RURAL ECO^'OMICS. 293 



As an argument in favor of the bill it was stated that In 40 national banlis 

 in one congressional district in Minnesota there were deposits amounting to 

 $10,6G2,oG4.7S. of which $0,446,715.01 are time deposits not subject to check. 



Credit banks in France (Jour. Bd. Agr. [London^, 11 {1911), No. 10, pp. 

 SJi-^i-S-'i!)). — The article discusses the actual workings of credit banks in France 

 as provided for by the act of March, 1899. 



The progress made is regarded by the French ministry of agi-iculture as 

 encouraging and it is anticipated that in the course of time such banks will be 

 established in every district of any importance. The following figures show 

 the progress made from 1000 to 1909 : 



Status of credit hanks in France in 1000 and 1909. 



State loans 



Number of district banks 



Number of aBiliated local banks 



Number of members 



Total amount of loans granted 



By the act of March 19, 1910, loans for short periods have been extended 

 and made applicable to "small holdings" for periods as long as 15 years with 

 interest usually at 2 per cent per annum. " The loans are made through the 

 local and district banks, the money being furnished by the State free of 

 interest." 



The different forms of rural cooperative [ credit 1 societies (Internat. Inst. 

 Agr. [Runie\. Bui. Bur. lU-oii. and Soc. Intel., 1 {1910), So. 1, pp. 28-i-301). — 

 This article deals with the present state of agricultural cooperation and credit 

 in Italy as administrated by "popular" banks, rural banks, and other institu- 

 tions. 



The " popular " banks were foruictl in the towns and are especially adapted 

 to serve the great industrial interests, the agricultural middle classes, and 

 tenant farmers, while rural banks have for their principal object the provision 

 of capital to the small freeholders, farmers, and metayers. The "popular" 

 banks in 1870 numbered about 50, with a total capital of 15,000,000 francs, and 

 in 1909 their number was 825, with a total capital of 250,000,000 francs. The 

 rural banks have no initial capital, but receive savings deposits, and when 

 these are not sufficient they borrow from other banks or private individuals. 

 They deal only with their members and have two kinds of loans, one extending 

 over a period of not more than 2 years and the other extending even to 10 years. 



The other institutions engaged in agricultural credit have a different his- 

 torical origin from that of the " popular " banks and rural banks, but the 

 economic principles involved are the same. They make loans for the benefit of 

 agricultui-e generally, and for encouraging and developing cooperative pro- 

 ductive societies, cooperative distributing societies, credit societies for the bene- 

 fit of laborers, artisans, clerks, small freeholders, etc. 



The difficulties of the agricultural bank of Egypt, H. W. Wolff {Eco- 

 omist, 11 {1910), So. 3,513, pp. 1299, i300).— While the author recognizes the 

 very valuable service the agricultural bank has rendered to its country, he 

 points out that " the cause of the trouble which has overtaken the bank is 

 undoubtedly to be found in its system," which resulted (1) in placing heavy 

 indebtedness on the land for unproductive and unremunerative purposes, and 

 (2) in the too free lending of money on the increased market value of land 

 when there was not a corresponding increase in its productive value. " The 



