SOLVING THE PROBLEM OF PERENNIAL CASH SCARCITY (AMONG WORKERS) THROUGH THE MEMBERSHIP OF CTLS (A CASE STUDY OF IMT MPCS LTD). A RESEARCH PROJECT MATERIAL ON CO-OPERATIVE ECONOMICS
This research is aimed at solving the problem of perennial cash scarcity among workers through the membership of CTLS in IMT, Enugu.
In order to achieve the stated objectives, three hypothesis were formulated administrated to different persons, structure and unstructured questionnaire were distributed to collect data.
Statistical formula was used to determine the sample size of the population studied. Simple percentages and chi-square techniques were employed in analyzing the data and testing of hypothesis formulated.
Co-operation is as old as human society. From time immemorial, man had relied on the existence of his fellows for existence and examples of working together. Modern co-operative is however associated with the successful experiment of 28 weavers from Rochdale, England who in 1844 established the first successful co-operative consumers society. Their success became widely acclaimed and their working principles were accepted as the basic principles of co-operative organization.
Earlier attempts to form co-operative failed because members were illiterate, dishonest and accounts were not kept. Following the Rochdale principles, enabled the co-operative movement to avoid most of the evils of the era of industrial expansion.
Again, because the majority of the composition of membership had been people of low income, their contributions in the form of shares and thrift savings, special saving and other sources of income had been very low. The view of this coupled with the de-emphasis of capital in the society i.e. the instituted low return on capital, the wealthy men with capital have technically been scared away.
Lastly, the system of accounting usually adopted by these bodies gives no room for proper management. This is because information is hardly extracted from such records kept by them for planning and controlling of their operation. I therefore wish to derive into the functions and functioning of the co-operative movement with particular emphasis on the accounting aspects of its management and then recommend on the practical and attainable application of its principles to ensure the achievements of the goal of the movement.