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THE ATHENAEUM 25 are made. There are now twelve credit unions in Denmark, five urban and seven rural. “We shall note here some of the important features of these associations. One becomes a member, not by paying contributions, but by receiving a loan on real estate. When a land-owner wants a loan his property is appraised by two representa tives of the association in accordance with laws approved by the Ministry. After giving a mortgage bond the borrower receives an interest-bearing bond which he sells on the market. Besides paying interest on the loan he pays annually sufficient to amortize the loan in about sixty years. Federation of Danish Co-operative Societies “Nearly all the co-operative societies in Denmark are members of the Federa tion of the Danish Co-operative Societies. The aim of the federation is to strengthen and develop the movement in Denmark and keep it in touch with the international movement. The federation issues an organ, Andelsbladet, and sends representatives to important meetings in foreign countries. The Central Committee is composed of members elected by the delegates of the organizations which are members of the federa tion. This committee seeks to promote the co-operative movement by collecting in formation and preparing publications, and by supporting new enterprises within the field of co-operation. “As members of the federation unions of co-operative societies and co-operative societies can be admitted if their business is national in scope and satisfies the fol lowing conditions: (1) That the profit of the co-operative society—the normal bank interest on the share capital apart—is distributed among the members in pro portion to the turnover with the society; and (2) That new members from the domain of the co-operative society are entitled to be admitted at any time. In June 1921 sixteen societies were members of the federation. “Besides these there are three other national co-operative societies worthy of mention. The Danish Farmers’ Association for Supplying Seed was established to promote the growing of a good quality of seed to be used at home as well as for ex- *port. Next, the Danish Dairies Wholesale and Engine Factory aims to procure implements and engines for its members by joint purchase and manufacture. Third, the ^Sanatorium“Association of the Co-operative Societies has established a sana torium for Consumptives. In 1920 there were 1068 societies membeis of the as sociation with an aggregate membership of 161,000 individuals. In the brief panoramic sketch of co-operation in Denmark given above one is Jtble to see to what extent co-operative enterprise ramifies the economic life of this country of 3,000,000 inhabitants. Co-operation has b: ought wealth to the inhabitants; and by combining the merits of individual thrift with the advantages of co-operation it has increased production and made Danish commodities command a premium in the markets of the wo:Id. —The Southern Workman.