No. 4 (1921) FrSHERIES OF NORWAY 1 5 



ing extensive repairs to their vessels and in purchasing gear, etc., 

 it was also considered that loans might be granted to fishermen's 

 associations or co-operative institutions formed for the purpose of 

 treating fish and selling fishery products. 



The bill, which became law on the 1st August 1919. provided 

 for a Norwegian State Fisheries Bank which should grant loans — 



(a) for purchasing, rebuilding or carrying out extensive repairs 

 to hulls and engines of fishing vessels, 



ib) to ship-mortgage associations for fishing vessels, 



(c) for erecting or altering ice-houses, freezing, drying and 

 similar establishments for the preservation or working of fish 

 products, 



id) to fishermen's associations formed for the purpose of 

 purchasing fishing tackle, gear, etc. 



The funds of the bank amount to five millions kroner with a 

 reserve fund of Kr. 750.000; these funds are to be provided by 

 the Government ; interest on the capital is to be used for paying 

 expenses of administration, covering losses from loans granted at a 

 lower rate than is paid by the bank for the money and losses 

 from mortgagors or guarantors ; any surplus of interest is to be 

 added to the reserve fund until it reaches Kr. 1,250,000, after which 

 it is to be added to the capital. The reserve fund is to be drawn 

 on for covering loss of interest ; if it falls below Kr. 750.OOO, the 

 difference is to be made up from the Exchequer. 



Loans taken up by the bank are to be guaranteed by the 

 Government; the bank has the authority to issue Bearer Bonds 

 which will be guaranteed by the Government. The Bank cannot 

 take up loans for an amount exceeding ten times the capital. 



Regarding loans for purchasing, rebuilding or carrying out 

 extensive repairs to fishing vessels, the law states that these shall 

 only be granted to Norwegian citizens and, by preference, to fisher- 

 men who assist in the working of the vessel in question ; loans 

 shall be covered, either wholly or in part, by communal guarantee 

 and, if possible, by a mortgage on the vessel and the sum for 

 which it is insured. Loans are to be granted on motor and sailing 

 vessels and on fishing steamers of not more than 50 tons gross. 

 The conditions on which loans are granted vary according to the 

 tonnage, as follows : — 



(l) Under 4 tons (including open boats) — Loans granted up 

 to four-fifths of the value. Interest 3 per cent per annum and 



