I6 MADRAS FISHERIES BULLETIN VOL. XIV, 



loans repayable within eight years. Full communal guarantee 

 required. 



(2) From 4 to 25 tons — Loans granted up to three-quarters 

 of the value. Interest 3^^ per cent for vessels between 4 and 15 

 tons and 4 per cent between 15 and 25 tons. Loans repayable 

 within ten years. Security : first mortgage on the vessel and, in 

 addition, a communal guarantee for 30 per cent of any possible loss. 



(3) Over 25 tons — Loans granted up to two-thirds of the 

 value. Interest 4/^ per cent and loans repayaVjle within 10 years. 

 Security : the same as (2) above. 



All vessels in respect of which loans have been granted must 

 be kept insured for at least 75 per cent of their value ; they must 

 also be kept in proper repair and be subjected to annual surveys 

 by the Fisheries Inspector. 



With reference to loans to ship mortgage associations for 

 fishing vessels, the law states that such loans can be granted 

 against Bearer Bonds issued by such associations, whose statutes 

 must have the Royal approval. 



Loans for erecting or altering ice-houses, freezing, drying and 

 similar establishments for the preservation or working of fish 

 products may be granted to Norwegian subjects or to associations ; 

 preference is to be given to fishermen or fishermen's associations ; 

 no loans will be granted to canning or similar factories. Security 

 is to be given in a first mortgage on the works and their insured 

 value, and a communal guarantee for 50 per cent of any possible 

 losses. Interest at the rate of 5 per cent per annum is to be paid 

 and loans, which shall not exceed 75 per cent of the value of the 

 works, shall be repaid within 20 years. 



Loans may be granted to fishermen's co-operative associations 

 for the purpose of buying fishing tackle, gear, etc., if the statutes 

 of the association have been approved by the King, antl if the 

 association has at least 50 members who own vessels, gear, works, 

 etc., to a value of at least Kr. 40,000. Detailed rules have been 

 drawn up as to the constitution, membership, etc., of such associa- 

 tions. Loans granted to them shall bear interest at the rate of 

 4 per cent per annum, they shall be repayable within II years and 

 shall not exceed one-third of the total value of the vessels, gear 

 works, etc., owned by the members. 



The Norwegian Government Fisheries Bank is to have its head- 

 quarters in Bergen with branches at other places to be decided 



