TRADE UNION BANK.

Dominion, Volume 6, Issue 1789, 30 June 1913, Page 7

TRADE UNION BANK.

OPENED IN LONDON.

By TeleEraoh—Prtu Association—CoDPrfeW (Rec. Juno 29, 5.5 p.m.) London, Juno 28. A trado union lxmk, on co-operative lines, has been opened in Lombard Strert. It is not confining its business to trade union operatives, but is prepared to deal with tho general trading community. DIFFICULTIES IN GETTING READY MONEY. At the end of 1910 there were 1153 trade unions in the United Kingdom with a membership of 2,435,704. l'inanciol details of 100 principal unions-, including over GO per cent of tho total membership of all societies show a revenue of JE2,?00,000, an expenditure of .£2,624,(100, and accumulated funds, of .£5,121,529, or *C 3 10s. 2d. per member. A Labour correspondent of "The Times" writing early last year 'said that owing to the difficulty nnd cost involved in obtaining cash for distribution among members during the coal strike, a new scheme of banking, under which trade unions would close their existing banking accounts and transfer their funds from orivate banks to tho Co-operative Wholesale Bank, is being considered by leaders of the movement. At a critical inncturc •during the strike, it is'stoted, one of the miners' associations had securities which they could not realise under six months. These were taken to their bankers and a loan of .£41,000 was sought to enable the union to meet the liability for strike nay. The hank refused the accommodation, and tho securities were then offered to the Co-operative Wholesale Bank, which advanced the amount required at 4] per cent and then drew n cheque on tlio same bank which had refused the loan on pecurity.