BUBAL ECONOMICS. 93 



prices on other commodities, besides cliecking frauds and compelling the delivery 

 of pure products. 



Agricultural credit in France, H. Sagnier (Le CrMit Agricola en France. 

 Paris, 1911, pp. XV-{-158). — This book presents a historical summaiy of the 

 organization and growth of agricultural credit organizations in France, showing 

 the work of the early organizations, agricultural syndicates, and banks, and 

 the application of legislation to the movement up to 1910. 



The act of 1897 provided for the establishment of small local credit societies 

 or village banks, together with a district bank, through which they receive their 

 share of the funds allotted by the State out of the loan and royalties paid to 

 it by the Bank of France. The local societies or village banks may secure 

 additional funds from the district bank, which it obtains from the ministry of 

 agriculture free of interest for a period of 5 years, with power to renew, and 

 to the amount of four times its paid-up capital. Loans may be made for periods 

 not exceeding 25 years for the purpose of aiding in the production and sale of 

 agricultural produce, erection of farm buildings, etc. 



At the end of 1910 there were 90 district banks and 3,338 village banks with 

 a membership of 152,000. Loans made during the year amounted to 70,533,340 

 francs and repayment of loans to 61,388,806 francs. See also a previous note 

 (E. S. R., 23, p. 291). 



Systems of rural cooperative credit (f7. 8. Senate, 62. Cong., 2. Sess., Doc. 

 57-'i, 1912, pp. JfJ). — This document gives a detailed outline of cooperative credit 

 systems in European countries as compiled from publications of the Inter- 

 national Institute of Agriculture. It illustrates the workings of the personal 

 and real credit systems, and shows the peculiar functions and success of each, 

 together with the work of the rural, local, popular, central, and general banks 

 in various countries. 



Agricultural credit {U. S. Senate, 62. Cong., 2. Sess., Doc. 512, 1912, pp. 

 21). — This document presents the general theory of cooperative credit and its 

 application in France and other foreign countries; the uses to which rural 

 credit may be applied, as personal necessities and public requirements; the 

 guiding and working principles of the organizations; and the connection exist- 

 ing between the local rural credit banks and the district banks. 



German agricultural credit system, H. C. Price (Rural New Yorker, 71 

 (1912), Nos. JtV,5, pp. 453, J,5Jf; Jil.'i6, p. ^87).— This article treats in a general 

 way of the system of German agricultural credit successfully operated for more 

 than a century, showing the different organizations for credit and their rela- 

 tion to the ordinary farmer, and how they supply him with loans for long 

 periods at rates of interest varying from 3 to 5 per cent. Features of the 

 loans which make them especially favorable to the fai'mer are as follows: 

 (1) The rate of interest at which they are made can not be raised; (2) they 

 can not be called in except for specific reasons, such as the waste of the prop- 

 erty or flagrant misuse of it; (3) the right is granted to pay back the loan in 

 part or in whole at any time on giving notice the required length of time in 

 advance, which is never over 6 months; and (4) by paying annually on the 

 principal from 0.5 to 0.75 per cent of the loan, the loan is gradually paid off. 



Agricultural credit banks [in Victoria], A. T. Sharp {Jour. Dept. Agr. 

 Victoria, 9 (1911), No. 12, pp. 800-805). — This is a discussion as to the purpose 

 of agricultural credit systems, their adaptation to different conditions; and 

 their origin and growth in a number of countries. 



Special attention is directed to the establishment, work, and growth of the 

 Victoria credit bank organized in 1906 with a capital of £117, which has 

 increased to £2,343 with 1,180 shareholders. Loans granted since its organiza- 

 tion number 1,744, totaling nearly £19,000, paying an average dividend of 4.8 



