The herald and news. [volume] (Newberry S.C.) 1903-1937, 1916-03-17


to apply on extinguishing the debt.
France.-The Credit Foncier was
subsidized by the government and given
monopoly for 25 years. "This Cred
it Foncier is simply a government
subsided and government-controlled
bank for ending money on real es-
tate and no other land-credit institu-
, tions have ever made any marked pro-
gress in France Interest is AZ per
cent. Again "The Credit Agricole Mu-
! tuel is subsidized by the French gov
ernment money obtained from the
bank of France being supplied the dis
trict banks without interest, these
lending to local associations upon suit
,, able security"
! England-In 1903 England appro-
priated $500, 10000 900 to help Irish ten
ants buy land, they to become owners
by paying 3 1-2 per cent a year e ga
per cent interest, ga per cent on prin-
cipaD for 68 years and the yriter has
seen tenants who bought by thisplan.
THE history of land legislation in
Great Britain and Ireland is record
o. direct government aid"
Russia-Russia has gone even far
ther than Great Britain in extending
state aid to purchasers of small farms.
! Through land purchasing acts more
than twenty million o. the small hold
ings, to the value of over one billion
dollars, were created, the government
!! funds so advanced being payable on
long time, and at very low interest
rates. Furthermore in 1883 the rus
sian Peasants Land Bank was Or
ganized. Loans to the extent OF 90 and
even 100 per cent of the value of the
land are made, repayable in from 13
to 55 1-2 years, with interest at the
rate of 4 per cent.
Austria-Hungary- The government
aided rural credit insti*Gt Jns in start
ing but does not buy their bonds or
debentures.
Switzerland.-1Switze has %
iand-credit institutions, owned or
operated by the State, whose deben-
lures are of course, guaranteed By
the staten tookc1TAoINNNNN. -.
'Denmark-Denmark, little coun-
try no bigger than an average Amer
ican congressional distrist, advanced
$5.360,0G0 without interest to found the
Mortgage Bank of the Kingdom of
Denmark. This bank is designed as
central institution for the Landschaf-
ten. 1t buys their debentures. Den
mark makes annual appropriations
out Of the treasury, amounting in 1909
to s1,72O,00O, to be lent to small hold
ers.''
Sweden-"The Swedish General
Mortgage Bank was endowed at its
founding with $2,144 900, and in 1890
the bank was given a subsidy of $8,-
100000 in government bonds. This is
central institution to aid the ten To-
cial landowners mortgage associations
in the sale of their debentures."
Egypt-"The Agricultural Bank Of
Egypt is controlled by the State. The
National Bank of Egypt, closely con-
nected with the state, owns one-third Of
its capital stock. A 3 per cent dividend
is guaranteed on the stock by the gov
ernment and when necessary to sell
its bonds at a reasonable rate o. inter
est, the government guarantees their
payment"
Japan-"Japan guaranteed ) per
cent dividend for ten years on the
stock Of the Kwango Ginko, or central
land credit bank OF Japan. 1t also
gave subsidy of s4,S9o,OOO to the 4s
local or district land banks, called
the Noko Ginko'
Other countries-Furthermore, quot
ing Morgan's Land Credits; South
Australia, Western Australia, New
South Wales, Victoria, Queenland, New
Zealand through state land-credit
banks or direct appropriations make
loans to farmers"
Moreover, it is true that in the Phil
ippine Islands the United States gov
ernment itself has subscribed the stock
of the Philippine Agricultural Bank
($500,O00), and among the lendable
funds Of this bank are the postal saw
IL