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Page 5 AROUND THE TOWN (Cont, ) CREDIT UNION NEWS (Cont. ) Saturday from Kingston, Ontario to visit for Union). From this accumulated capital,, , the week with their son and daughter~in~Law loans are made to members for any good Verl and Dot Thompson, purpose, at low interest. Any earnings The Dim Bulbs met Tuesday evening at remaining after expenses are paid and the home of Nell Stewart of Schreiber. Ev legal reserves set aside, are returned Garvin opened the meeting and plans were to the members in the form of dividends discussed for the forthcoming annual wind~ on their savings. up to be held this year at the home of LOANS FOR GOOD PURPOSES -~--- Ethel Boyd on May 25th, _ Common reasons for borrowing include Election of officers took place with paying off old bills, taxes, medical ex- the following to hold office for the penses, funerals, home repairs, farm coming year: Lois Haviland - President, equipment, vacations, education, weddings, Mary Byers - Secretary, and Eleanor Ruzyski- to take advantage of financial opportun~ Treasurer, ities, and for family emergencies, Court Whist was enjoyed following the Laws vary as to how much a credit business with Lois Haviland winning first union may lend any one member, but it is prize, second going to Eleanor Ruzyski and common for a credit union to lend as booby to Helen Boudreau. The hostess much as $500.00 on the borrower's. sign~ assisted by Betty Turner served her guests ature and much more with security, with a lovely luncheon, In some places, credit unions make mortgage loans out of surplus funds, 0-0-0 but the main business of credit wions is to meet their members! needs for 3on- CoWele sumer credit, The Catholic Women's League will hold LOW COST CREDIT? their regular meeting this Sunday following Interest on credit union loans is never Benediction. Plans will be discussed for more than 1% per month on the unpaid the Membership Tea to be held in June... balance, and there are no other charges. Each year, many credit unions ar- able to 0-0-0 - refund to borrowers a portion of the in- terest they paid on loans, NOTE OF THANKS Credit unions lower interest rates My sincere thanks to everyone who save members money, thus giving them more was so kind to me during my recent illness money for other things. It is estimated in the hospital, that members saved over $100,C00,000 in © Marg Santerre, interest last year alone} (Western Hemis~ - phere), ae 0-0-0 FUNDS PROTECTED ---- The financial soundness of credit wions CARD PARTY is protected in several ways; A delightful evening was enjoyed by 1. Credit unions operate under law. 2, all who attended the Home and School A supervisory committee of members keeps Card Party at Hotel Terrace last Friday an eye on the operations of the credit evening. Winners at Bridge were Ladies union. 3, Books, of the credit union are High - Lois McCausland; Men's High - regularly examined by government authorit- Charlie Briggs; Ladies Low - Rita Cavanaugh ies. 4. The treasurer and all others in and Low Man - Jack Wellings. In Court the credit union who handle money are Whist Ladies High prize went to Mrs. D, bonded. 5, Reserves are set aside each Koski and Low to Eleanor Ruzyski. year to cover any uncollectible loans, Jan Faust, convenor of the party, and Credit unious have a remarkable record Shirley Nelson, luncheon hostess, wish to '. for repayment of loans; less than 4 of 1% thank everyone who supported this event or are not repaid. The feeling of loyality contributed in any way towards its success, to the credit union, which is owned and : operated by the members, accounts for this, 0-0-0 CREDIT UNION STATISTICS ~~~ End 1953. CANADA CREDIT UNION NEWS No of credit unions 3,548 HOW A CREDIT UNION WORKS -~~ No. of members dig hl Su 588 Members are encouraged to save regularly, Outstanding loana $301,414,761 (Savings are actually shares in the Credit (Cont. on page 6). (Cont. on next col.)