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B.C. LUMBER WORKER

3% PERCENT DIVIDEND
PAID ON 1-357 SHARES.

By G. D. Ferg, Local 1-357, TWA.

That real democracy can rule in a financial enterprise was
amply demonstrated at the annual meeting of the IWA, (New
Westminster) Credit Union held Saturday, Feb. 18.

It was a practical demonstration that it doesn’t take any
‘Ssuper-technique for ordinary working people to conduct the af-
fairs of a Credit Union in an efficient, orderly manner and return

benefits to its members.

While waiting for the members |
to arrive for the meeting, two/
movie films were enjoyed by those |
present. “The People’s Bank” de- |
picted the setting up and opera-|
tion of a Credit Union. “Consum- |
ers serve themselves” showed the |
advantages, especially in the re-
liability of quality of goods” in
dealing the Co-op way. |

Otto Eckman, President and
Chairman of the Board of Direc-
tors, chaired the meeting.

In the President’s report he
pointed with pride to an increase
of 190 members during the year, |
bringing present membership to |
652 and assets to a total of $108,-|
836,77. The report proposed that
“every member get a new mem-
ber in 1950” be the new slogan.

Bob Wallace reporting for the
Supervisory Committee said that
all records of the Credit Union
were properly kept and business
had been carried on in an efficient,
orderly, and highly satisfactory
manner,

The report of the Credit Com-
mittee was presented by Charlie
Spooner. He reported that 416
loans totalling $92,361.77 had
been made during the year. No
delinquent accounts were re-
ported. Thus showing that prac-
tically all funds had been kept in
constant circulation, a healthy
condition for any Credit Union.

Perey Harris, Treasurer, read
the financial report showing as-
sets of $108,836.17, educational
fund of $94.04 and reserve funds
$1,007.18. An income of $6,912.11
was reported with a surplus after
expenses of $3,984.02. Largest
item of expense was $1,388.61 for

|C.U.N.A. insurance.

It was decided that dividends
of 3% percent on shares and a
rebate on interest paid on loans
of 20 percent be declared. $1,-
087 was put into the reserye
fund and $50.00 was voted to
the educational fund.

_ Co-op Drive Planned

An extraordinary resolution
was adopted to amend the by-
laws to allow a quorum of 25
members for annual and memher-
ship meetings.

Three new directors, Stan Eng-
berg, Gus Rosen, and Bob Wal-
lace were elected and Jimmy Val-
lance, Charlie Spooner and Les
Smith were elected to the Super-
visory Committee.

Elected to the Credit Commit-
tee were D, Grant, G. Bourden, J.

Abrams, B, Harris and Vince
Yates,
Perey Harris and Bob Wallace

were elected delegates to the B.
€. Credit Union League conven-
tion,

Perey Harris was re-appointed
Treasurer, the job he has filled
so well. We believe he deserves
Special mention for the excellent
Work he has done for his Credit
Union.

Robt. Day, Secretary of the
New Westminster Credit Union
Chapter, addressed the meeting,

stressing the necessity of working

Tn Six

This Credit Union was born
Just about six years ago and little
did the charter members know to
what extent it would grow in
such a short time. It has grown
from practically nil in assets to
$100,000 Credit Union rated as
the best little Credit Union in
B,C, and is fast getting into the
big Credit Union class .

The following is the statisti-
eal report:

people uniting together in labor
unions, credit unions and co-op-
eratives, He stated that a draw
was being made each month from
names of all Credit Union mem-
bers in New Westminster. The
person whose name was drawn
would receive $5.00.

This would be doubled to $10.00
if the member had made a deposit
in the month his or her name was
drawn. It would be doubled fur-
ther to $20.00 if the member had
made a purchase through the A.-
B.C. buying club in that month.

Doug Ferg, chairman of the I-
WA (New Westminster) Co-op
Committee also addressed the
meeting, outlining plans which
are in the making for a big drive
for a Greater Westminster Con-
sumers’ Co-op. He said there was
great need for Co-op educational
work and that plans were being
laid for a Co-op: Institute or
week-end school to be held in
Westminster under the direction
of the B.C. Co-op Union.

Years

Loans made this year, $92,-
361.17; Loans made since in-
corporation, $285,690.40; Loans
in force December, 1949, $100,-
676.64; Shares paid this year,
$47,350.65; Shares paid since
incorporation, $148,365.11;
Membership, 652; New mem-
bers this year, 190; Members
since incorporation, 895; Mem-
bers participating in endow-
ment plan, 25.

the Berdenr

by Portland Pete

EXEUCULIVE BOARD of our
dear old ULU sure has been busy
UMS past uwo weeks. ‘Lney’ve
\irown out Tour Communist-aom-
imved unlons—iMine; wll; UUL W-
A, Hood, Lobacco ana Agnicult-
ural Workers and United rublic
workers, all of whose members
votal about 100,000,

Para

MAJORIVY of the men in
these unions will remain loyal to
tne CLU im new bodies to be or-
ganized where the expelled
groups have tailed.

WE'RE not sleeping down here
on PAG, you know, despite what
you may think. ‘he 1950 cam-
puign, with solid backing of the
CLO now that the saboteurs have
been removed, will be a beaut.

ee

NINETY thousand workers at
Chrysler in Detroit haye been out
on the picket line for five weeks.
tney’ve got the unstinted back-
ing of the CIO. All they want is
fair bargaining, a decent pension
plan, and implementation of the
President’s fact finding board,
which up to now, just doesn’t
mean a thing to the auto mag-
nates. But, 1 predict that they'll
learn, in short order.

WE WANT RID of that so-
and-so Taft Hartley Act. Repeal
will come yet. We’re fighting,
too, for the President to sack
Robert Denman as counsel for the
NLRB. Denham is an anti-labor
character of the highest — or
should it be the lowest—order.

esis

HALF A MILLION BUCKS is
what the CIO sent to the Mine-
workers to help them in their
strike.

se *

UEW, recently expelled from
the CIO, were routed in the big-
gest voting test yet with the I-
UE-CIO in Minneapolis. The vote
was 507 to 208 for the new CIO
union.

ee ®

NEARLY 250,000 Steel work-
ers are beginning to feel the
benefits of last fall’s victorious
steel strike. For 2% cents an
hour from the worker, and the
same from the employer, this is
how the score stacks up for the
man on the job:

Life insurance: An on-the-
job policy of from $2,000 to
$4,000 with a flat $1,250 policy
after retirement.

Accidents and sickness $26
a week for 26 weeks for acci-
dent or sickness not covered by
compensation.

Hospital services: Up to 70
days free hospital for each ill-
ness; not only for the worker,
but for wife and dependents.
The service includes: Bed,
board, operating, anaesthesia,
dressings, drugs, exams and
special tests,

Maternity: Women workers
and wives of workers get 10
days’ free care for themselves
and the babies,

Emergency service: Emerg-
ency out patient service in case
of acidental injury.

ANOTHER CIO
VICTORY

PORTLAND—Another victory
for CIO Woodworkers in the
South was reported this week by
IWA officers, with the signing of
an ment with the Hartwell

Handle Company at
Tennessee,
A 5-cent increase in wages and
the inclusion of paid holida;
_ were the main provisions of
contract. The

e

District Co-op Committee

, Promotion of co-operative enterprises within the B.C, Dis-
trict, IWA, will now be the responsibility of a District Co-oper-
ative Committee appointed at the Quarterly Meeting of the Dis-

trict Couneil, Mar. 4,

Elected to the committee were: John Busch, (1-217); Al
Busch, (1-217); Harry Bardsley, 1-217) ; George Collis, (1-423);
W. Johnson, (1-363); Z. Lilly, (1-424);'F. W. Hobson, (1-71);

E. Larsen, (1-357); H. Bruch, (1-423), and Ed Linder, 2-80).

Upon recommendations from interested Local Unions, fur-
Sher appointments may be made, stated District President Als-
ury.

I wish to announce the opening of my NEW DENTAL
OFFICE at 9 East Hastings Street, corner Carrall, hav-
ing resumed practice after an extended holiday. A
cordial invitation is extended to all old friends to come

on PSS Dr. R. Llewellyn Douglas

Queries Answered

On Credit Unions -

Decision of the District Con-
vention, IWA, to promote the
establishment of credit unions
in every Local Union of the I-
WA has resulted in mounting
interest, and numerous en-
quiries about the procedure to
be followed.

The queries most frequently
made will be answered in this
column with the co-operation of
the B.C. Credit Union League
and experienced officials of the
credit unions now operafing in
Local 1-357; IWA, and Local 1-
217, IWA.

Advantages

Q—What are the advantages
for IWA members in forming a
Credit Union among the Local
Union membership?

A—The IWA Credit Union will
enable the IWA members: (1) to
provide themselves with an at-
tractive medium for the invest-
ment of their savings; (2) to in-
crease their purchasing power by
enabling them to borrow for pro-
ductive or other beneficial pur-
poses at a reasonble cost; (3) to
train themselves in business
methods on a democratic basis.

By strengthening the financial
position of individual members
and teaching the value of practi-
cal co-operation, the credit union
in turn strengthens the solidar-
ity of the IWA Local Union. The
Stry Credit Union has become an
important financial agency for
the Street Railway Men of Van-
couver,

How Formed

Q—What are the steps which
should be taken to form an I-
WA Credit Union?

A—IWA members who as
members of their Union already
have a common bond, should in-
form themselves on Credit Union
principles and practices. In this
they may secure the assistance
of the Credit Union League, or
the Provincial Government In-
spector of Credit Unions.

They should determine whether
their members have a desire for
credit facilities, and whether they
desire to save,

They should ascertain if one of
their number is prepared to qual-
ify as a treasurer, with a know-
ledge of bookkeeping.

Ten or more, thay sign a Cer-
tificate of Organization and for-
ward same to the Inspector of
Credit Unions, Attorney-Gener-
al’s Department, Courthouse,
Vancouver, with a fee of $2.50.
A Credit Union will function well
within a group of 50 or more.

Membership

Q—How may an individual
become a member of a Credit
Union?

A—By making application, and
paying an entrance fee of from
25 to 50 cents, and by subscrib-
ing for at least one share. Ap-
plications for membership are ap-
proved by the Board of Directors.

Loans
Q—What must a member do
to borrow money?
A—Apply tothe Credit Com-
mittee; answer all necessary
questions, and sign a note. Loans

up to $100 may be granted ey

out security, if the Committee
satisfied with the purpose for
which the loan is granted and the
character of the borrower. In the
case of larger loans, endorsers
or collateral may be required.

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