Ophelia Co-operative Credit Society

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The Ophelia Credit Society of Merasheen was registered on May 5, 1941 as the Merasheen Co-operative Credit Society. It changed its name to Ophelia in 1945. (1)

It was organized largely out of a need identified by the community's consumer society. In April of 1941, the consumer society's manager wrote the Acting Registrar: "In our discussions about running the co-op store on a cash basis we have the problem of how we get cash for our fish. It has been suggested that a strong credit society would meet this difficulty..." (2)

Although Merasheen Credit was only registered in 1941, it had to be re-organized in January of 1942. A Co-op Inspector reported that the society had been "...pretty well on its last legs..." due to lack of interest and its inability to secure capital. (3) After re-organization, the society began to increase its share capital relatively quickly. (Share capital increased from $956 in 1941 to $5,536 in 1949). (4)

By 1949, the co-operative movement on Merasheen and in other areas of Placentia Bay was quite active and important, much to the dismay of the area's private merchants. Among other things, private merchants fought the co-ops by making it more difficult for fishers to obtain credit. Ophelia's Secretary-Treasurer wrote:
"In view of the attitude taken by the outport suppliers, it seems that a greater strain will be put on our credit society, so much so that we find it impossible to cope with the demands of the members needing assistance." (5)

Ophelia had a substantial loan business from 1943 until the end of 1961, although the society suffered from relatively high numbers of delinquent loans. (6)

In 1962, it was reported that two members of the society's Supervisory Committee had left Merasheen to take up residence in St. John's, and that no one else would serve on the Committee. At one point Ophelia’s Treasurer had his sixteen year old son doing the books because there were few adults with formal education. (7)

In 1962, Ophelia made only 9 loans, worth a total of $1,780. 18 loans, worth a total of $1,532 were made in 1963, and 10 loans, worth $1,188 were made in 1964.  No loans were reported after 1964. (8)

In March of 1964 a Co-op Inspector reported that more than 60 percent of Ophelia's loans were delinquent and that $2,547 were overdue. Of this amount, the Merasheen Consumers Society owed $600, and it looked like that co-op was in danger of liquidation. (9) A year later, 7 percent of the outstanding loans were overdue and the Inspector felt that it was useless to try and rejuvenate the society. (10) Ophelia's Secretary-Treasurer reported in November of 1965 that he was resigning and that no one else would take the job. He reported that there were only about six members who were still active, and some of them were considering withdrawing their shares. (11)

Ophelia passed a resolution to wind up the society in September of 1966. (12) However, before the society was liquidated, the community of Merasheen was resettled. In July of 1968, the Registrar issued a Notice of Intended Cancellation "...due to the evacuation of the town under the Fisheries Resettlement Program." (13) Because of a loss on the society's assets due to resettlement, Ophelia was able to repay its shareholders only 94 percent of their invested share capital. (14)

In total, Ophelia provided 529 loans, worth $88,110. $45,849 of this was for productive purposes. (15)

Jim Ennis was the longest serving secretary-treasurer of Ophelia, holding the position for 19 years. In the Annual Report of Co-operative Societies in Newfoundland 1964, Kevin Pomroy was listed as secretary-treasurer.

Editor's note: This incredible information was researched, developed and remains the copyright of Roger Carter and many thanks for his permission for reproduction here. 

References

1. Constitution file, May 5, 1941 and n.d. 1945, CRF Box 9182.
2. Letter from Manager of Merasheen Consumers to Acting Registrar, April 9, 1941, CRF Box 9182.
3. Report of Inspector, October 10, 1944, CRF Box 9182.
4. Annual Returns, various years, CRF Box 9182.
5. Letter from Secretary-Treasurer to Registrar, April 2, 1949, CRF Box 9182.
6. Annual Returns, various years, CRF Box 9182.
7. Letter from Secretary-Treasurer to Registrar, December 13, 1962, CRF Box 9182; and Wilfred Dawe, Personal Correspondence, ca. 1995.
8. Annual Returns, 1962, 1963, 1964, CRF Box 9182.
9. Report of Inspection, March 15, 1964, CRF Box 9182.
10. Report of Inspection, March 24, 1965, CRF Box 9182.
11. Letter from Secretary-Treasurer to Registrar, November 5, 1965, CRF Box 9182.
12. Resolution to Wind up Society, September 7, 1966, Constitution file, CRF Box 9182.
13. Registrar of Co-ops, Notice of Intended Cancellation, July 30, 1968, CRF Box 9182.
14. Memo from Registrar to Minister of Consumer Affairs and Environment, circa 1977, CRF Box 9182.
15. Annual Returns, various years, CRF Box 9182.