November 1959 - Enterprise Magazine

CREDIT UNIONIST
NOV.• DEC., 1959 - VOL. XVIII, No. 1
Published in Vancouver, B.C.
Bella Bella
Page 4
f'A IJte""~ CA"i' ttntt'
7c 1(cu# 7cc"
Five Decades
Page 8
Christmas Club
Page 14
Board in Action
13
i -----Pa_g_e• • _..
OFF I CI Al PUBLIC AT I 0 N 0 F THE
B. C. CREDIT UNION LEAGUE
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11
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eep CA,.iJttn1J
Your
7Ae
e,.ef/it
CO-OPERATIVE FIRE &
CASUALTY INSURANCE COMPANY
Presents
A Programme
Of Fire And Auto Insurance
Based On A Policy Of
"Direct Selling"
It isn't really a long white beard and a big tummy that makes St. N ick our jolliest
aint, and Santa the symbol of good will towards others. It's the joy of giving! Sure
the old sayings go "The Lord loves a cheerful giver" and "It's better to give than to
receive"- but there is truth too in the homely old saying ''.It's easier to give than to
git", as any unwilling recipient of some horror from a maiden aunt knows.
FIRE POLICY . . .
COMBINED WITH TH E
INHERENT CO-OPERATIVE
PLAN OF PROVIDING A
SERVICE AT COST . . .
WILL PROVE ADVANTAGEOUS
TO THE POLICYHOLDER
So each year the stores campaign, the carols ring out, the newspapers begin their
nsistent reminder of the dwindling shopping days. Mother, harassed by importune
ries from the young fry for impossible gifts, cuts out needed dental work for herself.
ad tries to make the old tire.s do a little longer so that Joh nny can have his fancy sleigh .
Credit Union T reasurers prepare for a heavy demand , as the emphasis rises on
give, Give, GIVE!
YOU CAN BE A PARTNER
IN THIS PLAN .. . BECOME
A POLICYHOLDER. MAKE
AN INQUIRY NOW
How many of us, as we make out the lengthy list of gifts for others, stop long
enough to consider a gift for ourselves?
~~
Our trained insurance specialist representatives will be pleased
to discuss any or all of your insurance requirements
Vancouver Office-96 East Broadway
Phone TRinity 6-5521
Other offices at
VICTORIA, QUALICUM BEACH, PORT ALBERNI, NANAIMO, CLOVERDALE,
GRAND FORKS, TERRACE AND SALMON ARM
Now is the time to give ourselves the priceless gift of savings, to take that pittance from the top of the pile and salt it away. Let's not wait until the pumpkins are
·pe in 1960 to consider Christmas. Let's keep Chri.stm as in our hearts and in the
redit U nion with that regular entry in the savings account.
THE B.C. CREDIT UNIONIST
Official organ of the B.C. Credit Union League, published monthly.
omce, 96 East Broadway, Vancouver 10, B.C.
Managing Editor, Jean Haynes; Makeup Editor, Mary Maharg;
Editorial Board Staff Writers, Cy Harding and Evelyn Bourchier.
Advertising rates on application to the League.
Authorized as Second Class Mail by the Post Office Dept., Ottawa.
B.C. CREDIT UNION LEAGUE: A non-profit organization composed of affiliated credit unions, formed
to organize and assist credit unions. J. P. Lundie, President; R. P. Williams, First Vice-President ; M. Rogers,
Second Vice-President. Managing Director, R. A. Monrufet. - B.C. Central Credit Union: A credit union
which serves credit unions and cooperative organizations. Mana~er, J . R. Robinson. - CU & C Health
Services Society: A medical plan serving citizens of British Columbia with comprehensive coverage for medical
and surgical services, Manager, J. H. Corsbie.
Telephone TR. 6-5521 for all organizations, or staff.
2
B.C . CREDIT UN ION IST -
NOVEMBER - DECEMBER, 1959
B.C. CREDIT UNIONIST -
NOVEMBER - DECEMBER, 1959
~ PR IN TED BY PRICE PRINTING L.TO.
3
THE BELLA BELLA INCIDENT
By FRANK HUMPHREY
nee and real ize that the credit union is
mittee. The Treasurer is the assistant
eir opportuni ty.
bookkeeper from Shearwater. I spent
We held a good meeting. It was no t
Tuesday evening instructing the Treasurer
rge, as some of the men were away
on our forms and bookkeeping. With
1 endi ng nets, working, etc., but it was
his training and the help of "Bobbie"
ry interesti ng. I learned that it was not
the accountant, I do not feel be will have
ncommon for them to have to pay
much trouble.
1,000 for a net which could be bought
As soon as the charter is granted there
~r about $700 if they had the cash and
is a source of money from which to draw.
(, uld shop around. I was so certain that
It is their hope to make some !Oans bepcy would organize that l arranged to
fore next season to equip their boats with
ave the supplies sent ahead. T he sawtwo-way phones, repair engines, perhaps
ill at Shearwater had shut down to alpurchase nets and many other things,
w the Indians and four whites to atthen gradually follow the example of
nd , and about fifteen signed the charter.
Prince Rupert, Gulf & Fraser Fisher men
f these, five are white, including the
and others and become independent. If
i1 in ister. Although this means it will not
given responsibility and opportunity they
!e an a ll Indian credit union, I venture
will respond as first cla.ss citizens.
say it is the first who.se President is
They are also interested in group
full blooded In dian. Chief F rank and
coverage
in C.U.&C. and some program
o other fine young Indians compose
is being worked out for them.
Board of D irectors wi th two whites.
1
e Chairman of the Supervisory ComThe forma tion of this credit union was
_....,_-...._ pittee is th.e .acco~ntant from Shearwater
a unique experience. I am happy that
I was able to have a part in it.
young men and, after calling him by nd the mm1ster 1s on the Credit Comname several times and gett~g no rep~,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
loosened the ropes mooring the boat. We
drifted out into the channel unawares.
TOURING BY WATER TAXI
We did not discover our plight until it
was time for me to leave, about 11 p.m.
We ret urned to the whar f but to get
ashore I bad to clamber over some of
the boats moored there and climb up a
ladder to the dock. When I showed up
th er e was a great scattering of gir.ls, as
they had not expected anyone to come 1
up th ere!.
T hese peop le need
Many of th em earn large amounts at
times but, h aving nowhere to save it,
they spend it uselessly. Some of the
o f course, are more provident and ha.
very fine homes, which represent a larget
financial investment, as lumber and sup~
plies are very costly. They are a very
fine and reliable people. They need guid
ance in the right use of money, but will
make good credit unionists.
There are about 900 Indians and aboutl
25 to 50 whites in the surrounding area.
Many of them are young people, inte!Ji-- - --.....;........
A Clif Bennett Photo
gent and see king a better way of lifeGroham Drew, Extension Services, U.B.C., left, and Jae K. Schroeder, Director of Education,
Some are presently away at high school.3.c. Credit Union i.eogue, right, wait for "water taxi" that took them and Clif Bennett,
At present they are in the hands of thaxecutive Secretary, B.C. Co-op Union, on o tour of the Queen Charlotte Islands' co-operatives
packers, because they have to rely ontnd credit unions. Plane, water taxi, buses and o rented car provid~d transpoi:tation to
them fo r equipment and supplies for th~ueen Charlotte City, Port Cleme~ts, M~sset an~ Ne"!' Masset for o seri~s of evening work. .
. .
;hops and oftemoon house meetings with credit union and co-op officers and members.
f1sh!Ilg season, but they desrre mdependThe tour was mode under the auspices of the fisheries Branch, Extension Department, U.B.C.
0
Some time ago, at the suggestion of
the as~nant Indian Agent atBclla Coola,
I contacted Chief Frank Wi lson and suggested the forma tion of a credit union
for the Bella Bella Indian tribe. We corresponded for some three months a nd I
sent him ma ny pamphlets for distribution among th e residents of the area. A
date was set for our meeting so that I
could give th em a n on the spot rundown
ol' what credit unions are and how a
credit unio n could help them to ga in
independence.
I arrived by plane via Ocean Falls just
after lunch time on October 26th. I expected to hold a meeting that evening,
but fo und this was not possible. T his
was "show night," in all outlying places,
" the show must go on" as they get them
so seldom. l spent that evening and next
morning calli ng on the people in their
homes. Since the fishing season had ended, most of the residents were in the
village, and the meeting was set for T uesday afternoon.
Monday evening some of the men
from Shearwater, a salvage and construetio n operation about four miles away,
came over for the meeting, as the Chief
had told them I was coming up. We had
nowh ere to meet except on their boat.
During the meeting, some of the young
" belles" of the village wanted one of the
4
B.C. CREDIT UN IONIST -
NOVEMBER - DECEMBER, 1959, .c. CRED IT UNIONIST -
NOVEMBER - DECEMBER, 1959
5
1111
Visitors From
Burma
MARY MAHARG
Come you back to Mandalay,
Where the old Flotilla lay,
Can't you he'Jr their paddles chunkin'
from Rangoon to Mandalay.'
With Miss Monrufet
On the road to Mandalay,
Where the flying fishes play
And the dawn comes up like thunder
out of China 'crost the Bay!
The dawn may still come up like
thunder, but there have been a few major changes in Mandalay since Kipling's
time. Mandalay is now a modern city
with paved streets, up-to-date office buildings and-alas for Romance!- the shy
little Burmese maiden is now an emancipated young lady who works and votes
on an equal status with the Burmese men.
This information we received first
hand from two young men from the Cooperative Department in Mandalay, who
visited the League office last month. U
Chit and Tin Aung came to Canada,
under the Colombo plan, to learn about
the Canadian credit union and co-operative movements. They speQt six weeks at
St. Francis Xavier University, then travelled across Canada, visiting credit unions
and co-operatives en route.
"We were particularly interested in
Nova Scotia's housing co-operatives,"
said Tin Aung. "We have none of these
in Burma, and we are going to recommend them to our department."
There are about l 5,000 co-operatives
in Burma, they said. The co-operative
movement started there in 1904, but received fresh impetus when Burma attained her independence in 1948. The movement has grown rapidly since then. Most
of the co-ops are multi-purpose- credit,
marketing, consumer co-ops and many
others.
6
The two principal cities in Burma are
Rangoon and Mandalay-Rangoon is the
.
capital. Parliament consists of two houses
-the Lower and Higher Houses, under Er petticut was yaller and 'er little
For the temple bells are calling
a premier, General Ne Win. The popul
cap was green
About 95 % of Burma's people are
tion is o~er l 9 million.
.
Both Tin Aung and U Chit had family
Buddhists and there are many beautiful
U Chit and Tm Aung said they founb ictures in their wallets and we admired
Buddhist temples throughout the country.
the standard of living much higher in the lovely ladies and the charming native
This emphasizes the fact that, regardCanada than in Burma-but, of course, costumes. In Burma both men and woless of race, creed or political affiliation,
the cost of living is much higher too. men wear long wraparound skirts-the
the credit union movement benefits all
The average Burmese worker makes men's skirts. are tied in front and the
people, all over the world, bringing them
about $350 a year, but the average meal women's on the side. With these are worn
closer together in brotherhood and unjackets- plain jackets for the men and
in a cafe costs 20c.
derstanding.
e laborately embroidered ones for the
When the mist was on the rice-fields. women. On ceremonial occasions the
Our best wishes go with U Chit and Tin
men wear head scarfs in pastel colors,
Aung on their return to their own counRice is Burma's chief export, but they usually pink or pale yellow. These are
try. May the knowledge they have gained
also produce cotton, teak, petroleum andtalled "gaung paung" and are tied at the
in Canada of our credit union and corubber.
ide of the head. Slippers are worn inoperative movement help them to help
their fellow countrymen.
Over hot beef sandwiches and lemon tead of shoes.
pie in the Co-op lunchroom, the b o y s - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - said they were getting accustomed to
KENT FRANCIS OF CUNA STAFF VISITS B.C.
Canadian cooking, which is not as spicy
as the Burmese cuisine. They said th
bad visited some of our Chinese resta
ants and found the food there very similar to their own rice and curry.
. .. And the blasted Henglish drizzle
wakes the fever in my bones . . •
They had more difficulty, they said, in
getting used to our climate, which they
thought decidedly chilly. Burma has
three seasons- summer, from March tOSl"ll"T""W'
June, when the temperature soars to 100
and 105 degrees; the rainy season, fro
June to October and winter from Oct- e consumer
'
'
$700"-said
ober to March, when the thermomete rancis af the
may fall as low as 50 degrees.
•taff visiting
B.C. CREDIT UN IONIST -
~er.
"Now to give our
members all service
we need to take care
of that debt. Do we?"
"Multiply membership
by $700.00 that's
what you should hove
-subtract your present assets."
NOVEMBER - DECEMBER, 1959 ~.C . CRED IT UNION IST- NOVEMBER - DECEMBER, 1959
"See the difference?
l'hot's what you have
to strive for."
"You can't feel you're
doing o job till every
member's credit needs
ore met/'
7
FIVE DECADES OF CREDIT UNIONS
u
to financial affairs. Their capital came
from th e savings of their members, and
only members could borrow from the
jcredit union. The objective of the credit
~nion was not profit, but to encourage
hrift and to make availab le a source of
edit at a low rate of interest. "We
uman beings are one," said F ilene, "and
e can truly express ourselves only as
lwe express our unity."
Today, credit unions continue to operate in exactly the same way.
A merica was fast approaching World
War J. The war years brought the country a new co nsciousness of its place in
fVOrld affairs, and a new understanding
b f the power of its economy. When it
was over, this war to end war, it left bep ind it the continuing struggle for peace.
Filene was a leader in that struggle.
is interest in the League of Nations led
his invention of the simultaneous transator wh ich made it possible to translate
a speech in any desired language simultaneously with the delivery of the original. T his translator is used in the United
Nations today. Filene was still pursuing
his dream of the unity of mankind.
On the economic front Filene continued b is interest in the credit union as a
un ifying force. Devoting much of his
time and a mi llion dollars of his personal fortune to the movement, Filene
t
Today's housewife would no more
th ink of going shopping without her collection of charge plates than without her
purse, but it wasn't always this way. The
story of the development of consumer
credit in the past 50 years is the story of
one of the most dramatic- and overlooked- revolution s of our time.
Those early years of the 20th century
were gay, self-confident, innocent years.
Henrv Ford's model T had ushered in
the age of the automobile hand in hand
with the age of mass production. Two
ex-bicycle repa irmen named Wright had
risked their Jives over the soft sands of
Kitty Hawk in a contraption called an
airplane; Teddy Roosevelt had dropped
his big stick to go big game hunting in
Africa. Jack Johnson was the world's
heavyweight champion.
But not everyone shared in the national optimism. Edward A. Filene, Boston merch ant and philanthropist, saw the
Panic of 1907, and recognized it as a
symptom of economic disease. He saw
the jobless, the apple-sellers, the slums.
Most important, he saw working men
whose average wage 'was less than $2 .00
a day, borrowing money from the loan
sharks at interest rates ranging from 180
to 360 per cent.
The loan shark could operate at these
rates because there was a need for credit,
and no other source from which a working man could get it. Legitimate lenders
weren't interested in making short term
8
loans to a man who had nothing to off
as security other than his good name an~
the promise of fu ture earnings. There
were no low cost loans, no charge accounts, no time payment plans, nothing
but cash on the barrelhead for the great
wage earning population of America's
growing cities.
Filene realized, as few men did in those
days, that an economy geared to mass
production needed mass consumption to
balance it, but he also could see that
there would be no mass consumption
while usurious interest rates were eating
up the
purchasing
A way
had
to people's
be found
to bring power.
credit at
rea-
continued to work for credit unions. In
1921 he set up the Credit Union National
Extension Bureau to form new credit unions and work for the passage of credit
union laws.
Credit unions spread from coast to
coast. Even the most destitute could save
a little, and together it made enough to
give people an alternative to the loan
shark. More states passed credit union
laws. Canada had passed its first act in
1906, and by 1939 with the passage of
the B.C. Act all the nine provinces were
forming credit unions.
Credit un ions grew to 190 by 1920
in the States, by 1929 there were 974.
In 1944 there were more than 8,000
credit unions. Today there are more than
19,000.
Credit unions have grown up at a time
when the w hole philosophy of credit was
changing. How much change was as a
direct result of the influence of these doit-yourself groups is problematical, but
they do have the distinction of being the
first to prove that the average man is
perfectly capable of hand ling all his financial resources, including credit. When
credit unions first came on the scene,
there were few places wher e the wage
earner could get a loan. Today, even the
largest banks are actively seek ing his
business.
~;.rJ~~~~i~~~tj~~
~~~~~~1~i~~~~
sonable rates to everyone.
On a trip to India, Filene saw finan- i'
cial se lf-help societies operating in the r.:'."".~~t.1~-:[email protected]~~~~;
villages, in which people saved toget
and made useful loans to each oth
F ilene thought the idea could .be adapted
to America. When he returned to the
United States, he soon heard of a Canadian named A lphonse Desjardins who had
worked out a similar nonprofit, self-help
organ ization in Quebec, in 1900. Soon,
Filene, Desjardins, and Massachusetts
Banking Commissioner Pierre Jay had •
combined their forces to bring these
groups to the United States. They called
INDONESIAN VISITORS
them credit ~nions. In 1909, the assachusetts Legislature rewarded their ef.
.
.
.
·
h
h
f'
t
d.t
·
I
·
Johjo
Senawat
and
A
Safjan
Abd
ullah,
of the Sea Fisheries Department, Indonesia, paint out
.
forts w.it t e lfS ere 1 umon aw m their homeland on the globe for Jae Schroeder,
Director of Education, B.C. Credit Union
the Umted States.
Lea gue. The Indonesian visitors called at the League Office last month on their way home
Credit unions brought a new attitude after a four months visit in Canada to study co-operatives and credit unions.
B.C. CREDIT UNIONIST -
1:f
NOVEMBER - DECEMBER, 1959, B.C. CREDIT UN IONIST- NOVEMBER - DECEMBER, 1959
9
EADER'S DIGEST DISCUSSES
'EASY CREDIT"
AROUND THE GLOBE
NEW YORK: An article in the Sept.
ssue of Reader's Digest entitled "Easy
redit for Everybody; Boon or Menace?"
condensed from The Rotarian) gave a
undown on various new credit plans
vailab le. It's worth reading.
*
CHILDREN'S BANK SAVINGS
HIT ALL-TIME HIGH
NEW YORK: U.S. school children had
$216.3 million on deposit in school savings accounts at the e nd of the 1958-59
school year, according to a survey by a
committee of the ABA. More than 6
million children in 17,000 schools were
represented, and interest paid by the
banks on the children's savings totaled
$4.4 million.
KIMBERLEY: Chalking up some sort
of record Kimberley sat down in its office just prior to Credit Union Day and
came up with some statistics on growth.
Organized: 1944. Assets, 1952: $63,000.
Assets 1959, $968,000. Assets increased
50% in the past year-from $680,000
to $968,000-and the credit union intends to try to push it over the million
mark before New Year's.
SAANICH Peninsula Credit Union
got a handsome spread in the local Review for Credit Union Day.
Cobble Hill has held an Annual Fall
Fair for a great m any years and of
special interest this year was a Baby
Contest, sponsored by the local P.T.A.
The Cobble Hill Credit Union took
keen interest in this event and donated a
pri~e for the "Best of the Show Baby",
which was won by Brenda Simard.
Brenda is one year old, the daughter
of Mr. and Mrs. Ray Simard who are
both faithful credit union members and
Brenda has been a member for the past
two months.
10
*
Terrace Credit Union bas helped the
lnew International House Credit Union
roff to a good start. The day following
the organizational meeting of the International House C.U., Mrs. Hilary Brown
received a check for $300.00 from Terrace to be deposited in the new student
organization.
Terrace C.U. was greatly impressed by
discussion and resolution at the Kelowna
Convention on assistance to foreign stu~ nts and h ad asked Mrs. Brown to keep
em informed as to the progress of the
redit union among these students so
ttha t they could give them immediate help.
The Terrace Credit Union realised that
be financial resources of the student
,members themselves are extremely limited
and unless people and organizations interested in the development of better
elations between the various races of
the world pitch in and help, the service
that this new credit union could give to
the member students would be severely
limited.
*
President R. E. (Bob) Tyldsley, Director of
CU & C Health Services Society, Vice-President S. W. Mercer ond Past President,
Founder and member No. 1 C. W. (Don)
MocKay look on as Ron Timmins, Treasurer,
hands passbook No. 1000 to Rita M. Nosh
in the V. P. Credit Union office, on October
20th . The sum of $25.00 (the statutory S
shores) was contributed by V.P. Credit Union
as a memento of this occasion.
Constable J. T. Nash of the Vancouver Police
Force is member No. 446 and in choosing
to join the same Credit Union, Mrs. Nash
(formerly a member of Credit Union IWA
217) became No. 1000 of V.P. Credit Union.
*
*
*
*
*
AG PICKERS OF TOKYO
ORM CREDIT UNION
T he photo shows Brenda receiving her
membership passbook from Mrs. J.
Stuart.
Cobble H ill Credit Union since it's
incorporation in 1953 has proven a wonderful asset to the district has taken
an acti ve part in all community efforts.
B.C. CREDIT UNIONIST -
NOVEMBER - DECEMBER, 1959
In the slums of Tokyo a group of rag
pickers has started a credit union with
the help of a German missionary who
wrote CUNA's World Extension Department for help.
"It is a very small beginning," he wrote,
explaining that it took a long time to
convince the rag pickers that saving in
the credit union was not giving money
away. "The next thing they h ave to
understand is that they have to use their
money for economic progress . . . It takes
patience and three times patience in these
surroundings."
B.C. CREDIT UNION IST -
*
*
Chalking up another first, Vancouver
Federal Employees Credit Union has
started construction on quarters on Melville Street. T he Federals were one of
th e first credit unions to build their own
home, and are, we believe, firs t in B.C.
to outgrow their quar ters a nd purchase
new property.
Mr. A. L. N icholas, President Emeritus of the League, is a patient in Shaughnessy Hospital as we go to press.
ANTIGONISH: Death of Monsignor
M. J. MacKinnon, Executive vice-president of St. Francis Xavier University, recently broke another link in the chain with
the early days of the movement here.
Monsignor MacKinnon was one of the
Extension Dept. staff who helped the
organization of the first credit unions in
B.C.
SASKATCHEWAN: A province-wide
public speaking contest for Grades 11
and 12 has been sponsored by the Movement. Winners of district contests meet
in Regina to compete for two grand prize
awards, $500 and $250 for furtherance
of education. D istrict prize winners get
$30 and $20. Prize money is to be deposited in the winner's credit union account until he gr aduates from Grade 12.
V.P. CREDIT UN ION
MEMBER NUMBER 1000
*
*
*
A pleasant p ostcript to visitors from
other parts of the world is established in
the letters which flow into B.C. with
exotic foreign stamps and good wishes
from our friends. The H ornby Island
credit unionists have a blanket invitation
to visit Malaya- or is it Ceylon?
*
*
*
Credit unions' lower interest rates on
loans save members money, and t hus give
them more money to use for other things.
It is estimated that members saved over
$17 5 million in interest last year alone.
NOVEMBER - DECEMBER, 1959
*
*
Today in North America there are
25,000 credit unions with 12 million
members. In the United States there are
18,500 credit unions. Canada has 4,400.
11
In his reply to the variation on dividends within individual credit unions,
bonds, etc. in the August issue, The
Answer Man said, "On the other hand
all savings (up to $2,000) are immediately covered by insurance in the credit
union in a n amount according to your
age at the time of saving."
Mr. Don Smith , Assistant Director,
Policyowner Relations Department of
Cuna Mutua l Insurance Society in Hamilton writes as follows: "As you know, our
Life Savings contract contains physical
requiremen ts. Tn my opinion, th e above
statement holds out a prospect of ins urance which cannot be realized by credit
union members in every case. In our
enthusiasm to explain the value of Life
Savings insurance to credit union members, we sho uld be careful not to mislead them.
"I believe this statement could be made
more factua l by inserting the word "eligib le" so that the sentence would read ,
"On the other hand all eligible savings
(up to $2,000) are immediately covered
by insurance in the credit union in an
a mount according to your age at the
time of saving."
Mr. Smith has also drawn our attention to "Talking It Over" on Page 14,
which says: "And your account is automatica lly covered by life savings insurance wit·h out cost." Mr. Smith reminds
us: "Life Savings insurance is not provided a utomatically on the life of any
member and it is hardly correct to s uggest that this important benefit is made
"A
available without cost. Apparently this
sentence is a quotation from an individual credit union. No doubt, in its
field of men:~ership, th~re are people
who are 10eltg1ble for Life Savings insurance benefits. If so, this sweeping
statement would be very misleading to
them."
The answer man concurs heartily with
Mr. Smith's rem arks. While Cuna
!"'tutual has extremely liberal coverage
1t 1s only common sense to realize that
there must be restrictions in coverage.
As Cuna Mutua l is our Insurance Company we must also realize th at the restrictions are for our own benefit and
are wholly consistent with providing as
much coverage as possible for credit
union members, as a whole, by insurance
on eligible savi ngs, made by eligible people, and ins urance on eligible loans which
assure that the "Debt Dies with t
Debtor."
*
*
Meeting almost every month the eighteen members of the
Board carry on the business of the League between Annual
Meetings. This year the agenda is particularly heavy, with
the Reserve Fund, Chapters, and projected revised Act high
on the priority list.
While the meeting of October 24th wasn't unusual, it did
provide a photographer's holiday, with guests from faraway
places adding to the color and interest.
They hold meetings:
i.Jlouse personnel.
with
International
From Rossland, Prince
Rupert, Nanoimo, and
across town Directors
travel all distances fo r
meetings.
Some standMr. A. Hamid of Khartoum.,
Sudan
come
as
guest of J. Herriott. He
is studying Vancou ver
traffic operation.
*
Question: I understand that some banks
are offering an insured savings plan, how
does that compare with our Life Savings
Plan?
Answer: One bank, to my knowledge,
has a plan by which you make an agreement to save $1,000 by making regular
deposits of $20.00 per month for 50
months. If you should die before the expiry date of the agreement your account
would be credited by way of insurance
with whatever amount is necessary to
bring your account up to $1,000. U nder
o ur plan eligible savings are immediately insured from the date of dep os·
according to your age grouping at th,
time up to a maximum of $2,000. So
then, if you have saved $ 1,000 before
you are 55 years of age your estate
would be worth, not $ 1,000 as in the
case of the bank, but $2,000-$1,000
that you have saved plu.s $1,000 insurance. There is quite a difference.
There is fun too-Mrs. May Campbell
newest director brought in a birthday cake
for Rod Glen on Oct. 24th .
The two major committees meet on Saturday. Policy studying revision of the
Credit Union Act.
The Promotion Committee checking School
Savings Club progress.
It takes lots at wind
to blow out those
candles, Rod found.
Some guests sitKent Francis " ob·
secving.
1
'
DIGNIFIED SERVICE AT A CONVENIENT COST"
Chapel of Chimes
HARRON BROS. LTD.-FUNERAL DIRECTORS
SS East 10th Ave.
Vancouver, B.C.
TR. 6-8877
12
B.C. CREDIT UNIONIST -
NOVEMBER - DECEMBER, 1959
Reports from Committees are shared
by the Board as a whole.
B.C. CREDIT UNION IST -
After sitting for eight hours the
pose becomes re laxed-but the
business goes on.
NOVEMBER - DECEMB ER, 1959
13
From Christmas
Club To
Credit Union
By CY HARDING
(THE STORY OF THE B.C. MOTOR TRANSPORTATION EMPLOYEES)
After the Christmas season was over
in 1937, and the practical spirit of the
New Year had taken over, a number of
the employees of the B.C. Electric who
manned the Seattle run , talked over the
pro?lem of Christmas financing. They
decided that to make Christm as 1938 a
better one for their families and to be
able better to meet the extra expense,
they would start a Christmas Club among
themselves.
They were steadily employed. They
were a compact group, well known to
eac·h other. Their pay was good. After
som~ lunch hour and shift change discussions, twenty of them agreed to put
one dollar a pay day into the club. This
would assure them of $25.00 each for
the coming Christmas. They appointed
Mansell Miller their collector and treasurer.
One member, Arthur Scott, working
out of the Vancouver depot, made his
home in Seattle. He talked over the new
Christmas Club with his friends and fellow workers in and around the Seattle
depot. Scott discovered that the Seattle
bus drivers also had financial problems.
They, too, had talked them over. The
results of their discussions, however, had
been different to the Vancouver idea.
The Seattle workers had decided to form
a Credit Union. lt was now in operation
and from its members, Scott learned
sof!lething of the workings of a credit
union.
Scott carried the news of bis discovery
back to the other members of the Christmas C lub. In the Christmas Club, be
pointed out, they put the money in a
bank. The bank lent the money out to
14
people who needed it and who bad adequate security. The bank collected interest on these loans and paid the depositors a part of this interest. In Seattle
through the Credit Union, the worker~
acted as their own bank. They, them
selves, lent the money they had saved
to the members of the credit union who
needed ready cash. In this way the
Seattle fellows received all the interest
paid by the borrowers. Wouldn't it be a
good thing to do the same as the fellows
in Seattle and go into this Credit Union
deal?
The new idea brought by Scott was
examined. At lunch time, between and
after . shifts, it was discussed. Finally a
meetrng of the Club was called in the
depot and it was decided to look into
this credit union business. M. Miller and
A. Scott were appointed to go to Seattle
and find out all they could and report
back.
Scott and Miller spent a day in Seattle.
Mr. Borroughs, the treasurer of th
Seattle Transit Workers Credit Union
went over the operation of the Credit
Union in detail. He explained exactly
how it was organized and showed the two
visitors. how the books were kept. Scott
and Miller were greatly impressed.
On their return to Vancouver, they
gave a thorough and enthusiastic report.
On the basis of this report, the members
of the Christmas Club decided to re~rganize into the B.C. Motor Tr~nsporta­
tlon Employees Credit Union. They
wrote to Cuna for guidance and the necessary supplies. In May, 1938, their Credit
Union commenced operations.
Mr. Ed Tbirkel was chosen president;
B.C. CREDIT UNIONIST -
NOVEMBER - DECEMBER, 1959
1
Mansell Miller, treasurer, Stan Lane,
auditor and Con Colton, chairman of the
supervisory committee.
The limit of twenty members was lifted
and all employees of the B.C. Motor
Transportation Co., were invited to join
the credit union. The company was approached for office space.
Before granting permission for the use
of office space, the officials of the B.C.
Electric decided to look into the purp ose, methods and legality of credit
unions. The company's solicitor reported
that while there was no enabling legislation at that time neither was there any
law forbidding them. They were, therefore, legal organizations. The investigation into the purpose and methods of the
credit union movement was so favorable
that one of the company's vice-presidents
ioined and put in $25.00 of share capi11-and promptly forgot all about it.
The change from Christmas Club to
credit union brought a slow and steady
growth. No real effort was made to recruit members and they stayed pretty
much the workers on the Seattle run. By
1947 there were 263 members with assets of $7 ,62 1.04. Then there set in a
steady decline.
"We were a pretty conservative bunch,"
said Ed Thirkel, the former president, in
discussing this decline. "It was easier for
the members of Stry or Elco to get loans
-they were larger and had more funds.
We did not affiliate with the League and
so could not offer either life savings or
loan insurance. Both Stry and Elco did.
Then our section was becoming more and
more a part of the B.C. Electric general
organization and we were losing our
identity as B.C. Motor T ransportation.
The Credit Union had served its purpose,
so we encouraged new applicants and
even our old members to join one or the
other of the available credit unions. Stry
and Elco both bad payroll deductions
while we did not. They were giving better service and the desire to keep our
own credit operation was gone."
By the end of 1953, the second credit
union in B.C. to start operations had
dwindled down to fifteen members with
$778.00 of assets. In February, 1954, it
was officially dissolved. The distribution
of the remaining assets among the members reminded the forgetful vice-president that he was a member and he was
pleasantly surprised to find out that his
forgotten $25.00 had grown to some
thirty two odd dollars. Each of the remaining members received approximately
$6.00 for every $5.00 share that remained
in the organization when the final distribution was made.
PRIZE WINNERS
1487 P. Smedley, 1946 Comox
$25 Certificate
4692 C. Thomas, 525 E. 46th
$25 Certificate
4384 H. R. Lonsdale, 4444 W. 14th
Lamp
44 G. Allan, 2220 Kitchener
TV Lamp
1733 M. W ilson, 2939 Turner
Cannister Set
2743 L. Mcleod, 495 W. 23rd
Knife Sharpener
1736 D. Burton, 1735 Upland
Soda Set
2812 H.J. Scott, 1610 W. 60th
Ronson Lighter
VANCOUVER CHAPTER
OF CREDIT UNIONS
Mote: Chapter Meetings are held on
the first Thursday of the month, in
the Co-op Coffee Shop, 56 E. Broadway at 8 p.m.
B.C. CREDIT UNIONIST -
NOVEMBER - DECEMBER, 1959
THE BOARD IN ACTION
~
See Page 13
~
To the average member just as
long as he can get money when
he needs it, operation of his credit
union is of little concern. But to
the Board who must set policy,
approve investments, decide interest rotes and hire employees, their
volunteer service requires a genuine
interest in the movement.
Likewise on the League level,
election to the office of a Director
of the B.C.C.U . League implies
hours of volunteer service given
gladly.
Your League Board meets for a
full Saturday most months, sometimes meetings begin Friday night,
and spill over into Sunday.
The meeting on Oct. 24th,
photographed on page thirteen was
a typical meeting, from nine to six.
15
Mutual Aid Fund
Saves Credit Unions
T.6.KlfJ<i THE'
,. ILL ••
To All Members
OUT OF
BILLS-
of
The C. U.
C. Family
&
The Board of Directors, Management and Staff of our Society
join with me in extending to you and yours sincere wishes for
A Joyous Christmas
and a
Happy and Prosperous
New Year
HOWARD C. HUNTER
President
c. u.
&
c.
Health Services Society
96 East Broadway, Vancouver 10, B.C.
16
B.C. CREDIT UNIONIST -
NOVEMBER - DECEMBER, 1959
Vancouver, B.C.
Mr. J. W. Darling,
Vancouver Federal Employees C.U.,
1141 Robson Street,
Vancouver 5, B.C.
Jear Mr. Darling:
I would like to thank you very much
indeed for your letter of July 29th explaining the outcome of my husband's
debt with the Credit Union and his inabi lity to keep up payments.
I feel very grateful for the benefits of
the Credit Union about which I had
known so little until my husband's illness. When he first became ill a year
ago, our troubles seemed insurmountable and when we learned he was permanently disabled, things seemed blacker
than ever. The fact that the debt with
the Credit Union has been cancelled has
helped immeasurably. I appreciate, too,
that the settlements were made as of the
date of disability, resulting in a refund
,f $161.90.
Thank you again for the attention
given to finali zi ng our account in a way
so helpful to our family and also for the
kindly and considerate manner in which
I was dealt with in your office by Mr.
Sale and yourself.
Yours sincerely,
Now that our B.C. Provincial Reserve
Fund is just about ready to get into operation, we are particularly interested in
reports from Saskatchewan under the
above heading.
Heavy defalcations in two credit unions
saw some members threatened with the
loss of the greater part of their life's
savings. The treasurers had been sentenced to prison terms, but remaining
assets were frozen and operations suspended until a course of action was determined.
The Mu tual Fund made interest-free
loans to the credit unions so that they
could use income from the loans to apply
against losses. Jn addition the operating
expenses were paid from the Fund.
New credit un ions were organized in
each district to provide full credit union
service. As the deficits became smaller,
equity rose. After fi ve years under the
sponsorship of the Mutual Aid Fund
fin al losses were wiped out by grants, aod
the cred it unions in each area amalgamated.
One large shareholder who had expressed grave concern over the probable
loss when the defalcation occurred, recently stated his personal appreciation of
the assistance being rendered the movement by the Mutual Aid Fund. He said
that in his opinion, as a result of the
lessons learned, and the resultant adequ ate supervision of credit unions, a disaster of such proportions could not happen again, and that the savings of the
members would henceforth be as safe in
the credit union as they would be in any
other financial institution.
An o ld-timer is one who can remember when a member of the "beat generation" was a lad leaving the woodshed.
(name withheld).
The above letter from the wife of a
Postal worker who had to give up his job
because of a permanent disability, tells
just what the protection that goes with a
Credit Union loan can mean in such a
case.
B.C. CREDIT UNIONIST -
NOVEMBER - DECEMBER, 1959
WHEN IN PRINCE GEORGE
Downtowner Motel
Fully Modern
3rd Avenue
Bruce and Laura Low
17
BUY NOW - PAY LATER
SHOP
and
IT ONLY COSTS
30% MORE!
Buying on time can cost you, the consumer, up to 30 per cent more.
That's a whopping interest rate, more
than the 10 per cent or so that many
people think they pay when buying a car,
clothes or appl iances on the "buy now,
pay later" plan.
What they don't realize is that the
amount of their loan is reduced by
monthly payments.
An article in the current Canadian
Packinghouse Worker by John Lenglet
gives this example:
Suppose you borrow $500 to be repaid in 12 months at $46 per month.
That means you pay back $552.
Now $52 interest on a loan of $500
for one year is 10 per cent.
But- you only had the $500 for one
month. After that, it was reduced by the
monthly payments of $46. Your average
loan for the year, then, was closer to
$250, and your interest was close to 20
per cent.
The Lenglet article quotes a survey
for the Gordon Commission made by
Prof. William C . Hood, who found that
buyers usually don't know and don't find
out or figure out what interest they pay
when they buy on time.
Stores, car dealers and finance companies aren't too eager to tell you, either.
"We tell the customer what the service
charge is, if they ask," says one.
Another says that customers are more
interested in monthly payments than in
the rate of interest.
"There are so many gimmicks included
in finance charges that you have to be a
mathematician to translate them into a
18
simple form of interest'', the Lenglet
article says.
Auto financing is the big worry, the
Lenglet article shows, since when you
finance a car through a dealer you
liable to have to pay added charges, inJ
eluding a registration fee of up to $2, a
contract fee up to $25 and complete insurance coverage with an affiliate of the
finance company, which could go up to
$75 or more.
Consumer debt in Canada is running
at about one and a half b illion dollars,
most of it in cars. "Canadians," says
Lenglet "cannot afford to ignore interest
charges."
What's best? "Credit Unions are the
best answers to the loan companies," he
concludes.
If you're still skeptical, look at this
little table which Lenglet has drawn up:
What you pay for 12 Month LoanCall loan, bank: loan $484.26; monthly payment $41.67; total repaid $500.0
interest rate 6% .
Personal loan, bank: loan $500.00;
monthly payment $44.3 3; total repaid
$5 31.91 ; interest rate 12 % .
Finance Co. $503. 11 ; monthly payment $47:00; interest rate 21% % .
T . Eaton Co.: Loan $500.00; monthly
payment $44.97; interest rate 13% % .
GMAC-New car: loan $500.00;
monthly payment $45.34; interest rate.
15 \4 % .
-Used car: loan $500.00; monthly
payment $47.65; interest rate 25% .
Used Car Co.: loan $500.00; monthly
payment $49.00; interest rate 30\12 % .
"Maritime Co-operator".
B.C. CREDIT UNIONIST -
NOVEMBER - DECEMBER, 1959
FOR SALE-Piano accordion direct from
Italy 15 treble and 7 bass switches with
tone 'chamber for bargain price. Phone AM.
1-1845.
PUPPIES-Cockers $25, registered Beagles
$50, Christmas delivery $5. N. Emery,
Ankorbar Kennels, R.R. 3, Hartley Rd.,
Mission. Phone PRospect 9-9462.
FOR SALE-Purox, Oxy-Acetylene Outfit,
tips No. 2 to No. 5, regulators No. 205-6,
worth $285, will sell for $150. Write to P.
Schultz, Squilax, B.C.
WE HAVE A MEMBER willing to sacrifice
a $600 credit note for a new car from
Duecks on Broadway. What offers? Write
to North Kam.loops and District Credit
Union, 439 Tranquille Rd., North Kamloops,
B.C.
FOR SALE-New Gestetner Duplicator with
3-drawer Steel cabinet, fully automatic control, triple color change. Displayed at 675
W. 32nd Ave., Vancouver, B.C. Phone TR.
6-4289.
YOUNG LADY, 36-20-36, attractive, intelligent, reads B.C. Cooperator. You can,
too. Send $1 for I 0-month trial subscription to Coop Union, 5 E. Broadway, Vancouver 10, B.C.
COMPLETE SET of Flavorite Waterless
Cookware never u npacked~sells for $200.
What offers? F. H . Humphrey, Room 14,
96 E. Broadway, Vancouver 10, B.C.
FOR SALE-1950 2\.-2 ton Chev. Dump
Truck. NEW MOTOR, good rubber, $750
cash. Phone AM. 6-4646 after 5 p.m.
IF you want to SWAP, SELL or BUY •end your
ad copy (moximum 25 words) and $1.00 to
Advertising Dept., B.C. Credit Union League,
96 £. Broadway, Vancouver 10, B.C. Deadline
12th.
MORE NEW OFFICES IN "SITE"
Kelowna, host to the 1959 Convention bas bought the Wilson Block in
Lawrence Street and plans to take occupancy early in 1960.
Bids are out for tenders for construction of Alberni & District's new building, while Vernon & District bas already
had its permit issued for a $45,700 building on Schubert A venue.
RUBBER
ST AMPS
FOR ALL PURPOSES
SEAL.5
STENCILS
SUP PLI ES
WESTERN STAMP WORKS
346 West Broadway
B.C. CREDIT UN IONI ST -
Vancouver, B.C.
NOVEMBER - DECEMBER, 1959
19
CHRISTMAS GLOW
SANTA RIDES AGAIN
MARY MAHARG
Twas the week before Christmas and Santa was stewing"Those confounded reindeer will be my undoing!
Prancer and Dancer have corns on their hooves,
And Comet's acquired an allergy for roofs.
Rudolph has been drinking the mince meat brandy,
Till his eyes are crossed and his legs ar,e bandy.
Donner froze his antlers and is feeling very cross,
Blitzen's in love again, so he's a total lossl 'd pension them all off if only I could,
And the sleigh's just a broken down old hunk of wood
The runners are cracked and all the springs sag,
And the moths have got into my old toy bagIt's driving me crazy," said Santa , and sighed again
'·But I know that on Christmas Eve Santa must ride again."
"Now don't fret, my dear," said his wife soothingly,
"Here's a tranquilizer, and a nice cup of tea."
"I don't dig you Dad," said his son, Junior Claus,
"I think you're way off the beat, man, because
A sleigh is old fashioned and reindeer are square,
What you need is a jet to get you here and there."
"A jet!" said old Santa, "It's never been done,
Still-thinking it over- it might just be fun,
I'd get my deliveries done quick as a flashBut jets are expensive and I don't have the cash."
"Then see the credit union, for don't you know
When you need a loan like this-that's the place to go"
"You're right, my boy," said Santa Claus, "How could I forget?
We'll get a credit union loan, and we will buy our jet,
The credit union's there to serve, no matter what the weather,
To help out all our members, because we work together."
So, on Christmas night, if you see a jet go streaking o'er the city,
You'll know that Santa rides again-thanks to the Credit Committee.
20
B.C. CRED IT UNIONIST -
NOVEMBER - DECEMBER, 1959
For that wonderful magic in your fireplace try mixing your own "flame powder" using epsom salts or common rock
salt as a base. For red add strontium nitrate, blue, barium nitrate, green flames
are produced by copper chloride, and
bluish flames result from copper sulphate.
The last provides the cheapest source of
color and should provide the base for
your mix.
Personally I gauge the amount of the
other chemicals by the cost. Keep your
glow in a glass jar and sprinkle a ~mall
amount on the fire with a wooden spoon.
'f'T'his makes an excellent gift done up in a
.. ncy jar.
MINIATURE WREATHS
Use old rubber rings from fruit jars
for a base for tiny wreaths, winding bits
of evergreen around them with black
thread. A perky red bow and a tiny ball
complete your wreath.
SAUCEPAN BUTTERSCOTCH BARS
Melt lh cup butter or margarine in
saucepan, add 1lh cups brown sugar,
firmly packed, and blend thoroughly.
Drop in two eggs, one at a time and
beat well. Add 1 teaspoon vanilla and
J lh cups flour sifted with 2 teaspoons
baking powder. Blend well, then fold in
1 cup chopped nuts. Pour into greased
9 x 13 inch pan, bake in moderate oven
(350° F.) 20 to 25 minutes. Cut into
bars when cool.
FAIRY WAFERS
Combine 2 tablespoons currants, 1
tablespoon hot water and 2 teaspoons
rum flavoring. Let stand 1 hour. Cream
IA cup butter till soft, then blend in V<i
cup sugar, l egg. Beat till light and fluffy.
Stir in 1/3 cup flour and the currant
mixture. Drop batter in tiny mounds
from tip of knife about 1 Y2 inches apart
on well greased cookie sheet. (Mounds
should be approx. 1h" across). Bake in
a hot oven (425 ° F.) 5 minutes, or until
edges are golden. Remove from baking
sheet and cool. Makes about 10 dozen
tiny wafers.
HOT CRANBERRY SAUCE
EVERYTHING'S UP TO DATE
DEPARTMENT
Maybe not quite in the class of the
girdles advertised in the past year with
derriere padding to give the "rounded
rump" are two items in a recent issue of
Fortune.
An English Major has come up with
a foam rubber mattress, covered with
plastic to fit the average stall and keep
cows contented.
Those same cows, the magazine also
states, can have their life extended on
the Western plains from the present
eleven to twenty years by installing steel
crowns on their teeth. Cost of the bovine dentures? $15.00. (Fortune, Sept.
59, 191)
B.C. CREDIT UNION IST -
Heat 1 can whole cranberry sauce until bubbling hot, add 1/2 cup blanched
h alved almonds and Y2 teaspoon almond
extract just before serving.
STARLIGHT PLUM PUDDING
C ut J lh cups cooked prunes into large
pieces. Sift 2 cups flour, 2 cups sugar,
teaspoon salt, and 2 teaspoons assorted
spices into large bowl. Add 2 cups grated
raw carrot, 2 cups grated raw potato, 1
tablespoon grated orange rind and V<i
cup margarine or butter (melted) and
mix thoroughly. Blend in prunes and
turn into greased 2 quart mold. Cover
closely and place in large kettle containing boiling water about half the depth
of the mold. Cover, and steam 2 hours.
Uncover and let stand for 10 minutes.
Invert onto servi ng plate.
NOVEMBER - DECEMBER, 1959
21
Have Your Changed Your Address Recently?
Very likely the best place for Captain
Kidd to store his ill-got wealth was in a
hole, six feet down , beside a bottomless
spring on a lonely island. The hole would
be ten paces from a queer shaped tree,
beneath the bones of the crew he shot
after they dug the hole. Captain Kidd
would then cover up the chest himselfhe could work if necessary.
That way Captain Kidd knew that his
money was safe, until he wanted to use
it again.
For the hard-earned money you want
to save there's nothing like your credit
union.
You don't have to go to all the trouble
that Captain Kidd had to make sure it is
safe. Simply go to your credit union
treasurer, and deposi t the money to your
account.
When you need it, the money is there,
and you make out a- withdrawal slip-the
treasurer gives you a cheque, and presto!
In the meantime that money of yours
is probably covered by insurance, at no
direct cost to yo u. Surprising isn't it? But
HORSES ON CREDIT
Want a horse? Joseph Spadafora makes
it easy at his A lbob Farms in Agin court,
a suburb of Toronto, Ont. Prospective
horse buyers can try out a steed for a
week or so a nd then make a modest
down payment-$ I 00 down on a $600
horse. The remai nder can be paid in installments at an interest rate of 9 per
cent a year, according to "America", a
trade paper.
RUSSIA TRIES INSTALMENT PLAN
Ivan can soon start buying on time
payments, a Russian paper reports. A
down payment of 20-25 % is required,
and a serv ice charge of 1-2 % over a term
of six months to a year will be added.
Payments will be made exclusively
through payroll deduction. Only the most
expens ive merchandise will be available
on credit; Russians have always dealt
strictly for cash.
22
that's just one of the many services rendered by credit unions to their members.
The unexpected bills that come in
aren't as bad as they look when you
have a credit union share account to fall ,
back on.
More than 150,000 people in British
Columbia have learned the benefits of
belonging to a credit union, and every '
day more join.
So, if you are leaving your savings to
accumulate in the sugar bowl, or in the '
If so, p lease f ill in this coupon ond moil to the
B.C. Credit Union League, 96 East Broodwoy, Vancouver l 0, B.C.
I
Nome............................................................................................................................. .
Add ress.............................................. ............................................................. ............... .
Cred it Un ion ........................................................................................... ....................... .
dreu~~awm,~hthemoMyo~oow~==================================~
and put it in a credit union account.
Just like Captain Kidd's money, buried
on a lonely island, it earns no dividends
in your sugar bowl. Besides, there's
ways the temptation to use it for so
thing you could do without.
Incidentally, here's a good thought.
Just what did Captain Kidd get out of
all his buried wealth? Not very much.
Your money may become sweeter in
the sugar bowl, but that's all.
Deposited in the credit union, it really
pays- many ways.
AN INTERNATIONAL
CREDIT UNION
By CY HARDI NG
A credit union with several notable
features was organized at International
H ouse, University of British Columbia,
on Thursday evening, October 23. The
credit union is International House Credit
Un ion and its membership will be open
to mem bers of International House and
A committee is often nothing more the International House Association in
than a group of men who waste hours British Columbia . The organizational
meeting was presided o ver by M rs. Hilary
and keep minutes.
Brown.
If you think swimming develops form
The International House C red it U nion
and grace, watch the next duck you see is believed:
walking.
I. To be th e first credit union set up
any of the International Houses on
.e campuses of North America.
2. To be the most diverse, geographically, credit union in the world. Drawing its membership chiefly from the forPhone MU 4-1404
eign students at the universi ty, it recruited , at its organizational meeting,
We are agents for North American
members whose homes are in India, (PunVan Lines, and can arrange your
jab, Madras, Bombay, Delhi, Lucknow).
move-ANYWHERE!
WANT TO MOVE
ANYWHERE?
FOR A WIFE APPROVED MOVE
contact
BOWMAN CARTAGE
& STORAGE LTD.
839 Powell St. , Vancouver 4 , B.C.
B.C. CREDIT UNIONIST -
NOVEMBER - DECEMBER, 1959
Japan, Trin idad , Germany, Hungary and
Canada.
3. To have the highest educational
level among its members of any credit
union in the world. All its members so
far are attending university and a good
number, (all from Ind ia) are pursuing
post graduate studies towards their PhD's.
There has been a great need for such
a credit union for some time as it is
very difficult for foreign students to qualify for loans from the r egular educational
sources. Th is source requires guarantors
but bar professors, fellow students, or
lan dlord, often the only people the foreign student knows.
At th e end of its organizational meeting, the new C.U. had $255.00 in share
capital and $300.00 deposits. Officers
of the International House C.U. are:
Beant Singh , pres., Lawrence Douglas,
vice-pres. , Penny Phillips, sec., Roland
Bishop, Faisal H osein, Ralph Drusae;
Winston Joseph, treas.
Mt. Pleasant Chapel
FUNERAL SERVICES
TR. 6-2161 - 6-2162
B.C. CREDIT UNIONIST- NOVEMBER - DECEMBER, 1959
Kingsway at 11th Avenue
23
B.C. CREDIT UNIONIST
96 EAST BROADWAY
VANCOUVER 10, B.C.
AT THIS TIME
WHILE CAROLS
ARE SUNG, AND
OLD FRIENDS
TAKE THE
OPPORTUNITY TO MEET EACH OTHER,
YOUR CREDIT UNION SERVICES,
League, Central & C. U.&C.
join in wishing all
A Merry Christmas
AND
A Properous New Year