The year was 1948 and the Second World War had ended. Trinidad and Tobago were not yet united except under British Colonial Rule. Communism and socialism were the latest buzzwords internationally. The Church, whose concern was to help improve the conditions of the lesser fortunate in society, played an important role in the growth of credit unionism as it fought to improve the community's social problems. It was in this scenario that the concept of a credit union in Canning and Company was conceived.
The story is as follows:
One day a chap named Phenemore Cummings, a porter working for $3.50 cents a week, came to his supervisor Thomas Rampersad in distress and told him how he had owed a moneylender "Mr. Joe" (who worked with them) $5.00 for the past 18 months and all he could afford to pay him was one dollar a week interest. This usury was commonly referred to as "getting a five for a six." Thomas saw an opportunity to put the co-operative concept into practice. He brought everyone together and informed them of Cummings' troubles. He explained to them, if they all saved 25 cents a week they would be able to lend Cummings the $5.00 to pay off Mr. Joe and in return Cummings will pay 10 cents interest. They all agreed. It was at this point that the Credit union philosophy, to which we still adhere, was first put into practice at Canning and Company.
Read more about CECU's 50 Years Commitment - A Century's Worth of Service.
