mis cathe

B.C. LUMBER WORKER

REDIT

strated that the Credit Unions
| strengthened the Union.

in every IWA Local Union.

To show how simple and easy
it is to launch a Credit Union,
given a little intelligent organiza-
tion, we will continue with the
answers to questions which reach
us from interested [WA members.
What will it cost an IWA
_ member to join a Credit Union?
To become a member of a
Credit Union one should be a
member of the vroup served, in
this case a member of an IWA
Credit Union, open to all mem-
bers of the IWA Local.
Hach member is usually re-
ired to pay a small entrance
ee, usually 25 cents and not
more than $1.00, and to subscribe
to at least one share at a cost of
$5.00. This share may be paid
for in instalments at the rate of
25 cents a week. There are no
restrictions on ~the number of
shares an individual may pur-
chase, but each member has only
- one vote. It is optional, whether
shares are paid for in cash or
in instalments,
What does membership in an
IWA Credit Union entitle a
member to?
1, Permission to use the Credit
Union as a depository for sav-
ings.
2. The right to vote and hold
office.
8. The
for loans,

4, ‘The right to any other serv-
ice zien adopted by the members
of the Credit Union, such as low-
cost insurance, or health plan.

How may withdrawals be
made?

By signing a withdrawal slip
and presenting it during the
hours decided upon for the trans-
action of business. i

What rate of dividend is
paid? b

The rate of dividend is deter-
mined by the earnings of the
Credit Union.

Who passes on loans?

The Credit Committee elected
by the members of the Credit
Union.

How does one qualify for a
Joan?

privilege of applying

From page 5

WHITTLE

A pressing domestic demand
for lumber products exists in the

national housing shortage.
Planned adjustment to this de-
mand will realize much greater
bilities in the domestic mar-
st, as has already been shown
by the B.C. Coast Woods Trade

sion Bureau,

The world demand for lumber
has not been saturated. All re-
rts indicate a heayy demand
for Canadian Iumber in the Am-
ericean market for 1950-51, as
id has outstripped inven-

_ tories at the present time.
Again, the volume of purchas-
ing power, maintained by wages
is a vital factor in our trade re-
lations. We must be able to buy
“3 apes of ee camyaleny
@ goods we hope to ex-

The most of this buyi

by the workers dependent
wages, -
‘To the extent that the lumber
tors maintain decent wage
to that extent they pro-
trade which opens better

prospects for B.C. lum-

E CO-OPERATIVE VIEW

UNION

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

The axiom, “experience is the best teacher” holds good with
regard to Credit Unions in the IWA. Experience has demon-

already formed have bettered

the financial circumstances of the members, and in turn

No better advice has been given on the question than ten-
dered by the IWA District Convention—organize a Credit Union

The qualifications are:

1, The loan must promise to
benefit the borrower.

2. The moral character of the
borrower,

8. The borrower’s ability to re-
pay.

In what amounts will loans
be granted?

This depends on the borrower's
ability to repay, and the amount
of money on hand for loans. At
the start, preference is usually
given to small loans.

Would interest be charged on
loans to members of an IWA
Credit Union, and if so, at
what rate?

Annual Meeting, Sat. Mar. 25

The Annual Meeting of
Local 1-217, IWA Sayings
Credit Union will be held
in the Veterans’ Commun-
ity Hall, 47th and Fraser,
Mar, 25, Saturday, 8:00
p.m,

H. Bardsley,
Secretary.

The customary rate of interest
is 1 percent per month on un-
paid balances. The table below
explains more fully the method
of repaying in 10 months a loan|
of $100, at the rate of 1 percent!
per month on the unpaid balance. '

Princi- Inter-
Month pal est —‘Total
Ast ... $10.00 $1.00 $11.00
2nd 10.00 90 10.90
8rd 10.00 80 10.80
4th 10.00 © .70 © 10.70
bth 10.00 60 10.60
6th 10.00 ‘50 10.50
ith 10.00 140 10.40
8th 10.00 80 10.80
9th .. 10.00 20 1020
10th -. 10.00 10 10.10

$100.00 $5.50 $105.50

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