HUNTER LOCAL ENERGY
locally and be prosperous!
Fundamentals of a LETSystem
LETSystem is a trading network supported by its own internal
currency. It is self-regulating and allows its users to
manage their account balance within the boundaries of the
are community based non-profit trading systems that enable
members to exchange goods and services using little or no
cash. It is a method of trading, which depends on skills
and time instead of money, exchanging a unit of local currency
(Molly), not as an alternative to conventional money but
to compliment the current system of trade.
do not issue any currency, each person creates their own.
currency only exists as numbers in accounts, moving from
account to account. The recording of these transactions
is done using a computer. This is very much like having
a conventional cheque book account.
member holds and account in a "central office"
where transactions are recorded. trading is done with cheques
and multilist transaction sheets. All accounts begin at
zero. For one account to move up, another account must move
down. So at any one time approximately half the members
will have positive balances and the other half negative.
sum of negative balances and positive balances = 0.
that the system is always balanced at zero: -50+40+10=0
Balances are an essential feature of the system, so that
they are not to be viewed as bad or wrong (ie. debts). Negative
balances simply mean members have received more goods and
services than they have given out.
can buy something with your first trade. If you wait to
earn before you spend, you could find it slower to start
trading. If everybody had to wait to earn before they could
spend, nobody would get started!
commitment or negative balance, represents a willingness
to consider supplying goods or services to one or more account-holders
at some future date.
a healthy system, account balances bob up and down, sometimes
having a balance in credit and sometimes in commitment.
It makes no difference whether you have a positivie or negative
is the main issue.
The most sucessful members are those with a high turnover
because that means that the system is working for them.
six months a "Directory" is produced listing all
the members' skills, goods and services. When you require
something, you simply contact the other member and ask if
they are able to provide a service you require. If they
are then you negotiate a price. To update your listings
please contact the 'office'.
The Newsletter contains the latest information concerning
membership, members meetings, events, changes to member
listings and telephone numbers, advertisements, articles,
items of interest, LETS good news, stories etc. Articles
from members about LETS are most welcome.
is produced every three months and placing an advertisement
is FREE. Notices should be in writing and sent/faxed to
the 'office'. If you have items
for sale ie. furniture, bicycle etc. these would be listed
as an advertisement in the Newsletter. Only skills and services
are listed in the Directory.
Mollys are transferred from one account to another
by means of a cheque or multilist sheet. The payer alone
can authorise the transfer of Mollys from their account
to that of another member. The only exception is fees and
charges applied to your account by the LETS system.
is the responsibility of the payee to send cheques to the
'Office' as soon as possible for processing. Cheques received
from trades done with NON financial or inactive members
will be dishonoured and returned to the payee.
is the responsibility of members to check the current status
of traders: ie. a listing in a current Directory. Chequebooks
are provided free of charge from the 'office'.
ensure that cheques are filled out correctly with a date
and signature included. Pay attention to the correct placement
of "buyer" and "seller" as cheques with
details transposed can create problems for the person entering
transactions and cause account balance errors.
and Service Charges
Trading statements are issued quarterly and a service
charge deducted. It is by applying a service charge that
we are able to pay our office and administration personnel.
Please check your statement and advise the 'office'
if you have any queries.
LETSystems are administered by some of the members for
the benefit of all. The Hunter LETS Working Group makes
policy decisions and is responsible for the day to day running
of the system. Members meetings are held every three months
with prior notice being given in the Newsletter. Members
are welcome to attend all the meetings and you are encouraged
to share any ideas and suggestions.
HunterLETS does not operate from a shop front
or business office as some LETSystems do. PO Box 471, Maitland,
NSW 2320 is our official address, and the day to day administration
work is carried out from the homes/offices of the working
group members. It is in this way that we keep the overheads
of HunterLETS minimal.
and Renewal Fees
Since LETS is not for profit, charges are kept to
a minimum- a $10 joining fee opens and account and covers
the first year's mailings, followed by a $5+5 Molly annual
renewal fee. (Fees subject to inflationary changes).
members renewal fees are due annually on 1st June.
membership will become "inactive" if you fail
to renew by this date and you will not be allowed to ttrade
with active members. Any cheques written or received by
you will be dishonoured by the LETSystem. Annual renewal
fees are charged to cover such things as postage, paper,
telephones, printing and photocopying etc.
If you are going to be out of the area for a period
of time, and you do not wish to receive newsletters or directories,
please notify the 'office'in writing before you leave. If
your membership has lapsed you may renew it at any time
within two years and retain your original balance. After
two years your balance will be absorbed by the LETSystem
and upon rejoining, your account will start at zero unless
prior permission has been sought from HunterLETS.