CREDIT UNION By Peter Stordy

During the depression in the early 1930’s when the economic life of the Maritime Provinces had deteriorated, large numbers of people were unemployed, and agricultural and fishing prices were at their low- est, a system of self help through co—operatives and credit unions was founded. Because of the leadership of such great men at Rt. Rev. M. M. Coady, Most Rev. James A. Boyle, who became Bishop of Charlottetown, Rev. J. J. Tomkins, and inspired community leaders, the movement came to be known as “The Antigonish Movement”, since its leaders were mem- bers of the faculty of St. Francis Xavier University in Antigonish.

It wasn’t too long after its birth that the movement spread to the Island under the leadership of Dr. J. T. Croteau, Rev. Michael Francis with the assistance of St. Dunstan’s University’s Extension Branch, and interested men and women in the communities. Co-operatives were or- ganized for the farmers and fishermen and also for others who accepted the basic principles of working together to improve the economic life of the members. Credit Unions sprang up in many small communities which encouraged the people to save their money by investing in their own organization thus establishing a source of credit for themselves.

Under the leadership of Rev. L. J. Ayres, acting pastor of the parish, a number of men and women spent the Fall and Winter months studying the principles of the Credit Union, and on April 20th., 1944, they were granted a charter establishing a credit union in the parish. It was charter number 49.

The Directors were Mark Curley, President, J. W. Bradley, Vice- President, Wilfred Bradley, Treasurer, George Duffy, Emmett German, Ambrose Monaghan and Frank Roach.

Credit Committee - Peter Stordy, Chairman, Gerald Monaghan, Louis Hagan, William Waddell, John F. Trainor.

Supervisory Committee - Rev. L. J. Ayres, Chairman, Anthony Smith, Aeneas Kiggins.

It is interesting to note that from a very small beginning in April the financial statement of September of the same year shows that the share capital had increased to almost $600. and the membership to 62.

Interest in the credit union was maintained for a number of years. It was used by the members to increase their savings, and also as a credit institution. It provided a sure and simple source of credit when purchases were made that required credit. The membership increased only slightly to 73, not a large increase, but indicates that a high percentage of the families in the community were members. The amount of share capital had increased in September, 1959, to $5,174. and including the amounts set aside for the educational, and guarantee funds and undivided earn- ings, the members had an investment of nearly $6,000.

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