inastratioii :  A  member  secures  a  loau  ou  teu  shares  of  a  mataiifig
value  of  $100  cadi;  at  a  preuiium  of  2-^  per  cent  per  annam,  or  5
cents  per  week.  A  fixed  premium  of  $10  per  share  is  deducted  from
his  loan  in  advance,  leaving  him  $900.  He  gives  security  for  $1,(KK)
and  pays  interest  on  the  same  at  6  per  cent  per  annum.  The  weekly  paj-
mentsare  25  cents  per  share,  which  includes  dues,  interest,  and  premiam.
Every  six  months  the  interest  and  premium  are  deducted  from  the
total  payments  and  the  remainder  is  credited  to  the  stock  as  dues.
The  total  payments  on  teu  shares  for  six  months  are  $65;  this  amount
includes  $30  interest  and  $13  i)reniium,  which,  deducted  from  8&3,
leaves  $22  to  be  credited  to  the  stock  as  dues.
The  number  of  associations  operating  under  this  plan  is  as  follows:

Local. — ludiana,  2;  total  local  associations,  2.
PLAN  47.
Loans  are  awarded  to  shareholders  bidding  the  highest  preminm.
The  premium  is  either  deducted  from  the  loan  in  advance  or  paid  in
instalments  as  the  borrower  may  elect.  In  the  latter  case  it  is  divided
into  a  certain  number  of  equal  parts,  which  are  paid  at  the  same  time
with  dues  and  interest.  No  part  of  the  premium  paid  in  advance  is
returned  to  the  borrower  in  case  of  the  repayment  of  the  loan  before
the  maturity  of  the  shares.
