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Agricultural Credit Societies

Volume 650: debated on Thursday 30 November 1961

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asked the Secretary of State for Commonwealth Relations what progress has been made in the development of co-operative societies in Basutoland; and how far such societies are able to provide credit to their farmer members to assist them in their agricultural and pastoral operations.

There are now over 100 agricultural credit societies in Basutoland. As I informed the House in answer to a Question by the right hon. Gentleman, the Member for Middlesbrough, East (Mr. Marquand) on 30th March, £80,000 had at that time been made available to the Basutoland Administration to finance an agricultural credit scheme through the cooperative movement and to provide loans to co-operative societies.I am glad to say that arrangements have now been made for a further £100,000 to be made available to the Basutoland Co-operative Banking Union from commercial banking sources. The Banking Union in turn will make advances against this sum to agricultural credit societies for crop loans to farmers.