At the first feast, given by the organizer of the association, each of the members attends provided with the sum agreed upon, let us suppose 10,000 cash, which is paid over to the headman, 60,000 cash in all, to be used by him, for a certain fixed period, say a year. The next year, the feast is given by the person who drew the second lot; the headman puts 10,000 cash into the treasury, and each of five other members the same sum, all of which is paid over to number three, who in like manner employs it for a year, when in the same way the fourth takes his turn. At the end of six years each of the seven members will have had a turn, each will have received 60,000 cash without interest, and each will have paid out 60,000 cash for which he has likewise received no interest. Each one will have been accommodated with the handling of a larger sum than he could have otherwise obtained, at the end each one has lost nothing in money, but has had six more or less excellent feasts, a matter from a Chinese point of view of some practical importance, however lightly it might be esteemed by a Westerner. It would seem that the simple form of coöperative borrowing here described, is by no means so common as some of the various societies in which interest is paid, and it is not perhaps surprising that this should be the case. The Chinese are so much in the habit of paying an extortionate sum for the use of the money of others, that it doubtless appears to the average borrower that if he has exacted a high interest, he has made a better bargain than if he had received no interest at all, although he must eventually pay out just as much interest as he receives, and is demonstrably no better off at the final payment than if he had borrowed and lent, disregarding interest altogether.