The holdings in shares are systematically proportioned to the
mortgages granted. A mortgage not exceeding £250 means

17



258 CO-OPERATIVE BANKING

an obligatory 50J. share, a mortgage up to £1000 a £5 share,
and so on till the ^75 is reached. In the Bavarian society
the minimum holding is £^, in respect of a mortgage of £250,
and the scale rises, by a fresh £(, for every additional ^250,
till the maximum of 200 shares (dfe'iooo) is reached. The society
was only formed in 1896, and began business in 1897. By
the close of 1905 it had carried its share capital to 2,345,900
marks {£117,2,00), supplemented by rather substantial reserve
funds, amounting collectively to 463,518 marks (6£'23>I76); there
was then 74,141,600 marks (^£'3, 707, 080) outstanding in land
bonds.
