be of two lands : («) Loans in cash for a term up to ten years either on the security of real estate or without such security ; {b) Loans for a term u]) to 36 years granted in the form of Bonds of the Bank ex- clusively on the security of real estate, these loans being intended chieily to assist the development of co-operative production. Thus the new department will be the first organisation having as its object the financing of co-opera- tive industr}' and at the same time also the first credit institution in Russia for the special financmg of industrial enterprises. The fimds of the new department consist of 2.000,000 roubles, which tlio dejiartnieiit will receive at the beginning of its operations as a foundation capital ; at each next issue of shares, one-fifth of the sum subscribed will be transferred to the funds of this new department. Besides, with the approval of the Council of the Bank, I THE MOSCOW NABODNY BANK. 19 the new department can have placed at its disposal not less than half the deposits received by the Bank for a term oi not less than two years. The regulations governing the activities of the new department are similar to the usual rules of Mortgage Banks, with such alterations and additions as are necessitated by the co-operative character of the Bank. The whole of the book-keeping of the new department \\-ill be conducted separately and independently from the general book-keeping of the Moscow Narodny Bank. In this way the short term operations of the latter ^\dll be totally separated from the long term ones. Thus the usual banking practice of maintaining the co -relation between assets and liabilities is carried out both in the institution of separate accounts and in the provision for the creation of a special reserve fund by the appropriation of not less than 35 per cent of the net profits of the Depart- ment, as special security for the redemption of the bonds. The Bank's Position and Prospects. The Bank now commands great respect, and has a high reputation beyond the limits of its Headquarters at Moscow. Its importance is recognised by the State Bank, which allows it substantial credit. The general meetings are imposing and influential ; about 500 representatives from all parts of Russia assemble with the object of strengthening and developing the idea of Co-operative Unity ; it is a binding Imk between the co-operative forces of Russia. Like a mighty river, taking its origin from a little brook in the mountains, the Bank, from small beginnings, has grown into a powerful institution, with 20 THE MOSCOW NABODNY BANK ramifications in Russia and abroad, and is an arm of increasing strength in the protection and furtherance of the co-operative interests over a mde area. In the important scheme of inter-trading between Great Britain and Russia, which is likely to be one of the striking features of co-oj)erative development after the war, the Moscow Narodny Bank is destined to plaj' a prominent part. It will form an indisjoensable agency for carrying out a far-reaching project which will serve to cement the spirit of brotherhood and amity between the co-operators in Great Britain and their colleagues in the vast territories of Russia, where the possibilities of a further extension of co-operation are unlimited. This bond of union will be a notable first step towards a more complete realisation of the ideals of those enthusiasts who are striving to see the benefits of Co-operation unrestricted b}^ barriers of race, colour, or creed. Jhe Moscow Union of Consumers' Societies, ESTABLISHED 1898. Number o{ affiliated Societies on the 1st January, 1917 — 3,167. Turnover : 1916 over £9.000.000. 191 7 (first half) over £6.600,000. Head Office: INSTRUMENTALNY PEREULOK, MOSCOW. branch Offices : PETROGRAD. ASTRAKHAN. TCHISTOPOL. ODESSA. SARATOV. RYBINSK. KIEV. NIJNI-NOVGOROD. VLADIVOSTOK. ROSTOV-ON-DON. SAMARA. SAMARKAND. Flour Mills at Saratov, Oil Seed Crushing Mills Two Confectionery Works- •• Soap Works Tobacco Factory Match Factory Fruit Drying Factory Vegetable Drying Factory Fish Curing Station Boots Factory Sorting and Weighing Works Chemical Works Joinery Rybinsk, and Evdakovo. at Evdakovo. at Moscow. at Moscow and Kursk. at Seslavmo. at Bronnitzy. at Samarkand. at Bronnitzy. at Astrakhan. at Zaraisk. at Moscow. at Moscow. at Moscow. London Office: 30, MINCING LANE, E.C. 3. ^'he Union of the Siberian Creamery cAssociafions. ESTABLISHED 1908. Head Office: KOURGAN, GOYERNMENT OF TOBOLSK. Chairman of (he Board : A. A. BALAKSHIN. T>epuly Chairmen : A. V. GRUZINSKY. | I. V. MAIOROV. ^^embers of the ^oard : P. V. ERSHOV. T. V. GAVARDOVSKY. I. K. TCHERKAZIANOV. A. P. MEDVEDEV. E. M. YARKOFF. - Rs. 500.000. Rs. 1,500,000. Share Capital of the Union .... Share Capital of the AfTiliated Societies • TURNOVER: 1914— Rs. 21,000,000. i 1915-Rs. 35,000,000 1916-Rs. 73,000,000. The Union is engaged in the sale of Agricuhural Products, such as Butter, Cheese, Eggs, Grain, Meat, Fat, &c. The Union comprises over 1 ,000 Creameries, which produce Butter and Chees • (similar to "Cheddar'), and possess about 1 ,000 Co-operative Stores. ^ranches in Siberia : Barnaui-. Kl'PINO. Tatarka. Busk. Nl>V(>-NlKOl.AIKVSK. TCHELIABINSK. ISHYJI. Nazvvaikha. Tchanv. Kaissk. O.MSK. Troitzk. Karoat. PkTROI'AVLOVSK. Ust-Kamenogorsk. Kamf.n. Kol-IIT/.OVKA. Ust-Tcharyshskata KoriuJAN. Skmii-alatinsk. Yai.oi'iouovsk. BUYING DEPARTMENT IN MOSCOW. London T^epresentalive : E. M. Yarkoff, 83, Finsbury Pavement, London, E.G. 2. cTIie Jlussian Qo-operafor, cA Journal of Co-operative l,lnify. Published by A. M. Balakshin and J. V. Bubnoff, at 83, Flnsbury Pavement, London, E.C. 2. Annual Subscription, 2/- post free. Subscriptions for America are received at the New York Branch of the Moscow Narodny Bank, 309, Broadway, New York, at $1 per annum. Jhe Co-operative JYtovemenf In Jlussia : Jts JCistory, Significance, and Character. By J. V. Bubnoff. Price 2/6 net. Obtainable at — " The Russian Co-operator," 83, Finsbury Pavement, London, E.C 2. The Co-operative Union, Holyoake House, Hanover St., Manchester. The Co-operative Wholesale Society, 1, Balloon Street, Manchester. The Scottish Wholesale Co-operative Socitty, 95, Morriston St., Glasgov/. The Irish Agricultural Wholesale Society, 151, Thomas Street, Dublin. Moscow Narodny Bank, 309, Broadway, New York (price SI. 25). fSWOOflTi, £vs7 "1 UNIVERSITY OF CALIFORNIA LIBRARY, BERKELEY THIS BOOK IS DUE ON THE LAST DATE STAMPED BELOW Books not returned on time are subject to a fine of 50c per volume after the third day overdue, increasing to $1.00 per volume after the sixth day. Books not in demand may be renewed if application is made before e.xpiration of loan period. >L. T m eiMft .1 ED OtC 6'66-2PI^ LOAN DEPT. CDS131M5S7 r)25sio /V/6S UNIVERSITY OF CALIFORNIA LIBRARY