This enables the societies to lend at the popular rate of one penny for the use of one pound for a month.

The expenses of administration are very small.

As the credit of these associations develops, they will become a depository for the savings of the community, to the great advantage of both lender and borrower.

The latter generally makes an enormous profit out of these loans, which have accordingly gained the name of 'the lucky money,' and we find, in practice, that he always repays the association and almost invariably with punctuality.
The sketch I have given of the agricultural banks will, perhaps, be sufficient to show what an immense educational and economic benefit they are likely to confer when they are widely extended throughout Ireland, as I hope they will be in the near future.

Under this system, which, to quote the report of the Indian Famine Commission, 1901, 'separates the working bees from the drones,' the industrious men of the community who had no clear idea before of the meaning or functions of capital or credit, and who were generally unable to get capital into their industry except at exorbitant rates of interest and upon unsuitable terms, are now able to get, not always, indeed, all the money they want, but all the money they can well employ for the improvement of their industry.
There is no fear of rash investment of capital in enterprises believed to be, but not in reality productive--the committee take good care of that.