EUKAL ECONOMICS. 795 



ing the working detaiKs. progi'ess, etc., of each class of insurance for a period of 

 years. 



Cooperative insurance societies, 1899^1909, G. S. Barnes {Rpt. Indus, and 

 Agr. Coop. Soc. United Kingdom, 1890-1910, p. 76). — There are in England and 

 Wales a number of small cattle and pig insurance societies, the membership of 

 which consists of small holders who raise by periodical assessments a common 

 fund for mutual insurance against loss by the death of their live stock. A table 

 is here given showing tlie membership, receipts, expenditures, etc., of these 

 societies for each year from 1899 to 1909 inclusive. In 1909 there were 57 

 active societies with an aggregate membership of .3,954, the receipts during the 

 year amounting to £2,250, and the exi^enditui-e to £2.295, of which £387 was for 

 working expenses. 



Royal Agricultural Benevolent Institution, W. Gilbey (Live Stock Jour. 

 [London], 76 (1912), Ao. 2003, p. i97).— This article calls attention to the work 

 of the Royal Agricultural Benevolent Institution of England, which seeks to 

 provide for bona fide farmers, their wives, widows, and unmarried orphan 

 daughters when in distress. At present 1,252 pensioners are maintained at an 

 annual cost of £25,092. Since the institution was founded in 1860 over 4.600 

 persons have been granted annuities at a total cost of £710,084. 



The land mortg'age association of Germany, H. C. Price ( Wallaces' Farmer, 

 37 (1912), No. 39, pp. 1361, 1362).— This article presents a study of the land 

 mortgage associations of Germany and describes their working operations in 

 detail. 



The plan usually followed is for the landowners desiring to borrow money to 

 form an association, and instead of each member negotiating his loan individ- 

 ually, they pool (heir interests and issue bonds against the association. The 

 individual members give their mortgages to the association for their loans 

 and these secure the bonds. As the members are also liable for the bonds to 

 the full extent of their property, this gives the bonds a ready market value and 

 makes them a favorite investment. The farmer receives a bond in return for 

 the mortgage he gives to the association, and this he can sell personally or 

 through the bank established in connection with the association. He usually 

 pays 4 per cent interest on the loan, in addition to 0.25 per cent for operating 

 expenses of the association and 0.75 per cent toward paying off the loan, so 

 that he pays both the interest and the loan in 40 or 45 years. His rate of in- 

 terest can not be increa.sed during this time nor can his mortgage be foreclosed. 



Uruguayan rural credit bank, N. A. Grevstad (Daily Cons, and Trade Rpts. 

 [U. S.], 15 (1912), No. 167, p. 300).— This report notes that by an act of Jan- 

 uary 19, 1912, a section of rural credit with an initial capital of $500,000 was 

 established in the central bank of Uruguay. The formation of cooperative 

 rural credit banks to be owned by local farmers was also authorized, these 

 to borrow from the central bank in proportion to their relative size and impor- 

 tance, and in turn to loan small sums to their individual members. The cen- 

 tral bank will exercise a kind of supervisory control in regulating the general 

 terms of the loans and mortgages, inspecting the accounting at stated periods, 

 and aiding generally to insure the safety and efficiency of the capital invested. 



The Rhodesia land bank, W. Olive (Rhodesia Agr. Jour., 9 (1912), No. 6, 

 pp. 837-841)- — This article describes the conditions and circumstances leading 

 to the establishment of the Rhodesia laud bank, together with regulations under 

 which its work is carried on. 



This institution was established to stimulate the agricultural development of 

 Rhodesia by the advancement of money to small farmers on the security of 

 landed property, other than town property, or on approved security. Among the 

 principal conditions under which advances are made, are the following : Ad- 



