"4. And they not only combine in agricultural production and distribution, but are also making a promising beginning in grappling with the problem of agricultural finance. It is in the last portion of the Irish programme that by far the most interesting study of the co-operative system can be made, on account of its success in the poorest parts of the Island. Furthermore, the attempt to enable the most embarrassed section of the Irish peasantry to procure working capital illustrates some features of agricultural co-operation which will have suggestive value for American farmers. "A body of very poor persons, individually--in the commercial sense of the term--insolvent, manage to create a new basis of security which has been somewhat grandiloquently and yet truthfully called 'the capitalization of their honesty and industry.' The way in which this is done is remarkably ingenious. The credit society is organized in the usual democratic way explained above, but its constitution is peculiar in one respect. The members have to become jointly and severally responsible for the debts of the association, which borrows on this unlimited liability from the ordinary commercial bank, or, in some cases, from Government sources. After the initial stage, when the institution becomes firmly established, it attracts local deposits, and thus the savings of the community, which are too often hoarded, are set free to fructify in the community. The procedure by which the money borrowed is lent to the members of the association is the essential feature of the scheme. The member requiring the loan must state what he is going to do with the money. He must satisfy the committee of the association, who know the man and his business, that the proposed investment is one which will enable him to repay both principal and interest. He must enter into a bond with two sureties for the repayment of the loan, and needless to say the characters of both the borrower and his sureties are very carefully considered. The period for which the loan is granted is arranged to meet the needs of the case, as determined by the committee after a full discussion with the borrower. Once the loan has been made, it becomes the concern of every member of the association to see that it is applied to the 'approved purpose'--as it is technically called. What is more important is that all the borrower's fellow-members become interested in his business and anxious for its success.