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.c. C~EVIT U ~I()~ IST 11

i JUNE. 1951 PUBLISHED IN VANCOUVER, B. C. ~., VOL X, No. 6

Convention - Vancouver, B. C June 20 - 23, 1951

OFFICIAL PUBLICATION

of the

B.C. CREDIT UNION LEAGUE Affiliated with C.U.N.A.

Ten Cents Per Copy - $1.00 Per Year

>,...n u.,,

II • • • •

to the

Credit Union Services

2

• On the opening of their new quarters at 68 East Broadway for the convenience of their Credit Union members. A further convenience and accommodation for the membership is the fact that applications for Fire and Au~omobile Insurance can be received at the new Credit Union Services offices on behalf of CHRISTIE AGENCIES LIMITED.

• REMEMBER THE 10% SAVING ON AUTOMOBILE

INSUR~~CE to ~hich you are entitled if you have been dr1v1ng an insured vehicle for the previous 12 months without a loss.

• Christie Agencies Limited

General Insurance Managers 611 - 525 Seymour Street

VICTORIA FRANK G. GREENWAY Room 7 - 605 Courtney St.

Office E 7722 - Night B 1659

Phone Vancouver, B.C.

MArine 2188 NEW WESTMINSTER

R. M. DEY Room 1, B.C.E. Bldg.

N.W. 4531

CREDIT UNIONIST - JUNE, 1951

EDITORIAL

Because I have been given much, I, too, shall give

Because of thy great Bounty, LMd, Each day I live I shall divide my gifts from Thee With every brother that I see Who has the need of help from me.

Because I have been sheltered, fed By T by good care I cannot see another's lack And I not share My glowing Fire, my loaf of Bread, My roof's safe shelter overhead That he, too, may be comforted.

The above lines were read at the opening of the Credit U nion National Association Convention. The reader was Joe DeRamus, a man of deep understanding, rich in human sympathy, a poet in his own right and as you would expect, a leader in the credit u nion movement. The spoken word added much to these simple and beautiful lines and the sentime~ts expressed, typifying as they do the idealism of our movement hovered like a benefice over the deliberations of the delegates gathered from all parts of the North American continent to chart the future course of Credit Unionism.

8. C. C1-et/it 1,/1ticniJ t

Official Organ

of the

B.C. CREDIT

UN ION

LEAGUE, INC.

League Office:

96 E. BROADWAY

VANCOUVER, B.C.

Phone FA. 2427

THRIFT

LEAGUE OFFICERS

President .................... Jim Wallace 1st Vice-President .......... F. Filgiono 2nd Vice-President .... F. Humphrey Secretory ................ Mrs. V. Rodger Suppl ies ........................ A. W. Copp

ED ITOR IAL BOARD

R. A. Monrufe t, Jim Gaunt, Jim Wallace, Mory Maharg, Alice

McMynn, J eon Archibold and Geo. Rasmussen.

league Managing Directar .................................................. R. A. Monrufet league Educational Director ................................................ Jeon Archibo ld Advertising Agents .................................................. Prov inciol Pub lications

4 - 2230 Granville St., Vancouver, B.C. r 1 • PHONES:

I FAirmont 2427- B.C. Cred it Union League and Supplies Dept. B.C. Cred it Unionist. FAirmont 231 1-B.C. Central Credit Unio n, R. Rob inson. FAirmont 7275- C. U. & C. Health Services Society. CHerry 1832- Advertising. (Authorized as Second Closs Moil by the Post Office Dept., Ottawa)


Because love has been lavished so Upon me Lord, A wealth I know that was not meant, For me to hoard I shall give love to those in need The cold and hungry clothe and feed; Thus shall I show my thanks indeed.

- Grace Noll Crowell.

Our own convention will be held this month. Delegates, leaders of the credit union movement in British Columbia will gather to discuss the progress made in the past year and plan for the coming year. All those attending will be ardent Credit Unionists, and being ardent Credit Unionists they will be idealists, for the roots of the movement are deeply embedded in the p hilosophy of the Brotherhood of M an. Any conclusions arrived at, any decisions made will be motivated by the spirit of Service, by the belief that credit unions lead to a better way of life.

Let our convention, then, be held in the spirit and sentiment expressed in the above verse. Let it be our dedication to our less fortunate brothers- let it be the motivating force in all our actions, not only at the convention, but in all our future credit union activities. Let us always be able to say and really mean: "Because I have been given much, I, too, shall

give."

J , W. WALLACE

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Women} Point of View

In these days. when most of us are just keeping one jump ahead of the wellknown High Cost of Living, even a minor sickness is a major calamity, and can work havoc with the most carefully planned budget. That's why Credit Union and Co-op members are fortunate in being able to avail themselves of the protection provided by their own healrh plan.

The C.U.&C. was founded on October 3, 1946, and has built up to a present membership of over four thousand, giving a total coverage to over twelve thousand people. During the past year seven thousand claims were paid, totalling $103,000.00. The C.U.&C. is a medical and surgical service designed for Credit Union and Co-op members-a non-profit organization absolutely controlled by them. They control the amount of dues, the benefits and the operating expenses. They elect delegates to the annual meeting, held in conjunction with the B.C. Credit Union League and the B.C. Central Credit Union, to make plans for rhe coming year. Every quarter the C.U.&C. reports to the joint board on the activities during the past three months. A medical director is employed to make sure that all doctors' accounts are rendered in the correct manner, and that all charges are reasonable.

The staff of four girls in the C.U.&.C. offices work together happily and harmoniously under the direction of the manager, T. H. Wiltshire--which says much for Mr. Wiltshire's tact and diplomacy! They all enjoy the work and think Mr. Wiltshire is a wonderful boss.

Anne Lee is in charge of the office and looks after all the claims. Anne is English, wirh the lovely English complexion, prematurely silvered hair and gray eyes. Her soft, well-modulated voice still bears a trace of her Yorkshire origin. She came to B.C. two years ago to visit relatives and liked it so well she stayed, but she plans to go home someday "for a visit, anyway." She has won prizes at the Exhibition for her embroidery and leather work, and has done some really lovely embroidered and appliqued pictures, and interesting hammered copper work.

Anne is very much interested in her work at the C.U.&C." The C.U.&C. and the Credit Union League work together very well for the benefit of rhe members, and more and more members of the Credit Unions and Co-ops are taking advantage of the benefits provided by their own health services. There is

4

BY MARY MAHARG

a great need for medical insurance today, as the high cost of illness works great hardship on the average working person. I have studied other health insurance plans and am convinced that the C.U.&C. is way ahead of most of the others, giving more benefits at lower rates."

Ruth Bolin, C.U.&.C. receptionists, will be Mrs. Jim Gauld by the time this appears in print. She is being married on June lst in the chapel at St. Andrew's-Wesley Church. She is wearing a white lace dress and veil, and, with her brown hair, grey eyes and dimples, she will be a very attractive bride! After a honeymoon in the Cariboo, Mr. and Mrs. Gauld are settling down to domesticity in a house they have bought near Knight Road and Kingsway, and Ruth is looking forward to combining homemaking and a career-with the help of a new Mixmaster, frig., etc.

She says she likes her job too well to give it up.

"I feel that here at the C.U.&C. we are rendering a real service to Credit Union and Co-op members," said Ruth. "No family can afford to be without adequate medical protection. The C.U.&C. provides that protection for members and their families at the lowest possible rates."

Anne Alekson and Audrey Bonnett are both eighteen and both live on

Lulu Island. They were school churns and both started to work for the C.U.&C. about a year ago, Anne as stenographer and Audrey as ledger keeper. They are both vivacious and fuU of fun, like clothes, · hiking, dancing bowling, skiing, swimming-and bo~ friends. Anne admits to being a bit fickle, but has a new boy friend who is "very interesting." Audrey has just had one boy friend for the past ten months, which is really going steady at eighteen! She likes to play the piano but " just for fun-not seriously." '

In appearance, they are a direct con. trast, although they are both very, very pretty. Anne is tall, with fair, curly hair and gray eyes. Audrey is petite, with very dark hair and eyes. The girls are good workers and enthusiastic about their jobs at the C.U.&C.

"I've learned a lot about the Credit Union movement in the last year," said Anne "And I think it's wonderful to be part of such a movement. The C.U.&.C. Health Services are a real asset to the credit unions and co-ops, providing a very necessary service to the members."

"And the members themselves own, control and operate the C.U.&C.," said Audrey. "That's really co-operation."

Anne and Audrey aren't much in· terested in cooking so far, but they do get together occasionally and bake a batch of cookies.

Audrey Bonnet, Member, R. A. Monrufet, T. H. Wiltshire, Anne Lee and Ruth Gauld


Women's Point of View (Continued)

RUTH GAULD

SUGAR COOKIES

2\-2 cups flour 3 taespoons baking powder Y-i teaspoon salt l cup sugar \,2 cup shortening 2 eggs l tablespoone milk l teaspoon vanilla or lemon flavoring Cream sugar and shortening. Add

beaten eggs, milk and flavoring. Add flour, which has been sifted with baking powder and salt. Mix well. Roll a little at a time on a highly floured board; cur in shapes; sprinkle with sugar. Bake in a moderate oven 10 to 15 minutes.

Anne Lee has some favorite English recipes, one of which is a delicious jellied trifle. Anne's English Trifle

Dissolve a jelly powder, using 1 cup hot water and 1 cup fruit 1u1ce from a can of fruit coctail. Line a glass dish with thin slices of sponge cake and pour half the jelly on rhe cake. Add the fruit cocktail and the remainder of the jelly, and chill until set. Serve with whipped cream or cus· tard sauce.

Ruth is going to take full advantage of her new frig. Jellied salads can be prepared the night before and are de· licious for hot-wearher meals.

TUNA TOMATO ASPIC 2 cups tomato juice l envelope ( L tbsp) unflavored gelatin ~ cup cold water l tsp. Worcestershire sauce ~ tsp. salt 2 tsp. lemon juice l 7-oz. can (1 cup) tuna

% cup diced cedery Lettuce Mayonnaise dressing Heat tomato juice. Soften gelatin

in cold water; dissolve in tomato juice. Add Worcestershire sauce, salt and lemon juice; chill until syrupy. Flake tuna; add with celery. Pour into indi· vidual molds which have been rinsed in cold w ater; chill until firm. Unmold on lettuce; serve with mayonnaise.


VANCOUVER & DISTRICT DANISH CREDIT UNION

The Board of Directors at their meeting on April 24th decided to take the necessary steps to operate our own Chequeing system. It means an initial cash outlay of one hundred dollars, plus a charge of two cents per cheque charged by the clearing house. A decision was also made to charge member s six cents for each cheque w ritten. That means in order to break even on this new venture, members must avail themselves of this service to the extent of writing twenty-five hundred cheques during the year. Now that ought to be an easy matter, surely there are one hundred members in the Danish Credit Union who need to write an average of twenty-five cheques per year. Yet it only boils down to that, so this is an appeal to our fellow members to back up rhe decision of the Directors, and use your Credit Union for your cheque issuing purposes. Better still if there is a better response from the membership than has been suggested above, the C.U. will either acquire an aditional revenue or else the service could be made cheaper.

There is another angle to this. When there are many people using the Credit Union for transacting their business, there is always considerable money in deposit accounts, which of course means that your C.U. has more money in cir culation. Moreover, the Credit Union pays 1Y2% inter est on money in deposit accounts.

The entertainment committee is on its toes as usual under the able leader· ship of Loui Mathiesn. The Danish C.U. Dances at Hastings auditorium are getting better all the time. The last one before the holidays was June 1st. Watch for announcements in the fall when the new season program com· mences.

Once again this Credit Union is get· ting prepared for the Annual Conven· tion of Credit U nionists. Here is wishing the out-of-town delegates an enjoyable visit to Canada's third largest city, and let's hope that through the exchanging of views at the convention the credit union movement in British Columbia will embark on another year w ith renewed vigor and determination to forge ahead to greated expansion and success.

MAGNUS ELIASON, Education Committee.

FIR SAWDUST on Budget Terms from

MAR POLE W·OODYARD

KE. 6166 9252 Hudson

Johnny CO· OP recommends

You as a consumer have helped pay for every business in this community but you do not own them. The consumers who have paid for a Cooperative do own it. Consumers' Cooperation combines personal ownership and mutual advantage. Anyone t'.!ay join. All share the benefits.

• B.C. CO-OPERATIVE

WHOLESALE SOCIETY

1164 Homer Street Vancouver, B.C.

1

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B C

NATIONAL NEOPHYTE

"If i t doesn't tear the heart out of you, when Joe De Ramus reads poetry at the opening ceremony, I'll--' this was Jack Burns remark to me before the opening of the National Meeting in Minneapolis on May 12th. W hatever Jack's threats would have been, they were unnecessary, as I have never seen a more impressive ceremony than the beautiful opening session.

When the American and Canadian flags were borne around the room, spotlighted as the two national anthems were played, I realized the true unity of the credit union movement more vividly than ever before. Nut as Americans, not as Canadians, but as a union of both do we get our strength. "Because I have given much I, too, shall give" which Mr. De Ramus read seemed far removed from our worldly strifeyes Jack was right-it did tear the heart.

As the music died away our business began. For two and a half days details o f credit union operation on a national scale occupied our agenda. T he problems were to a large extent those of state and federally operated credit unions but there were many which affected our 'canadian credit unions as well.

The meetings of th0

e joint boards of Cuna Mutual, Cuna Supply, and i:he N ational had taken p lace earlier in the week. At these we sat in as interested spectators, interpolating questions and remarks through the courtesy of the chairmen.

In an effort to standardize forms for all Canadian provinces the Leagues will be approached shortly. With standard forms the cost of production could be reduced through larger quantities, reducing the overall cost to credit unions.

It was interesting to find the reason why w e are able to purchase Credit for the Millions and the Poor Man's Prayer at the same price as the American edition is the fact that St. Francis Xavier University has put them on their curricula. Truly a genuine gauge of their value to us all.

Mr. Doig r emarked that Cuna was paying 1100 claims a month, or that one claim was p rocessed every six minutes o f the working day. Our rate is the lowest rate on life insurance in North America, but we still pay dividends! Our coverage _was more than 621,000,000 at the end of Februar y, with a ten million increase in life savings, four million in loan protection over the month before. Cuna makes

6

its motto "The Debt Dies with the Debtor," and w hat a service this is to us all.

We held a special session before the N ational meeting star ted. You see the bylaws call for 125 national directors, with a limit of five from any one league. This year for the first time the total was passed.

The number was increased to 200, although there was argument about it. One delegate thought that if we kept increasing the board we might get 500 in time. This w as not really a valid argument- with a limit of five for each state or province it couldn't increase past three hundred. We covered a lot of territory at the meeting. Jamaica and Hawaii each had representatives present, besides each state and province. Alaska was not represented this time. Canadian Caucus

In an all too brief meeting the Canadian group discussed the problems which are solely our own. The briefness of the time at our disposal sharpened the desire to hold a Canadian conference in the fa ll. Here again we wer e up against that ol' debbil fioanceshould leagues be assessed on a per 'capita basis, a.nd pool the expenses of the delegates attending the meeting? The executive committee was left to draft the procedure, arrange a meeting fo: November with at least one National D irector from each League attending, and the Managing Directors if possible-place Manitoba or western Ontario.

Honors John Hallinan, the able Managing

D irector of the Ontario League was chosen President by the National Association of Managing Directors at their meeting. George Scott, Past President o f the O ntario League, our nominee for Cuna Supply Board was appointed Treasurer. B.C. received the plaque for most credit unions organized in its population group.

The Lighter Side From the time we arrived in M in

neapolis we were bombarded with suggestions "Come to Omaha next." We got lapel pins, matches, notices on our doors "Quiet, getting r eady for Omaha." But on Saturday afternoon all this preliminary campaigning came to a head. We found booklets from Baltimore at our seats. T here was a flourish of music, and Omaha made its bid for t he 1957 convention. Omaha promised good accommodation, and steaks two inches thick, t h.is was the point that stayed

JEAN ARCHIBALD

with me from their sales talk. Carne another flourish of m usic, Baltimore had t he floor. Preceded by a band, two slick chicks in colonial costumes went around the tables, distributing welcome literature, each pamphlet accompanied by the promise, "See you in Baltimore." We were promised then food fit for the go~s, cruises on the Po~omac accomp. amed by more lush dishes, trips 10 Washington, everything which could make our trip really a holiday. When the bid was completeq, one delegate stood up. "I've heard Omaha's bid, I've heard Baltimore's. I've been here a week. What have I seen of Minneapolis-I've been at meetings all the t ime. I move we go to Omaha, where they have the two inch steaks." Omaha it was.

California delegates, all identicalli rigged in red shirts and those crazv Mexican hats-Ohio in blue foocbail shirts, Texas as an integral group at the banquet made the B.C. delegates de· termined that next year B.C. wears totem poles, or fishermen's hats, or someth ing distinctive! Our evergreen p layground deserves some advertising.

Swiftly paced the meetings flowed along. Cuna Mutual held a banquet T hursday n ight for the delegates. Saturday night Minnesota, as our hosts held a smorgashbord supper followed by entertainment and presentations to Tom Doig and Cliff Skorstad.

By Sunday morning m any of the delegates had left-the last session was subdued. We were exhausted physically and mentally by the amount we bad done in such a short spell. The hushed ceremony of removing the flags, the nostalgic song of farewell died in a fading note. We knew that many of us would never m eet again- that death would r emove some-that pressure of events would prevent others from com· iog again.

Yet beneath and stronger th.an the feeling o f sadness engendered by tbe farewell was the strengthening conviction t hat here, in the credit union movement we have something stronger than the mere physical desires and accomplishments of people-a something universal and good- true in its belief that we can help ourselves, and in belp· ing ourselves help others.

I left humbled by the work bein~ done by so many, cheerfully, votuo· rarily, without thought of personal gain. 1 went into Minneapolis secure in tbe thought that in B.C. we were doing just about everything that could be done.

I left Minneapolis, feeling a roightl'


r ,u ,.dpok in • big pool-b<ough< ' sm mY proper perspective. I found that

Oco tario is organizing at a rapid rate

n h . d now has t ree ·umes as many '"edit unions, more than three times the ~~es schedule and does twice the work

1 r its members. I found that many :.nerican Leagues are able to give heir members field men who visit

1heJD all the time-In only one respect ~id I come out unbowed. We've still got the biggest member publication in ~forth America. Let's hang onto that, and try to keep it the best!

* * * Akkording To

Archie Dere Boss.

June 1951 is upon us and with it is ower annewal Kradit Onion Convulsion. This yere the convulsion will be helled in the sitty of Vancoover and the delicates will dissend upon us from orl parts of ower Province. Menny chings of vury grate importince will be discusted at the convulsion but thare is won thing I wont yew to bring up in pertickuliar. That is the problim of ware my money gose.

THE FLOATING DOLLER

I rearlize that internatiooul fineaoce is owtside the spear of influenze of Kradit O nions, but the sitewation has bekum so g rimm that sumthing must be duo abowt it befour my pay check dissapeers all togethur. A yere or so ago the guvverment announced that che dollelr wood be aloud to float arownd for a w ile and gradewally it wood fined its own levvel. Well aftur floting arowod four severeal munths ic is fined y settling to sutch a level chat it looks as thow it is going to dissepeer down the drane. I am a moast tollerent fellow to deel with but this bizness of paying ninety scents for ten scents wurth of stewing beaf is beginning to show in the furrows Witch arr lining my usual cairfree faice.

DEADBEATS ANONYMOUS

Anuther p r ogressive moove witch cood come owt of the Convulsion this Yere wood be the formation of an orginization for the protektion of deliokwent borrowurs. All kineds of groops hav bean formed in the passed for the perpose of collekting Jones, inStuing collatteral, lokating memburs

•i:voo have left for parts unknone, and owntless uther aspecks of the delink

wem borrower sitewation. It seams to me howevur that in as mutch as this is a Domokratik institewtion, the delinkwent memburs shood hav thare own Protektive assossiation. I know sum of the problums thees m emburs fa ice. Be-


leev me it isnt any fun to have nasty lettur s arriving in evr y male, o r to arrive hoam tiered and weery aftur a days wurk to sea a groop o f men bizzy mooving the ferniture owt of yore home sweat home. I propose that we lornch anuther orginization to be nown as Deadbeats Anonymous, and untill we gathur enuff memburs for a reguliar constitewtion and annewal meating I nominate myself as Dishonorary Pressydent.

A THING TO BE SNEERED AT One thing to w atch owt four at this

yeers Convulsion is the tipe of fellow woo likes to waist the time of the meating diskussing weather my favorite orthur shood be kicked off the staff of the maggerzeen. As yew arr await my favorite orthur is none uther than gud oled me. Evvry yere sumbody gets up and says that he hasnt got the fanetest idea whot I am tolking abowt. Usually this peece of inflammation is givven w ith a distinkt note of pride as thow it were a wunderful Akkomplishement to not know whot I am tolkiog abowt. This kined of thing shud be sneered at and the peeple woo engage in this sort of thing shud be stoned owt of t he meating horl. I intend to cum prepaired to answer my seveer criticks with a handful! of bowlders and if the wurst cums to t he wurst I w ill w ip owt my t rusty oled sling shot. That is abowt forty for this munth boss, see yew at the Convulsion.

Yore braiv yung ripportur,

ARCHIE.

Office Legal

Supplies Forms and Seals

Graham's Stationery 145 East Broadway

School Supplies - Magaz ines Pocket Books - Smoke r's

Sundries

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NAME .................... .... ...................... ..

ADDRESS .............................. ..

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VANCOUVER, NEW WESTMINSTER, SURREY, LANGLEY, LADNER, M ISS ION

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RE I I I I I I

League Hi -Lights . . . By Geurge Ramiussen

Visitors at the joint quarterly board meeting held Saturday, June 2 at the Senator GriU were Gordon Smith and Jack Burns, Manager and Assistant Manager of Cuna Canadian office.

C.U. and C. Health Services Reporting for the health services, Tom

Wiltshire said the year had been a good one from the standpoint of finances. However, with impending in· crease in doctors' rates it was necessary to increase members' rates. Claims paid during the year numbered 7232, the average claim being $12.70. Re· serves had been increased to $14,500.00. Pledges will be releasd because of the improved cash position.

B.C. Central Rip Robinson reporting for Central

advised that the cost of bank loans had increased by one-half of one percent. Whether this increase would affect the members could not at present be stated.

There has been no report yet from the chartered banks on secondary chequing and until such time as this matter was settled applications are being held.

Central assets for the year show an increase of $300,000.00.

C.U. and C. Insurance G. W. Ramsell reports all money has

been returned to credit unions on their applications for shares. Credit Unions are being asked to assist with the expenses of incorporation to the amount of five cents per member. The Bill will still be held by the League for future possible promotion.

Chapters According to Walter Bleasdale the

Southern Interior chapter has had a very successful year. It is hoped Westbank and Okanagao Falls Credit Unions will soon be affiliated with the Chapter.

Frank Hyslop, reporting for Victoria Chapter mentioned that radio programs had taken a prominent part in their work. The chapter had also assisted in forming Duncan and District credit union.

Inspector of Credit Unions In his usual good form Tom Switzer

spoke of the work done by his department in forming new credit unions.

In replying, Managing Director Dick Moorufet pointed out that during his recent visit to Madison headquarters he had not lost an opportunity to tell other delegates to the convention of the splendid cooperation we in British Columbia received from the Inspector of Credit Unions.

Radio Report Three more radio programs will be

given prior to convention, June 6thGeorge Ramussen, June 13th-Mary Maharg on the Women's point of view, and June 20th-a convention script will be given by Walter Bleasdale of Summerlaod.

Exhibition Recommendations of the joint board

meeting to participate in the Co-ops booth at the Pacific National Exhibition again this year was approved. The booth this year will be in the Pure Food Building.

Incorporations New incorporations include Sunny

side and District, Kelly Douglas-Nabob Employees, and Celco Credit U nion.

Educational Fresh from a month long busmans'

holiday Jean Archibald told of visiting Cuna headquarters at Madison. Jean also visited the New York Municipal Credit Union and on her return spent some time at Alberta League Headquarters.

In summing up progress Jean pointed out that to a great extent Credit Unions themselves had done the main work. The need for training members to take over directors' duties was great. Where it was not possible for Credit Unions to join chapters because of isolated districts, two policy holders or more could hold an area meeting provided details of date and place were arranged with Cuna.

Directors Meeting Following the joint meeting June 2

league directors held their meeting i~ the board room at league headquarter Jim Wallace called the . meeting t~ order at 7:30 p.m. Arrangements fo the convention were discussed and : further mee~ng will be held prior to the annual meeting.

Real Estate Loans Frank Hyslop of Victoria points out

that in reporting loans some credit unions class as real estate those amounts for home improvements. He pointed out that real estate loans are only those covered by a real estate mortgage and that the correct interest rate and classification would be in the interest of the credit unions involved.

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OIL BURNERS CONVERSIONS

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CAPITAL STRUCTURE OF CO-OPS

By W. RAY FERRY (Editor's Note: This is the third of four articles which 1we appearing in these pages concerning the financial aspects

of co-operatives. Originally presented as papers to the Seventh Annual Conference of the B.C. Co-operative Union last F.:bruary, the articles (abridged) a1·e temporarily replacing Alice McMynn's feature column, "Along the Co-op Highway.")

Io the first half of 1950 there were holders know that the organization terms, and by the bank if it can be over 700 business failures in Canada, owes them only what is left after all sold quickly enough to fulfill their almost four a day. In addition to the debts are paid. · requirements. figures quoted, there are many failures It is important, then, that we select One factor which is often overlooked, that are not recorded, not having gone the financing method most suited to however, is the basic inventory without out of business. I refer to those organ- our needs. Whether we're investing in which you must go out of business. As izations that just stagger along from accounts receivable, inventories, securi- it must always be replaced, it can in crisis to crisis. ties, land, buildings, equipment, or theory never be turned into cash, and

There are two types of business fail- go,odwill-we must obtain money from extremely conservative policy might de-uce: first, the failure which results those sources which will not demand mand that it must be covered by capital when a business enterprise does not repayment before our investment is provided by those whose claims are realize a satisfactory return on its in- realized. least pressing:- the shareholders. vestment. In a co-operative organiza- ASSETS FIXED ASSETS rion, when the investments which mem- Although the capital structure of ·an While the pride of possesioo is very bers have made do not maintain their organization appears on the right-hand strong, it can in no way justify the book value, the business is a failure of side of the balance shee, let us first purchase of property, plant or equip-rbis type. The second type: inability to discuss the left-hand side of this statement. The only possible justification for pay debts as they become due. ment-because the types of assets we acquiring a fixed asset is that the op-

Some of the chief financial causes own will govern strongly; the capital eration will benefit from its earning of failure, (as distinct from external structure required to finance them. power. When confronted with the pur-causes and non-financial causes) are: Here are some types: chase of land, buildings or machinery, unwise distribution of earnings; loose RECEIVABLES so many of us ask the question-"What credit policies; excessive funded debt; Insofar as we have bought goods for will it cost?" It may be a wise question, excessive current debt; and over-in- cash, have passed them out, and have but hardly adequate. We should also vestment in plant. All causes are, of received nothing in return but promises ask "How much will it cost us per course, partly internal. All are finally to pay-such promises, which we call year?" and "How much will it pay us fioancial and few are notably simple. "Accounts Receivable," represent an per year?" Capital Structure in General actual investment of our capital. The There are two points to remember:

Financial soundness, as experienced pleasant side of the picture is that the first is that your fixed assets may co-operators know it is not some ideal- money so invested may come rolling be described as a declining asset. Each istic theory understood only by bankers. in steadily to pay our current debts. year a portion of its value is transferred It is a day-to-day problem with which The unpleasant side is that we have cold from the balance sheet to the operating rhey must deal firmly and intelligently. cash tied up in a · non-earning capacity. statement as a charge:- a deduction from

Financing, in everyday terms, is the It is safe to finance receivables profit. The second point is that, while manner in which capital is obtained and through a bank? Remembering that it is the plant or machinery is worth a great utilized. Basically, there are o nly two the bank's business to make loans when sum to you, it may be worth that sum groups from whom capital can be ob- repayment is in sight within a reason- only to you and only w hile operating. tained: those inside a nd those out· a ble time, we can conclude that if If you suddenly find you can't use it, you side the organization. Those inside- our receivables are in healthy con- may either sell it, possibly at a loss, or the members-may provide capital by ditioo we can safely finance through simply discontinue its use, also at a various means; by shares, bonds, or the bank. We must remember, how- loss. loans. Outside so,urces include banks, ever, that part of the proceeds will go Does that mean that we should aim mortgage compaines, suppliers and other to pay the suppliers to whom we are low in a Fixed Asset program? Not lenders. indebted. When we are being partly at all. If, for instance, you have a Freez-

The experienced director, studying a carried by our suppliers and also have er Locker plant, the cost of your cooling balance sheet, will carefully examine the a bank advance up to the full value system will be lower per locker if you assets, but will then turn promptly of our receivables, we are asking the have twice as many lockers. T he cost lo the liability side of the sheet to see bank to finance something less liquid may be so high on half the number chat these assets are correctly financed. than those receivables. that you will have to, price your It is not simply a case of assuring that INVENTORIES service out of the range of your cus-aU assets exceed all liabilities suffic- Three of the chief determinants of tomers. Then inadequate facilities may iently to provide your members with a the size of inventory are: volume of be equally poor business as lavish ex-sizeable stake in the business; it is also sales; distribution of sales throughout pansion. the recognition that any lender w ill the year; and conditions of operation. FINANCING AGENCIES eventually want his money back. WiU To get customers interested at all, you Now we can move to the right-hand rhe business have sufficient free cash require a basic stock. The amount of side of the balance sheet, for the next

For the Vancouver Chapter, Bert Gladu mentioned the annual picnic to be held by them this year on July 28th. Ao invitation is extended to out of town credit union members to attend if they are in the city at this time.

Free Estimates

Oil Units From $750.00 up Electric and Gas Hot Water Heaters. We have some at the old prices •.. You can do better at

l • at the time he wishes to take it? This extra stock, over and above the basic question is "Where should we obtain 1 fotroduces a "time element." Thus, your depends on the speed at w hich you can the money to finance our assets?" I

New speakers and panel discussions are being lined up for next year.

8

H. B. CARLSEN 3152 Cambie

& co. LTD. FA. 6134 _,


1 mortgage company may be willing to sell and the speed at which you can shall answer this question only in geo-1 Wait ten wears for portions of its loan. replace. The key feature of any inventory era! terms, outlining a three-point poli-

Your bank may be prepared to wait is that it exists only because of its con- cy: first, to ask those people who are eight month for repayment. Your bond- vertibility to cash. It might therefore be to receive the profit or savings of the helders may expect to be paid off in safe to say that inventory can be fin- enterprise to put up the capital to annual series. Your suppliers may want anced by suppliers if it can be sold start it and operate it. Second, to ob-their money in ten days. Your share- quickly enough to meet their credit tain capital from outside-but only

CREDIT UNIONIST - JUNE, 1951 9

c

when it can be used to earn more than it costs, and can be repaid according to agreement, through realization, in the regular course of business, of the specific asset which it was used to pur· chase. Third, money regardless of where it comes from, should not lie idle: money costs money, and must be kept producing.

"NET WORTH" CAPITAL I have thus far been discussing the

sources from which capital may be obtained. I should now like, however, to say a few words about certain types of capital which might be described as "~et worth capital." I refer to share capital contributed by members and "earned capital" (in the form of reserves. and surpluses) which belongs collectively to the members.

Shares: These provide the cash with which a business is established. Co-op members do not invest their money in order to earn profits as investors, but for the purpose of providing facilities from which they will benefit as par· ticipants. (This is notably different from investing in a Corporation). Such shares serve as a cushion between assets and liabilities to protect the creditors of the co-operative against loss. · If ~he owners (shareholders) will not nsk their capital in a business, it does not look safe to outside investors.

Perhaps this is the chief argument against revolving Qf shares. If the owners' investment is redeemed and not replaced it means that more of the financin~ must be done outside. The ultimate effect of this policy, particular! Y in a period of decline, could wipe out all shareholders with drastic results. Because shareholders must maintain a minimum interest it is advocated that revolving loans be used which will not endanger the co-op. Thus they will re· volve over and above a basic share structure which cannot be touched.

Earned Capital: Earnings withheld from distribution would in a corpora· tion be in the nature of "earned sur· plus." In co-ops this may be called by several names, but the distinguishing features are that it has been earned by O.Peration of the business and it has not been distributed. Let us not be misled by the term "earned surplus." On many corporation statements you may see a tremendous sum under this heading. One thing to know about earned surplus is that as a tangible item it does not exist. It is simply a factor in a mathematical equation, the factor which brings your double entry system of books into balance, and which measures the increase in value of investments due to operation.

Reserves: Seldom will we find a more confusing term than "Reserve." If it's a "Reserve for Depreciation" or "Reserve for Doubtful Accounts," it is simply a figure used to correct an overstatement of Assets. If it is a "Reserve for Taxation" it is one way of pointing out that we owe an estimated

10

sum to the Department of Revenue. If it's an "Educational Reserve" or Reserve for Contingencies, for building expansion or for sinking fund, it's an allocation of undistributed earnings.

cash to pay for its expansion, sufficient of the earnings of the co-op should subject to tax considerations, be held within the organization instead of being distributed.

In case you think such terms describe a sum of money set aside for one of these purposes, let me correct this impression. First, it involves no money. If there were money it would be in a bank account under assets. Second, even if your cash account did contain enough money to cover your biulding expansion reserve there is no requirement that you spend it on building expansion. If your directors are free to set aside a portion of earned surplus into a fund, they are equally free to transfer it out of that fund.

I have spent some time on the subject of "net worth capital" because its nature is so frequently misunderstood. I should now like to summarize, however, the major points I have been stressing with regard to the total capitad structure of a co-operative:

• No two consumer or marketing co-ops have identically the same re· quirements.

• A co-op requires capital which cannot easily be withdrawn.

• Capital of a co-op must be invested only where it will produce satisfactory savings or earnings for the participants. • Capital should be provided under terms which will suit the manner in which it is to be invested.

• Capital should be pro,vided under terms which will suit the pattern of earnings of the business.

• If a co-op is to grow and its mem· hers are unable to contribute sufficient

Various waterproofi ng processes are applied to either STUCCO or WOOD SIDING to make wa lls impervious to all weather conditions. The processes are guaranteed. One application. will last for twenty years.

* * There's an ELWYN process that is guaranteed to stop all water leaks in basements - regard less of condition.

Before You Paint, Plaster or Stucco

Call BAyview 2027 to arrange for an estimate. This will cost you nothing and will not obligate you in any way.

Ellwyn Waterproofing Company

3740 Oak Street Vancouver, B.C.

RUBBER STAMPS FOR ALL PURPOSES

STENCILS SUPPLIES SEALS

WESTERN STAMP WORKS 348 West Broadway

Office CH. 717 4 Res. MAr. 1602

l 3 72 West Broadway Vancouver, B.C.

Vancouver, B.C.

ASPHALT SHINGLES BUILT UP ROOFS

SHEET METAL


11

Home Improvements The following books may be bor

rowed from the Extension Library of the University of B.C. Dept. of Exten· sion, by merely paying a registration fee of $1 and the return postage on the borrowed book. (If you are already registered in a credit union study -:ourse or any other Extension Dept. c )urse, there is no registration fee.)

New Houses from Old by Reginald R. Hawkins and C. H. Abbe-practical, non-technical guide to all kinds of remodelling operations.

How to Paint and Wallpaper by Kay Hardy-practical information and clear instructions by the author of Beauty treatments for the home.

Pla stic Now Used For Exte rior Wall Finishes

A permanent waterproof finish for exterior and interior walls would seem to be one of the latest uses to which plastics are now available. It makes a beautiful protective textured coating that will not peel, fade, chip or crack. In a wide range of colors it can be used on stucco, metal, wood or concrete. Once applied it calls for no further upkeep.

This Ellwyn Texture process is applied under great pressure of 500 lbs. at the nozzle. Plastic water proofing includes a mixture of 'Perlite' and asbestos fiber. It has a life expectancy of twenty years and is actually guar· anteed for ten years.

While used extensively south of the line it is comparatively new to Canada and is handled here by The Ellwyn Waterproofing Company of 3740 Oak .:lt., Vancouver.

We saw also a Vinyl plastic coating which is applied to old and new surfaces by scrubbing into the pores of the concrete or cement. This coating also carries the waterproofing qualities mentioned above and can be had in all co,lors.

• When Purchasing A Piano First Try

G. W. JOHNSTON PIANO CO.

For Best Results

Phone MArine 3413

4 32 WEST PENDER ST. Vancouver, B.C.

CRED IT UNIONIST - JUNE, 1951

Mineral Matte, another permanent finish for walls looks like a cement paint and bas a dull finish. It will not powder or rub off and is scrubbed into the surface as a water emulsion.

Going on the. assumption that a dry wall will lose less heat than a wet one it would seem that any of these waterproof finishes should result in saving in fuel costs.

Beautiful Windows Make Beautiful Homes

By A. D. ESTABROOK T-EsT Sales Company

There is no single feature than can add so much to the beauty and comfort of the modern home as the window treatment.

With the exciting variety of arrangement now available, window treatment has become a specialized art. The emphasis on modern window decorations is beauty and usefulness.

Gone are the days when any single type, perhaps venetian blinds, is put on all the windows of a house. Now in a home you may find draw drapes and cornices in the living room, dining room and master bedroom; a venetian blind and side drapes in another bedroom, perhaps matchstick bamboo drapes in the den and venetian blinds in the kitchen.

All have their particular place and are selected to give the maximum in beauty and utility at the lowest cost.

Modern metal cornices with baked enamel finish are as easy to keep clean as the outside of a new refrigerator. The new all metal blinds with removable slats are a far cry from the old dust catchers. Drapes with easily removable shirring greatly simplify the cleaning problem.

The T-est Sales Company at 2215 Cambie Street, Vancouver, specialize in doing a complete job on home windows, using from the many available materfals the most suitable for any particular window.

The whole basis for successful modern window treatment is the selection from samples right in your own home. Thus colours can be selected which blend most effectively with the ·walls and other furnishings. This type of service is now offered- not for the million dollar trade--but for the home requiring maximum economy, the home of moderate means and close budgeting-your home.

HOME WANTED

I am looking for a modern house in Vancouver ... 5 to 6 rooms. If you are considering selling your home please phone particulars of location, taxes, and cash price.

Evenings only, CE. 1049

· A '/:)epe1u/116le

'1111tne

Roofing For All Types of Homes Applied by

Fully Qualified Specialists

Penfold Barrett Rock Wool Insulation Used Exclusively.

Scientifically Blown By Expert Crews

MArine 6620

MArine 2049

Penfold Roofing Co. Ltd. 604 Homer St. Vancouver, B.C.

BELYEA COAL NEW WESTMINSTER

We Will Lend You Anything Except Money

RENT OR BUY Your

POWER TOOLS Floor Sanders Small Sanders

Tools of All Kinds

From

Marpole Equipment Ltd. 8726 Hudson St.

KE. 7150

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COMMUNITY C. U.'s Powell River,

Box 634, Powell River, B.C.

C.G., 731 Edmonds St., New Westminster, B.C.

Kelowna & District, c / o Mr. A. Buckland, Trump Equipment Co., Kelowna, B.C.

Oliver, Box 189, Oliver, B.C.

Campbell River, Campbell River, B.C. Attn. C. S. Spiers.

New Massett, c / o H. A. Mac Dougoll, Massett, B.C.

Q.C.I. Central, Port Clements, B.C. Attn. Mrs. G. eary.

Skidegote Inlet. Queen Charlotte City.

Premier, 1326 Pandora Ave., Victoria, B.C.

Courtenay, Courtenay, B.C. Attn. Mrs. Syd Williams, Box 41.

Equitable, l 963 E. 6th Ave., Vancouver.

Greater Victoria Savings, Rm. 10, 605 Courtenay, Victoria.

Otter District, R.R. 3, Aldergrove.

Victoria Consumers. 802 Blanchard St., Victoria, B.C.

Kitsilano Consumers, i 06 - 2224 Alberta St., Vancouver.

Quadra, Heriot Bay.

Alert Bay, Alert Bay, B.C.

Alberni District, Box 929, Alberni, B.C.

Bulkley Valley, C / O Helen Bruhjell, Smithers, B.C.

West End Community, 1451 Comox St., Vancouver, B.C.

Bella Coola Valley, c / o Helmer Pedersen, Bella Coola.

North Shore Community, l 2;s Lonsdale Ave., North Vancouver.

North Kamloops & District, 45 Alexander, North Kamloops, B.C.

Hornby Island, Hornby Island, B.C. Attn. Mrs. H. Brown.

Roberts Creek, Wilson Creek, B.C.

Rosslond, Box 489, Rossland, B.C.

Armstrong & Spallumcheen, c / o E. J . Hawes, Armstrong.

Hillcrest, c / o Miss H. Erickson,

Okanogan Falls & District, Okanogan Falls, B.C. Attn. Mrs. I. B. Vader.

Lakehill, 3834 Quadra, Victoria, B.C.

Kamloops, 521 Seymour, Kamloops, B.C.

Fanny Bay Community, Fanny Bay, B.C.

Field, Field, B.C.

Mount Lehman, Mount Lehman, B.C.

Trail, Rm. 26 Berge ron Block 1460 Boy Ave., Trail, B.C. '

La ke View, Box 570, Dawson Creek.

Ridgedole, Page Road, Matsqui.

Union Bay, Box 212, Union Bay.

Ladysmith & District Ladysm ith Attn. Miss Viola Cull. ·

Squamish, Squomish, B.C.

122 West Vancouver, Ft. 14th Street, Hollyburn P.O.

126 Vernon & District, 2902 Barnard Ave., Vernon.

127 Summerland & District, Box 250, West Summerland.

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Keremeos & District, Keremeos.

Westminster, Rm. 1, B.C. Electric Bldg., New Westminster.

Kimberley, Box 468, Kimberley.

Koien Consumers, Box 1789, Prince Rupert.

Grindrod & District, Grindrod.

Terrace & Community, Box 158, Terrace.

Langley, Murrayville. Mrs. B. L. Tomlin, Treas.

Egmont & District, Egmont. Osoyoos, c / o H. H. Hesketh, Osoyoos.

Nanaimo & District, 116 Comox Rd., Nanaimo.

Oak Bay, 2479 McNeill Ave., Oak Bay, Victoria.

Dist. of Coquitlam, 1111 Brunette, Maillardvllle.

Salmon Arm Savings, Strudwick Bldg., Salmon Arm.

Ocean Falls, c / o J. McDonald, Box 149, Ocean Falls.

Vancouver City Savings, 68 E. Broadway, Vancouver.

Prince George & District, c / o R. C. Rose, Box 1208, Prince George.

Meridian Savings, Box 161, Port Coquitlam.

Penticton & District, c / o L. Reade, 184 Main St., Penticton.

North Peace Savings, Box 93, Fort St. John.

Pender Harbour, Irvine's Landing, Pender Harbour.

Maple Ridge Community, R.R. 1, 32nd Road, Haney.

Surrey, c Io Surrey Co-operative Cloverdale. '

Enderby & District, Enderby.

Hope & District, Box 228, Hope.

Chemainus & District c / o Cecil J . Loughton, Maple St., Chemainus.

Oyster Bay, R.R. 1, Campbell River. Mrs. Ray Baldry, Sec.-Treas.

Lakes District, c / o Mrs. V. Mentaldi, Burns Lake, B.C.

Saanich Peninsula, 499 Beacon Ave., Sidney.

Castlegar Savings, Box 168, Castlegar.

Richmond Savings, 963 Granville Ave Richmond, Lulu Island. .,

Lochdale Savings, c / o A. J . Dawson, 6591 Union St., Lochdale.

Sointula, Sointula, B.C.

North Shuswap, Mr. E. Nelson, Celista.

Abbotsford, c / o Marion Buchanan, Essendene Ave., Abotsford.

Little Qualicum, R.R. 1, Qualicum Be ach .

205 Grand Forks & District, Box 4 12, Grand Forks, B.C.

Directory 206 James Bay, 244 Simcoe St., Victoria.

211 Wcstbank, c / o Wm. Maclauchan, Westbank.

212. Lake Cowichan & District, Lake Cowichan.

213 Longwood, No. S Leigh Rd., R.R. 1, Langford.

215 Nechako Valley, c / o Vanderhoof Co-op Store, Vanderhoof, B.C.

218 Tappen & District, Tappen, B.C.

220 Nelson Savings, 820 Silica St., Nelson, B.C.

221 Woodfibre, Woodfibre, B.C .

223 Cranbrook Savings, 106 Ninth Ave., Cranbrook, B.C.

225 Cumberland & District, c / o C. A. Cousins, Cumberland, B.C.

226 Mission City & District, Room 5, Goodchild Bldg., Mission City, B.C.

227 Duncan & Distr ict, Box 673, Duncan, B.C.

230 Sunnyside & District, c / o Mr. Percy C. Oke, Elgin Rd., R.R. No. 1, White Rock, B.C.

OCCUPATIONAL 2 Va ncouver Federal Employees,

14 - 423 Hamilton St., Vancouver.

6 BCMT Employees, Bus Terminal, Larwill Park, Vancouver.

9 Stanovan Credit Union,* 906 - 355 Burrard St., Vancouver.

14 Prince Rupert Fishermen's, Box 264, Prince Rupert.

17 Stry, 125 E. 8th Ave., Vancouver.

22 Vancouver Provincial Civil Serv ice, 220 Court House, Vancouver.

24 Victoria Prov. Govt. Employees, c / o H. A. Carney, Treas., Parliament Bldgs., Victo;ia.

30 Westminster Poper Employees, Westminster Paper Co., New Westminster.

32 Van Tel,• 555 Seymour St., Vancouver.

33 B.C. Projectionists, 3755 Trinity St., .Vancouver.

35 Gulf & Fraser Fishermen's, Ford Bldg., 193 E. Ha stings St., Vancouver.

36 Vlctel, 711 - 1405 Douglas, Victoria.

37 Vancouver Firefighters, No. 3 Fire Holl, 12th & Quebec, Vancouver.

42 Vancouver Converters,* c / o Pacific Mills, Vancouver.

43 New West. Fed. Civil Servants, 248 - 12th Ave., New Westminster.

45 Canco (Ame rican Can), Box 730, Vancouver.

64 loco & District, loco.

57 Burns Shomrack, c / o Burns & Co., Vancouver.

67 Sullivan Concentrator Employees, Chapman Camp.

72 Va ncouver School Teachers, c / o E. G. Simpson, 3230 West 31st Ave., Vancouver.

73 Elco, 327 - 425 Carroll St., Vancouver.

74 Buckerfields Employees, Ft. Rogers St., Vancouver.


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PM PH E, Essondale, Attn. L. W. Fox.

Penitentiary Employees, Box M, New Westminster.

CNRE, 1141 - 16th Ave., New Westminster.

Electrical Trades, 68 E. Broadway, Vancouver.

Graphic Arts, 630 Fort St., Victoria.

Fruitvale Progressive, Box 157, Fruitvale.

V.S.B., 525 E. 45th Ave., Vancouver.

''VR," Box 432, Vancouver.

Havyciv, Bldg. No. 49, Room S, HMC Dockyard, Esquimalt.

Dairyland Employees, 468 W. 8th Ave., Vancouver.

Nepro, Mrs. A. L. Nicholas, 260 Terminal Ave., Vancouver.

Vivian Employees, 1660 Station St., Vancouver.

NWCE (Civic Emp.), 720 19th St., New Westminster.

HWT (Teachers), 117 Agnes St., New Westminster.

G.B. Employees, 902 Columbia, New Westminster.

P & S Savings, 68 E. Broadway, Vancouver.

IWA, 533 Clarkson, New Westminster.

Civic Employees, c / o H. Wilkinson, 166 E. 53rd Ave., Vancouver.

Nelson Railway Employees, c / o G. C. Burns, 820 Third St., Nelson.

SMWIA, 2616 E. 7th Ave., Vancouver.

IOVAN, 1090 Granville St., Vancouver.

West Coast, 10 Huron St., Victoria. V.P., Police Headquarters,

236 Cordova St., Vancouver.

Heaps Employees, Rm. 1, B.C. Electric Bldg., New Westminster.

Vic-Dom-Emp, Rm. 10, 605 Courtney St., Victoria.

MPW, c / o Swift Canadian Company, New Westminster.

Van Pro, c / o Van. Daily Province, Vancouver.

JBH & C, Rm. 115, 307 W. Broadway, Vancouver.

Cee Pee, 2029 Byron St., Victoria.

For Completely Beautiful

Windows at Moderate Cost

DRAPES, CORN ICES VEN ETIAN BLINDS

Bamboo Matchstick Drapes

Rollaway Casement Screens

Somples Shown At Your Home.

7-eJt ~die Cctnp1L1t~

FAirmont 8941

2215 Cambie St.


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adner, c / o J. W. Read, Ladner.

CER & S, c / o CPR Express Office, Ft. Seymour St., Vancouver.

MSA, 3425 Regent St., New Westminster.

United Savings Association, c / o UDL, 8900 Shaughnessy St., Vancouver.

Cordage, 1562 18th Ave., New Westminster.

Needle Trades Saving, 307 W. Pender St., Vancouver.

IWA 1-217, 68 E. Broadway, Vancouver.

BCSR, c / o B.C. Sugar Refinery, Ft. Rogers St ., Vancou ver.

Victoria Civic, City Hall, Victoria.

Utilco, c( o B.C. Electric Co. Ltd., 1016 angley St., Victoria.

BRCF, c / o British Ropes Ca n. Factory, Granville Island, Vancouver.

Wil-Fer Employees, c / o Ferguson Truck Equip. Co., 2015 Main St., Vancouver.

BCDT RMA, 104 Morine Bldg., Vancouver.

Gorbel, c / o Gordon Belyea Ltd., 101 Powell St., Vancouver.

Van Sun , c / o Vancouver Sun, Beatty at Pe nder, Vancouver.

Nelson PGE, Court House, Nelson.

YAW, 111 Labor Temple, E. Broadway, Vancouver.

Chill iwack District Teachers, No. 5, 20 Williams Rd. N., Chilliwack.

City Hall & Hospital Employees, 68 E. Broadway, Vancouver.

Independent Meat Packers, P. T. Christie, T rea s., 8991 Montcalm St., Vancouver.

Bakovan, Room No. 3, 307 W. Broadway, Vancouver.

Vancouver Machinist's, 2633 E. 4th Ave., Vancouver.

Vancouver Aviation Industries, 8167 Shaughnessy St., Vancouver, B.C.

Brewery Employees, 2460 West 12th Ave., Vancouver, B.C.

Kelly Douglas - Nabob, P.O. Box 39, Vancouver, B.C.

Celco Credit Union, Box 1000, Prince Rupert, B.C.

Credit Unionists ore included among our most valued customers

A Complete Fuel Supply

CLEAN HOT COAL GOOD WOOD FIR SAWDUST "ESSO" STOVE & FURNACE OIL

Allied Heat & Fuel Ltd.

2096 West 13th Vancouver, B.C.

CHerry 7161 CEdar 7211

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ORGANIZATIONAL Fraternal Council,

4636 W. 12th Ave., Vancouver.

Mt. Pleasant Br. 177 Savings, 2214 Main St., Vancouver.

Canadian Legion Branch 2, 39 Alexander St ., New Westminster.

Canadian Legion Branch 16, 860 E. 64th Ave., Vancouver.

T. & L.C. Victoria, Rm . 204, 602 Broughton St., Victoria.

Chilliwack Legion, 35 Kipp Ave., Chilliwack, B.C.

RELIGIOUS Perpetual Help,

Rm. 10, Courtenay St., Victoria.

Rosary No. 6, 423 Hamilton St., Vancouver.

St. Helen's Parish, Box 376, Vancouver.

St. Patrlcks, 728 W. 22nd Ave., Vancouver.

SHC, c / o Mrs. W. Stevens, 6138 Chester St ., Vanco uver.

St. Andrew Parish, 456 E. 47th Ave., Vancouver.

Caisse Populaire de Maillardville, c / o Vic. Muller, 100 Nelson Rd., Maillardville.

Canadia n Temple, 185 E. 11th Ave., Vancouver, B.C.

Sacred Heart, Box 882, Prince George, B.C.

St. Josephs, 2149 East 7th Ave., Vancouver.

La Caisse Popufaire St. Sacrament, 3050 Heather St., Vancouver.

RACIAL

Vancouver & District Danish CU, 68 E. Broadway, Vancouver.

Edelweis, c /o Michael Boch, 211 2 East 33rd Ave., Vancouver.

Hungarian, 1781 E. 15th Ave., Vancouver, B.C.

COMPOSITE B.C. Central,

Broadway at Quebec, Vancouver.

NOTICE

CHRISTIE AGENCIES LIMITED

General Insurance Managers

Telephone number is

MArine 2188

Due to o typolog ica l error, o wrong number was printed in their advertisement in the Moy issue .

13

c

Managing Diredor' s Column The CUNA Convention which your

delegates have recently attended was inspirational and educational. It gave those of us who represented you a chance to exchange ideas with credit union people from all over North America, and probably most important of all, we had the opportunity to compare our operating procedures and achievements with those of other states and provinces. While we have reason to be well pleased with our development in B.C. we should definitely not be satisfied to the extent of resting on our oars. We brought back with us from the Convention one of the two CUNA ORGANIZATION AW ARDS given for new credit unions organized in 1950. W e won this award with only 19 incorporations for the year, and it is my opinion that we can do better this year if we have your help. In other parts of the country there seems to be a lot of volunteer organization, but I am sorry to say there is a sad lack of that in B.C. There is a lot of satisfaction in organizing a new credit union and you can become a member of the Founders Club in the bargain. Write to us for an organizers kit or get one while you are at the convention.

I have recently visited Port Alberni and Chemainus and must say that I was quite pleased to find such a good spirit of enthusiasm prevailing among the Island credit unions with which I was in contact. Alberni & District Credit Union, under the leadership of their President, Ivor Mills, is undertaking a very extensive Junior Savings Club p rogram in the Alberni schools. T his p rogram is designed to give the students a good grounding in credit union operation and it is popular-250 members signed up in the first two months with savings of $700.00 in the same period. It is quite obvious that Junior Savings Clubs in schools can play a big part in credit union development and should be encouraged in every way possible. As soon as all the operating kinks are iruned out the Alberni plan will be available as a g uide along with the other groups now in operation.

The Mid Island Chapter, under the Chairmanship of Rod G len, held its meeting at Chemainus, May 26th, w ith seven credit unions represented by a total of about fifty officers, directors and their wives. -T h is w as a lively meeting and I was impressed by the spirit of competition that exists between the member credit unions.

We take this opportunity to welcome our Canadian Cuna President, G ordon Smith, and Mrs. Smith. Gordon Smith has planned to spend a month or so working with us in B.C. and w ill be conducting a "Cuna W orkshop" at our convention June 22nd and 23rd. The Cuna Workshop is a room chuck full of credit union information and there will be someone on duty all day

14

to answer questions. May I request that your credit union

pay particular attention to our letter regarding subscriptions to the B.C. Credit Unionist. This matter will be thoroughly discussed at the convention in an effort to adjust ourselves to the increased cost of production and postal charges. The credit union people in B.C. should be very proud of the fact that they have one of the finest publications of its kind in North America, with the largest paid circulation of any monthly publication in B.C.

-R. A. MONRUFET.

B.C. Co-op Women's Guild

ANNUAL PICNIC

Sunday, July 8

at 1 p.m. CENTRAL SURREY PARK

AT FLEETWOOD

Turn South on Trans-Canada Highway at Pike Road (about 2 miles past King George Hghy. Junction). Via Pacific Stages, take Chi I li wock, Abbotsford or Langley bus.

SWIMMING GAMES

Free Tea, Coffee and Ice Cream

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Moving to 5888 Cambie St. June 15th, 1951


I REMODELLING I YOUR HOME

.1

"]. w.

"Face Lifting" is not an art reserved for the Beauty Salon alone. Houses, too, can be remodelled adding immensely co their beauty, utility and value. Many owners have added a pleasing note to cheir homes with only slight changes. Others have carried out extensive programs. But in all cases, the owner has, for a moderate figure, acquired a change which meets his taste and needs. Often one is struck by the 'sameness" of design shown by houses in a certain area. This can be overcome by remodelling, which changes the typical design into something more attractive at costs in proportion to the changes made. The following are but a few ways in which these changes can be done by the owner at a minimum expense.

T he house with the open porch can be changed by closing in the porch, which should be well insulated and lined. The. appearance is then set off by a modernistic door flanked by glass brick windows.

The addition of a sun porch with picture window adds much to the appearance of the average small home. The ideal size should be in the neig hborhood of 8x12. The outside finish should match the r est of the house, properly insulated and lined with veneer. This should add not only to the living space but also to the appearance of the house.

How about enlarging the main fro nt window of your house. This, of course, would necessitate moving the entrance over, but it gives a more distinctive appearance.

House raising is a sure way of increasing the value of a bungalow type house. This provides not only much needed basement space, but a basement garage could be included. The raised section could be covered with shing le siding, concrete block and steps leading to the front entrance, and if we added an artistic p orch balastrade the whole change adds much to the pleasing appearance.

Existing basements offer a multitude of opportunities for remodelling. The market at present offers a large variety of lining material, plywoods, plain or str iated and board of various kinds. Asphalt tile is admirably suited tq laying on concrete. In fact, your basement m:ay be changed into a desirable part of your home at moderate cost and you, yourself, will be able to do most of the work.

T he remodelling of you r home is only limited by your own imagination. Materials are available and with your own ingenuity and industr y many happy hours can be spent planning the alterations and doing the work yourself.

CRE DIT UNIONIST - JUNE, 1951

CONVENTION ENTERTAINMENT

Since the last issue of the magazine there has o f necessity been some change in our plans for entertainment of D elegates and wives to the Convention. In order that everyone w ill know our final p lans we are printing them below.

WEDN ESDAY night-Get acquainted party, to be held in the Canadian Legion Br. 19 Hall between Smythe and Robson on Seymour.

THURSDAY afternoon Garden Party at the home of R. A . Monrufet, 224 East W oodstock at 2:30 p .m. Bus to leace the Hotel Georgia at 2 p.m.

FRIDAY morning- Courtesy Flight 10:30 a.m. Transportation arranged from the Hotel G eorgia .

FRIDAY afternoon-Tea at Mrs. Christie's, 158 W. K ing Edward. Bus to leave the Hotel Georgia at 2 p.m.

FRIDAY night-Variety Show-Co nvention Hall-8 p .m.

SAT URDAY nig ht-Banquet and enter tainment - Convention Hall. T he Committee has also managed t o secure some r elia ble baby sitters and we are endeavoring to provide suitable escorts for anyone desiring same.

A HOME FOR CO-OPERATORS AWAY FROM HOME

Temporary vaca ncies ava ila b le during vacation months in Co-op res idences a t 1617 Nelson St . (in W est End), 572 17th Ave . (Cambie d istrict), 2054 Trafalgar St . (K it sil ano d istrict) a nd 2486 East 4t h A ve. (Nana imo and Hastings d istr ict) . Ra tes $12.50 and 3 hours hou seho ld duties per week. Address inquir ies to: Miss J en Holder, Secretary Co-op Residence Association, 24 86 East 4th Avenue, Vancouver, B.C.

INSULATION Roofing - Weather Strip

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HOME INSULATION See you at the Convention.

V 11ncouver Chapter of Credit Union s.

FLO G LADU,

co. OF B.C. LTD. I 2150 Maple St. , Vancouver, B.C.

CHe rry 5158

q{eA~ HEATING

HOT WATER AND WARM AIR HEATING Prompt Service on Installation and Repairs

Oil Burners A Specia lt y

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Convention Dance Thursday, June 21 - 9 p.m.

Vancouver Danish Credit Union Is Holding a Dance for a ll C redit Union People and Friends

Hastings Auditorium 828 East Hastings Liquid Refreshments Buffet Lunch

$ 1.00 Per Person

Come and get acquainted with t he out-of-town delegates

15

P ag ___::

~§

TI TI TI TI TI TI TI TI il il il il il il il il il il il il il il il il il il il §

~ n n n n n n n n n n n n n n n n n n n n n n n ~ 1 1 l@

• This Is Credit Unionism

Following the National Meeting in Minneapolis, I visited Filene House in Madison. We arrived in the evening, and drove around through town. The dingy old building that housed the National Association formerly looked small and drab-Filenc House, in the moonlight was a vastly different entity from our call the next morning. Then it was a hive of activity. Although the meetings had only finished on Sunday, every one was back, hard at work by Tuesday.

I visited Mary Jane McGrath, who is in charge of the Pop program, publicity, radio work. We discussed the radio work being done by various leagues. There will be a handbook available for use shortly, telling how to use a radio program, giving spot announcements, and sample broadcasts. This is part of the Pop program. T here was an interview between the three presidents of the organizations and a reporter for Group Health of Minneapolis recorded at the Friday session. More and more radio is becoming recognized as the surest method of reaching the most people, in the least time. Some day we may try television- but that is still in the future. For the present radio is our cheapest and best form of publicity.

Area meetings, which are always aproblem in B.C. came up later with Charlie Eike!. After attending several area meetings I must confess I am still a little vague on the subject. How can an individual credit union-which is not able to affiliate with any chapter record its vote? The answer is quite simple, I found. If there are two or more individual policy holders within the credit union area, those individuals and the credit union representative can hold their area meeting. They require a specified meeting p lace, examiners, and judge, but it can be done. Individual policy holders, I might mention, must have held their policies for more than a year before they can vote.

Mr. Eikel told me that he hoped that a more definite program can be planned

JEAN ARCHIBALD Educational Director

for the area meetings next year. At the 1950 area meetings very good discussions were held on insurance in general, and this will be followed up.

A long talk with E. K. Watkins, the Editor of Bridge, came next. Bridge has deadlines, as well as the B.C. Credit Unionist. Mr. Watkins keeps files, by months, in which interesting items are stored, ready to be used at the appropriate times. For instance, ideas for annual meetings, which come in too late to be used in the January issue this year, are tucked into next January's file. If you hold a successful display at a fair, or put a float in a parade, this goes into the summer files.

Because the Credit Union Bridge is a magazine slanted at credit union officials, material is scanned from every credit union publication available, as well as a great many others, to collect the articles that go into Bridge. I was amazed myself, in checking through the bound volumes of Bridge to find the pertinent information which is still timely long after it is published. There is no question of the fact that a copy of Brige should go to every credit union officer. I asked Mr. Watkins about loose leaf holders for each year's issues, so that they can be kept together. Cuna has not been able to get these at a price which would be satisfactory yet, but hope that some time soon they will have them.

All through the meetings Mr. Watkins went around with his camera, snapping pictures of delegates, presentations, groups etc. These picture negatives are filed permanently, ready for use at any time by the Bridge, or the individuals concerned. "More than anything else," Mr. Watkins said, "pictures should tell a story."

My train left for Chicago at 5:15, my day was only too short. I left with scores of questions still unasked, and the conviction that I should have, if I only could have, stayed longer m Madison.

In New York I visited the N.Y. State

BROADWAY PRINTERS

16

COMMERCIAL PRINTING NEWSPAPERS - PERIODICALS - PUBLICATIONS

"Since 1911"

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League, on 31st Street. Their genial Managing Director, Sidney Stahl (bless his heart) not only told me about their activities, the field work they do, the services they render. He got me a ticket to South Pacific!

I saw Mr. Rubel, the Manager of the New York Municipal Credit Unionthat largest credit union in the world to which Richard Giles devoted a chapte; in "Credit for the Millions." With 38,000 members, a staff of 36, nine million in assets, there is still a feeling of intimacy with the members which is truly remarkable. When I came into the office Mr. Rubel was discussing a loan with a member. His phone rang incessantly. In each case Mr. Rubel was able to know the member speaking, and identify him. Efficiency is the keynote of the M.C.U. I am sure that at any given moment an accurate count could be given on members, shares, loans or any other information any one might require. I saw new bookkeeping machines, just recently installed, clerks checking the daily receipts through the mail, cheque posting with every aim to give the ultimate in service. In spite of their huge staff and overhead, the M.C.U. charges only Y2 percent interest. All interest is computed at the time a loan is granted so that level repayments can be made. These amounts are all set up on plates and transferred to the members ledger sheet at the time the loan is made.

In saying that M.C.U. only charges Yi percent interest, it must be remembered that by the laws of the state of New York, it is illegal for them to have insurance on shares. A limit of $30.00 per month is made in the amount members may deposit. Mr. Rubel himself has belonged to the credit union since 1922 -and there are many members whose pass books are older than his.

In spite of their size, the aim of the credit union is to keep the personal touch with its members-and the hwnan interest stories that could be written around the Municipal credit union are legion.

-Ceperley

Rounsefell & Company

INSURANCE and INVESTMENTS

846 WEST HASTINGS ST. VANCOUVER, B.C.


"Chicken!! !" How often have you heard that call in the bowling alleys! And with what derision! "Chicken!" How differently did that word sound the night of the banquet at the Flame! The chicken served that night was simply out of this world!

There were prizes, and more prizesfigurines for individual divisional winners, cups for team and League winners, and of course game wins for every team.

DIVISION "C" Ladies' High Single:

Mrs. M. Crawford .............. .......... 325 Ladies' High Three:

Miss Phyllis Green ...................... 761 Ladies' High Average:

Mrs. Sonia Huckell .. .................. 210 Men's High Single: (Remember?)

B. Luft ...... .................... ................ 392 Men's High Three:

E. Lindy .......... ....... ....................... 818 Men's High Average:

Vic Huckell ............... ................... 212 Divisional trophy for this division

was won by Stry F, Team Captain Vic Huckell.

DIVISION "U" Ladies' High Single:

Miss Lois Flater .. ..... .. . .... . .. .. .. .. . 340 Ladies' High Single:

Miss A. Richardson .................... 758 Ladies' High Average:

Mrs. I. Burns ........... .. ................... 192 She won that race from Mrs. V.

Price! Men's High Single:

J. Burns ... ........ ....... ................. 365 Men's High Three:

Bert Gladu .. ......... .......... ........ 813 Men's High Average:

F. Shaw ............... ......................... 205 Van. Sun team Capt. Gordon Boden

won the divisional cup here. DIVISION "N"

Ladies' High Single: Mrs. J. Nordin ... .. ....................... 312

Ladies' High Three: Miss E. Wright .. ........ ........ .......... 714

Ladies' High Average: Mrs. Eunice McAdam ............... . 202

Men's High Single: Roy Edwards ................... ........ ..... 363

Men's High Three: Bill McKenzie .............................. .. 870

Men's High Average: Arne Frick ................... ........... ...... 222 Divisional Team \Vinner: Stry Co

ops I, team Capt. Jack Lainson. DIVISION "A"

Ladies' High Single: Miss E. Burrough .. ..... ............. 292


Ladies' High Three: Mrs. Hazel Cady ............. .. ....... .. 7 44

Ladies' High Average: Mrs. Betty Roylance ... ................. 188

Men's High Single: I. Thompson ... ...... .... ................... 368

Men's High T hree: D. Currell .............................. ...... 814

Men's High Average: Frank Tilden ..................... ........... 210 Team Winner: Stry E with Mrs. Cady

at the helm. LEAGUE WINNERS

Jim Wallace, President of the B.C. Credit Union League, A. L. Nicholas, President of the Vancouver Chapter of Credit Unions, Roy Douglas, Manager of the Mount Pleasant Bowling Alleys and Bert Gladu, President of our Bowling League all helped in making the presentations to the winners. Cups, of course, were won by the following: Men's High Single:

Arne Frick ....... .......... ................... 222 Men's High Three:

Bill McKenzie ... ........... .............. 870 Men's High Average:

B. Luft ............. ............................... 392 Ladies' High Three:

Mrs. Sonia Huckell ........... ......... 210 Ladies' High Three:

Mrs. Eunice McAdam ... ............ . 777 Ladies' High Average:

Tied: Mrs. Norma Brundage and Miss Lois Flater ............................ 340

The league team winner was Stry Coops I. The bowlers on this team:

Mrs. Norma Brundage, Mrs. Madge Dougherty, Peter Kennedy, Lloyd Wright and Jack Lainson, Captain.

In the course of the banquet, Roy Douglas, Manager of the Mount Pleasant Bowling Alleys, made art announcement-we shall hear more about it anon -Next season an award is to, be made by the Management to the most popular player.

CHALLENGER BRAND Canned Salmon, Tuna,

Oysters

HY-WAVE BRAND Frozen

Seafoods Smoked

Fish Produced by

Fishermen's Co-operative Federation

Vancouver - Victoria - Pr. Rupert

Distributed and Sold by CO-OPERATORS

for CO-OPERATORS

• Distributed and said by

B.C. CO-OPERATIVE

WHOLESALE SOCIETY 1164 Home·r St. Vancouver, B.C.

17

\0 ~

FEDERAL PAGE PERSONALITIES

WHEN WE ASKED THE SUBJECT of our second pen sketch of Federal personalities he was a little diffident and needed quite a little persuasion.

We asked him to give an outline of his activities in connection with the Credit Union and this was the result:

"Joined the P.O. April, 1926, doing relief work throughout the city. Settled at 16th and Main P.O., whilst there Stations C.O. and S grew out of this P.O.

During my stay at Station C in 1937 the Credit Union was discussed Pro and Con with A. L. Nicholas and Geo. Gallagher and moral support given by my wife."

To put it mildly, the above is a collossal mass of understatement.

LEN STRIDE, whose photograph we publish this month, holds Pass Book number 4 in this credit union and is one of the original Board of Directors, a position which he still holds.

He has also served continuously on the Credit Committee since the Credit Union was started and has a record of attendance at meetings that is unequalled by any officer of the organization.

He is an occasional "thorn in the side" of the Board of Directors by his insistence that we borrow to the utmost limit in order to give the greatest service possible to our members.

His initials are L.C.W. but we venture to say that the middle initial should be "S" and that stands for SERVICE.

Len is another reason why the "Federal" boasts that they have the finest Board of Directors in the movement.

CORRESPONDENCE I wonder if the membership realizes

the amount of correspondence that is made necessary by those who do not live up to their agreements with regard to the repayment of loans.

L. C. W . STRIDE

The note that you signed states that you agree to make certain payments on certain specified dates. When a member misses a payment a chain of procedure commences.

First, the member is sent a gentle reminder that is called the First Delinquent Notice, if that has no effect; a second and firmer notice is sent, this is followed by a letter from our solicitor and then Court action will follow.

With a Credit Union as large as ours, the amount of correspondence of this nature is quite large and should be quite unnecessary.

Some of it is due to carelessness on the part of the borrower who seems to think, that, because the Credit Union is owned by his fellow employees, it does not matter; this is a great mistake because your failure to appreciate your responsibilities may result in our inabiliity to grant a loan to someone who needs it badly.

LISTEN TO

"Chapel Chimes>> A Program of Organ, Violin and Harp Music Every Evening

at 10:45 p.m. from CKWX by ...

HARRON BROS. LTD. FUNERAL DIRECTORS

55 East 10th Avenue Vancouver, B.C.

FAir. 0134

"CHAPEL OF CHIMES" 122 West 6th Street

North Vancouver, B.C. North 134

Kingswoy at Royal Oak ROYAL OAK CHAPEL

DExter 3361

18

Of course there are those who think that an organization such as ours is fair game and that they can evade Pay. ment of their just debts. We would remind those, that a Credit Union is a legal entity and that we can be iust as tough as any other loaning agency.

There is a third class, those who run into unexpected difficulties. They often feel embarrassed and fail to let the Cr edit Union know of their mis. fortune. If this course is followed it may lead us to include them in . the class of those who don't care.

If you run into difficulty, come in and see us; we are in business to be of service to you; our Credit Committee or our manager will more than likely be able to help you.

All transactions between the Credit Union and the member are strictly confidential so you need have no fear of publicity.

This is written to try and give you confidence in your Credit Union and also to try and eliminate a heavy burden of correspondence which may be a result of lack of understanding on your part.

WILL YOU HELP US?

* * *

HEAL TH SERVICE In looking over a breakdown of our

loans we note that a large percentage of our members are still borrowing for medical services.

We wonder how many of you are not aware that we have quite a com· prehensive health service available to members of Credit Unions.

This service is at quite a reasonable cost, details of which can be obtained from the manager.

\V'e know that there is a medical scheme in the civil service and we un· derstand that in some departments employees were highpressured into joining.

One person who had so joined had occasion to undergo a minor operation; he received a cheque for $l0.00 wirh a polite note to the effect that he would be responsible for the balance.

He also had the misfortune to contract Pneumonia and pleurisy; because he was not hospitalized he received no assistance from the Civil Service Scheme.

True that the official scheme costs less but if it does not give you coverage it is useless.

WHY NOT INVESTIGATE?


STRY PAGE STRY CO-OP PROGRESSES

The Streetrailwaymen's Co-operative Society, on Friday, Ma~ 25th, took another step forward with the com-

cement of the issuance of the B.C. men · 1

· d Electric pay-cheques, previous y issue from the Prior Street Depot, (now 1 ed) and now issued from the Street-c OS ' . S ·

railwaymen's Co-operative oc1ety building. .

An attractive booth with two plate glass wickets was built in.to t~e back f the spacious hallway, this berng con

~tructed to harmonize with the rest of the building.

The Srry Co-op building is locate~ at 125 East 8th Avenue, the appr~xirnate geopgraphic centre of t~e city, makes a very convenient loca~1on for the majority of the transportation personnel to pick up their pay-cheques. Cashing of the cheques is convenie~c~d by the location of ~ree banks w1tb10 one city block and with the large shopping centre in the Mount Pleasant area saves many from having to travel to town.

The majority being members of Stry Credit Union, and the credit .u~ion offices being located in the bmldmg, enables many to make their deposits right on the spot.

With the advent of the Secondary chequing system inaugurated by the B.C. Central Credit Union, which 1s now being successfully operated by Stry Credit Unio.n, many members are taking advantage of this service. by depositing most, or all, of their pa~cbeque and are then paying their household accounts by cheque. These members can now do this by just step-

ping across the ha ll from the paywicket.

An attractive lunch counter located in the bowling alley below serves as a meeting place for the wives and friends, and here can be obtained good food and as fine a cup of coffee as is obtainable anywhere.

The Streetrailwaymen's Co-operative Society has urgent need to expand its building with the addition of a hall on the rear of the present office portion. It is anticipated that in the near future a sufficient increase in new members and share capital will permit this meeting hall to be added. At t~e annual meeting of the Society, held ~n the Spring of this year, mem?ersh1p in the Society was opened to mclude all B.C. Electric employees who are affiliated with us. This should r esult in an increase in membership and share capital and the early expansion of the Society's operations.

I t is anticipated that arrangements can be made for all of the delegates and wives attending the C.U.&C., Central and League conventions, to spend an 'evening visiting and b.owling . as guests of the Society. At any ume durmg their stay in Vancouver the delegates, wives and friends, are assured of a warm welcome. Our Co-op building is only one city block removed fro~ ~he B.C. Credit Union League build10g and we w ill be disappointed if we are neglected; and the delegate~ wil~ . a.lso be disappointed if they miss vmt~ng our fine new building and bowling alleys.

CUFF L. BENGOUGH, Secretary-Manager.

SERVING THE PUBLIC IN MT. PLEASANT

FOR 37 YEARS

WITH QUALITY LIN ES SUCH AS:-

c k GI sswore - Bopco Pa ints Builders' Hardware - Tools - Housewares - roe ery - a .

Satin Gia _ Boptone _ Oil Burners - Electrical Appliances - Radio and Radio

Wash l·ng Machines - Coa l and Wood, Gos and Service - Refr igerators -

Electr ic Ranges.

McCallum' s Hardware LIMITED

Phone FA. 1218 2337 Main St. at Kingsway

CREDIT UNIONIST - JUNE, 19Sl

BillLlllNG AIATElllALS

No need to delay those improvements to your home. That new basement room or extra bedroom, garage or new roof, insuJationany improvements you wish.

Do it now and pa11 in easy monthly payments.

Credit Unions of B.C.

• Every Wednesday Night

Don1t Miss It

Your Credit Union Show

9.05 - 9.30 p.m.

CKNW Dial 1300

• BILL COUPER

724 Seymour St.

PAcific 2723

19

c

!'§ TI

TI

TI

~ n n ~ l l l I I I I I I

HERE and THERE To Organize For West Vancouver

At the recent suggestion of Mr. T. C. Dearlove, T reasurer of North Shore Community C.U., several members of that C.U. now living in West Vancouver are planning on the formation of a community C.U. in West Vancouver. Directors from North Vancouver, and Mr. A. E. Nicholas of Vancouver Chapter have been over to several organizing meetings.

Steering committee appointed is made up of the following:

E. J. Dinsley, member of North Shore Comm. C.U.; John Cheadric, member of Danish C.U.; Miss N. Caudwell, Treasurer of West Van. Municipal C.U.

E. ]. DINSELY.

Gulf and Fraser C.U. Marks Decade of Service

VANCOUVER (CUC)- "We have successfully completed one decade of service-from assets of $363 to assets of $309,358; from a membership of 48 fishermen, to a membership of 853 fishermen and shore workers," reported President Wilfred ]. Peck to the annual meeting of the Gulf and Fraser Fishermen's Credit Union, held here recently.

A total of 328 loans amounting to $274,096 was outstanding at the end of the year. Most of the money borrowed was used for boats, boat repairs, equipment, homes and home improvements. Out of the surplus amounting to $5,932, the meeting set aside a 2Vi% share dividend, $250 for educational purposes, and the remainder to bad debts reserve.

The greatest step forward during 1950 was the setting up of the personal chequing service for members. A member is now a ble to write his own cheques on his deposit account.

Gulf a nd Fraser is one of three credit unions operating to serve co-operative fishermen and plant workers on the West Coast. The other two are located at Prince Rupert and on Vancouver Island. Combined assets of the three exceed $11/i million.

CHILLIWACK LEGION "Incorporated on May 6, 1950, the

Chilliwack Legion Credit Union held its first anniversay meeting on May 17, 1951.

20

In the unavoidable absence of the President, Mr. W. S. Duthie, the Chair was taken by Mr. B. W. Harris, to whom many thanks for an excellent job.

The Treasurers report disclosed a very healthy financial position, the balance sheet showing assets of $15,000.00. Since incorporation over $7,000.00 has been granted in personal loans to members and $10,000.00 in endowment loans.

Mr. 0 . Johnson, guest speaker from the B.C. Credit Union League, gave an interesting a nd informative talk on the many benefits of Credit Unions."

Yours truly,

C. COHEN, S ec.-T reasurer .

NAVYCIV BULLETIN Why do we need a Credit Union in

our dockyard? Ask any of our 940 members who, amongst them have saved over $200,000.00. Ask especially the Naval personnel who have been beseeching us to help them buy, with a first down payment, the houses they are living in. They now have no more worries and their allotment cheques come to us regularly, so if some of who have not been able to negotiate a loan in recent months will bear with us until we have satisfied their need for low cost housing we will appreciate it. Payroll deduction or allotments as it is known in the Navy is proving a boom to the Naval members and a safeguard to our Credit Union and would do much for our civilian members if we could get it. It hasn't been for want of trying on the part of your Directors. We will endeavor to bring the matter up at the Credit Union Convention in June which will be just about the time this is published.

Another reason we need a Credit Union in the dockyard is for our members savings. It is impossible to get to a bank in working hours but it is a simple matter to hand $5.00, $10.00, $15.00 or more to your collector during working hours and at pay time. We could give innumerable reasons such as endowment life insurance, health insurance for doctors bills, car insurance at rates up to 10% less than elsewhere.

This month we have increased at the rate of a new member a day. Our total shares are keeping up the average of $3,000 a month. In April we loaned a total of $13,422.00.

How about some of our Bowling

enthusiasts starting a Navyciv bowling league? Surely we have some good bowlers out of 940 members. Think about it for next fall.

EDUCATION COMMITTEE.

VICTORIA The Victoria Chapter held their reg.

ular meeting May 15th with Bob Williams presiding as President for this year, with twelve credit unions represented.

Many matters of general interest were discussed.

Messrs. Greenway and Brown attended a meeting of the Jubilee Hospital Employees Ass'n Employees at which 92 were present, and appeared to be very interestd in forming a Credit Union, and were also desirous of joining the CU&C Health Service Society under a GROUP PLAN.

Messrs. Frank Hyslop and Bill Brown also attended a meeting of the Nanaimo and District Credit Union, at which a large turn out were present. They are apparently making very satisfactory progress.

Our President, Bob Williams was present at the last meeting of the Duncan and District Credit Union, and advised I they had affiliated with the .UP Island Chapter, which is held at different I points monthly.

To members of Vic. Dom. Emp. Perpetual Help Credit Union, and Greater I Victoria Savings Credit Unions, now receiving the Credit Unionist, where two or more copies are being delivered co the same house, it would be appreciated if you would advise your Office, as it is intended that only one copy should be mailed to one address in the city.

Members of CU&C Health Services Society are asked to contact the Victoria Office at 605 Courtenay Street, for any enquiries, we are here to serve you, and payments for dues and First Calls, may be paid at this address. We would urge members of credit unions who have not as yet become members of the Medical Plan, to make enquiries. You should have Medical and Surgical Protection for yourself and family. With the Annual Convention close at hand, it is hoped to again meet old and new faces, and discuss our problems, and iron out any differences of opinion which might exist.

FRANK G. GREENWAY.


CENTRAL NOTES

A Jetter the other day from Bob M~ hlin the President of Rosslan

Lauj. Union asking where the Central Cre it were last month. He suggsted Notes h t I hadn't had Jim Wallace to roaybe t a

k the whip over me to get my crac copy in. .

Jean Archibald wrote them and hid . the magazine. We should offer

tbem in f ' d' them 3 prize for the person m mg · By the way somebody had to show them to me.

Bob suggested he would l ike some e Statistics on Central, so here roor . ·

We have been in operation smce :;·of 1944. By May of 1946 our assets were slightly more than $100,000 and. by the first of May in 1948 they had 1ust J'ghcly more than doubled to over ~~00,000. It w'as at this. time that the p 'mary Chequing Service was started a~~ as a result, by the first of May of 1950, just two years later, our asse~s had reached almost $850,000. T~ere is

doubt about it, the quadrupling of ~~r assets is directly attributable to the chequing service. In the one year from May 1950 to May 1951 our a.sset~ grew almost as much as they did m the fi rst four years of our existence.

Througout this same pe~iod our shares have risen very steadily, after 1947 the r ises being of about the same amount each year. This wo1:1ld prove a steady increase in membersh1~ as ~ell as a steady growth in the credit umons themselves, since their share purchases are related to their own assets. Needless to say our loans to our mem~ers have kept pace with our growth 10 as~ets .

While I was writing the for~gom?, I wondered if there was any relationship between our growth in assets and the total income of Central. At t he end of our first year our total a~sets were S25 000 and our total earnings were $434 which represents I.7% of the asset figure. The same percenta?e held for the next year and for the third year • - O'- It has risen since then 1t went up . 170. ·1 to 3.4% for the year ending ~pn

. 30th, 1951. This would seem to indicate a fuller utilization of our resources ~s

Although it could be that if we grow. . the greater part of our growth 10 any year occured right after our Annual Meeting rather than just befo.re the end of a year the same result might be reproduced. I am bound to say though that I think our growth has been pretty steady.

I have a beautiful chart showing the total deposits in Chequing and the total withdrawals, month by mon~h. And along with them a line conn~cting th.e monthend balances in chequlDg. It is

CREDIT UNIONIST JUNE, 1951

By RIP ROBINSON

J. R. (Rip) ROBINSON

very interesting but too bi~ f.or p~e~ entation in these notes. It is mten e I that we produce it with our Annua Reports.

. h 'tern which I There 1s one ot er 1 . . would l ike to discuss with you this month. Under the date of May 28th

. d a letter from our bankers we receive . d . . us that the rate of interest a v1s10gs d be

on loans we have with them woul increased by ~ of 1% as of June I.st, 1951. We checked this increase with others and found that in general the banks had increased the rate o~ most loans by this amount to all their c~stomers. Naturally it could only be 10-stituted immediately on De~and Loans and of course will be applicable to all loans taken out after June 1st.

Although the cost of borrowed money does not represent a very large part. of the expenses of Central it i~ my f~eh~g that we will have to cons1~e~ this 10-crease very seriously. Dom1~100 Government Bonds are now selling ?elow par which gives them a yield of sl~ghdy over three percent. If the t~end is for money to earn more on 10ves?11ents then it is possible that the pnce ?f these and other bonds will drop s~ll more. Naturally this could mean a still greater loss to those who purchased bonds at prices above par but to those buying them now it means a return on the investment of more than three per-cent.

This possibility of an increasing rate of return on investments bothers 1:11e

'd bly I t must be coupled with COOS! era . b the increase in the cost of money e-

cause it is the other end of the increase of the cost of borrowed money to us. If our member s would wan~ us. to pay them more on their deposits 10 Central then we will have to charge them more for the m oney they get from us. The decision in t his matter is up to you and although you may not make ~ fo rmal recommendat ion it will be evident if you should decide not ~o use Term Deposits and should de~1de to buy bonds instead. The rate of mterest we pay on shares would be affected too if we make changes on the rate we pay on other funds.

One other point with respect to ~his is the fact that Co-operative organ~zations make it a practice to sell at g~10g market rates and to return the savmgs by way of dividends and interest.

In the light of this general increase in the rate being paid for 1:11oney at the bank and in the increase 10 ~oney obtained from mortgage companies for mortgages it would seem to me that credit unions should give tho1;1ght t.o the matter of rates of interest m theu: own organizations.

Those operating on a general six percent rate might notice the squeeze, particularly with the increased cost of wages and supplies. Those on the rate of 1 % on the first $300 and ~ of 1 % on the balance also will feel the necfessity of increasing rates. If an avera~e rate of earnings of just . ove~ 8% is

. . d by a credit umon it should mamtame . . · h be possible for it to keep m l10e wit general market rates.

21

22

Over the Garden Gate "W. N."

Nothing sets off a home better than a well kept law n. Some people seem to have a natural aptitude in the care of lawns, which, of course, reflects in a well kept appearance. But aptitude or not, if the following simple directions and suggestions are followed, the r esult will be a pleasant summer living space where you can enjoy the outdoors with a feeling of pride in your home sur roundings.

All lawns should be cut once a week, and in wet weather, more often. T he height of the cut should not be less than 1]12 inches. Common lawn grasses are sub-dormant in July and August, which is also the weed period, so too much water at this time will encourage the weeds and they will outgrow the grass. Only water every ten days and be sure to apply sufficient to penetrate to four inches. The best selective weed killer, commonly called 2-4-D is destructive to most broad leaved lawn weeds (and harmless to most lawn grasses) . It is simple to handle, easy to apply and inexpensive. Application may be made at any time of the year when the soil is moist and the weeds are growing actively. Mid June or late August will give good results. By all

means follow the manufacturer's recommendations carefully. Fertilizing should be done in the Spring and Fall (May 1st and August 25th). Application of ten pounds of I 0-6-4 turf fertilizer or fifteen pounds of milorganite per 1000 square feet for two or three years will improve the scruffiest lawns. The best lawns, however, require an annual application of nitrogen fertilizer to give them color and vigor. Divide the material in two parts and apply each half separately in two different directions to get even distribution. Distribution is important; otherwise burning will take place. The material will cost less 'than $1.00 for a lawn of 1500 square feet, but will provide you with a rich, deep green color lawn, whch will require less watering in day periods. Rolling should only take place in the spring after the frost is out and there is no excessive moisture in the soil. Just roll enough to press the crowns of the grass which are heaved by the frost back in contact with the soil.

A good lawn is always a welcome sight and provides a healthy environment for your growing children-so even if you have no aptitude the foregoing instructions may help.

Mt. Pleasant Undertaking Co. LIMITED

KINDLINESS - UNDERSTANDING - DEPENDABI LITY

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Completely installed . (tax paid) .. ... ........ ............................. .............. $505 IMPERIAL OIL ESSO CONVERSION OIL BURNERS

Completely installed (tax paid) ....................................... .......... ....... $515 A Wide Choice of Forced Air CONDITIONING UNITS ........ .... $775 up

Owing to the uncertainty of the steel ma rket, might we suggest those contemplating con verting to o il make arrangements to sink a tank now; the burner o r other equipment can be installed when p resent fuel runs out.

No tax increase on present stock on hand.

By placing your order now, you will save future tax.

FUEL OIL CONTRACT WITH IMPERIAL OIL COMPANY

CASH OR TERMS

Open until 6 p .m. Saturday

CLARK OIL BURNER SALES AND SERVICE

We Cover the Metropoliton Area

3541 West 41st Avenue KErr. 0391

CUNA MUTUAL 60 OUT OF 464

At the close of its most successful year of business, CUNA Mutual Insurance Society ranked 60th among the 464 top insurance companies in the United States and Canada. The N4tional Underwriter's annual compilation of the In-Force Ranking of Life Companies published in April, shows that duria~ 1950 the companies' combined insurance -in-force reached an all-time high of $258 billion, an increase of 9.5% over 1949. CUNA Mutual, with a total cover. age of $606,033,099, had an increase of $183,600,022, or 43%: nearly five times the average rise.

With the bulk if its insurance cover. age in group contracts, the growth of CUNA Mutual has been nothing shon of spectacular. Ten years ago the com. pany ranked 11 lth, and was called "the fastest growing insurance company in the business." At the end of 1948 it had advanced to 82nd place, and by the end of 1949, to 65th . Its five place advance during 1950 compar es favorably with the progress of the largest companies on the North American continent.

A ranking by size alone, however, does not tell the whole story of CUNA Mutual. Along with its rapid increase io coverage, the company has kept an assets-liabilities margin of safety greatly above the average ratio maintained by many older established life insurance companies. During 1950, its assets increased 48%, and the com pany had $136.89 of resources for each $100 of liabilities. No claims of policyholders were due and unpaid at the year-end, and the ratio income to disbursements was 136.96%. This financial stability together with the company's new ranking in total coverage give added weight to CUNA Mutual's A+Excellent D un· ne's Report rating.

The Layman Calls It-Painfully authentic, these distorted

medical histories were originally scrawled by applicants for Accident and Health insurance:

W hipping cough Sprained right angle

Arrested for tuberculosis Interception of bowel Fluenza

Ruptured ear drum from guncussion, io the war.

Gave birth to a kidney stone Hit left thump with a hammer Bilateral litigation for varicose veins Gal blatter attact

Check-up for early minstrel period


[ _--..., 1,

I

·'

YOUR MAGAZINE

Readers will have ootic~d recent changes, and we hope,_ 11?1-prove· roents jo the format, prm~g and

eneral appearance of this magg _ azme.

It is probably no news . to anyone that prin~iog and publish· ing costs have nsen steeply over the past few months and ":'e have now arranged for a ~?re vigorous approach for adverusmg _support from the better suppliers of consumer goods.

By carefully selec~ii;ig both advertiser and advert1smg content we can add reader interest in the 01~gazine, bearing. in mind, of course that the pr10r purpose of the B.C. CREDIT UNIONIST is to reflect the news and views of the credit unions.

It would help all concerned if readers will, wherever possible, give active supp?r.t to the. adver· risers, thus providing a stimulant and encouragement to future efforts.

THANK YOU.

During 1950 the fishermen's cooperatives in British Columbia produced 3.31 % of all fish, fish products aad by-products produced in the province.-Dept. of U.B.C. Extension.

HAVE YOU CHANGED YOUR ADDRESS RECENTLY?

If so pleose fill in thi s coupon ond moi l it to the:

B.C. Credit Union League, 96 East Broadway, Vancouver, B.C.

Nome ················ ······················································· ································ ·····-

New Address

Credit Union Helps Farm Co-op

MOOSE LAKE, Mien. (CUC)-Ten years on a cash basis have doubled the number of patrons and increased sales volume more than five times foe the Moose Lake Co-op Association, according to present manager Ar°:old !- Lundeen. Also, member equity Jumped from 50% to 90% in the first four years of cash trading.

Before the co-op went on a cash basis at the end of 1940, after 20 worried years of extending credit, its pat · rons organized a credit union. Through it they now finance appliance and machinery purchases and borrow for the lean season to buy feed and other farm needs according to Lundeen.

In ~ letter to the neighboring Maple Lake, Wis., co-op, Lundeen says: "We estimate that 10% of the patrons are still trading oo credit elsewhere. They

are good credit r isks. However, con· sidering our success with the cash plan, both from a financial a nd sales volume standpoint, and the friendly attitude it creates we feel that we are on the right tr~ck. Board meetings w hich used 50% of their time in discussing credit problems, can now use their time for other improvements. For the manager, a big disagreeable load is removed."

A full-scale Congressional review of the U.S. anti-trust laws has been demanded by the chairman of the ~re~t Atlantic and Pacific Tea Co. This is the latest move io the campaign of A. and P . already fined $175,000 in October, 1949, for violation of the Sherman Anti-Trust Act, against the pending action t o break up its c~~in grocery business into seven retailing companies divorced from its manufacturing and buying divisions.- Cartel.

----------------------------, CREDIT UNIONS CO-OPERATIVES

AND MEMBERS ... Y S I. Department For Patronage Dividends Patronize our upp 1es

Broadway at Quebec

Letterheads Envelopes Statements

Printing Stationery

Filing Cabinets

B.C. CREDIT UNION LEAGUE SUPPLIES DEPT.

Phone: FAir. 2427

Invoices Blotters Circulars

* • *

* • * Lithographing Typewriters

Safes

Business Cards Dance Tickets Banquet Tickets

Vancouver, B.C.

Booklets Bulletins Programs

Addressographing Adding Machines Office Equipment

CREDIT UNIONIST - JUNE, 1951 23

\

SS V G"R' FINLAY ~79 EAST 27:. ;AVE mcouvER B ·o ! • H' ,,,,.

2B -

SIGHT THE CRIPPl.ER

"ow Manv l reatments

-

f\t $1.50 latb V4i\\

' 1ou Donate.

YOUR DONATION WILL BE USED IN B. C. TO FIGHT THE CRIPPLING RAVAGES OF

ARTHRITIS AND RHEUMATISM Do you know that 42,000 of your fellow British Columbians are victims of Arthritis and Rheumatism ... that approximately 1,500 of these men, women and children are totally or partially disabled ... imprisoned in bed or wheel chair . .. and many, many others handicapped by distorted and painful bands, knees and feet?

Yet , with YOUR help . .. FOUR out of every FIVE Arthrit is victims may, through early treatment, be restored to normal living. Your money will help the Canadian Arthritis and Rheumat ism Society t o FIGHT THE CRIPPLER . .. t o relieve the agony of Arthri ti~ • . • to diagnose, treat and, where possible, to HEAL.

SEND YOUR DONATION TO

CANADIAN ARTHRITIS AND RHEUMATISM SOCIETY

997 W. Broadway, Vam;ouver, B.C:.

Download - c.enterprise-magazine.com/wp-content/uploads/2015/12/1951-June-mag-and... · at eighteen! She likes to play the piano but "just for fun-not seriously." ' In appearance, they are

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