188 EXPERIMENT STATION EECORD. 



liOaxLS and credits granted on agricultural products in Bussia (Landw. 

 Marktztg., IJf {191S), No. 25, pp. 81, 82). — Notes and other data are given in 

 this article showing the metliods and extent to which loans have been granted 

 to Russian farmers on agricultural products as security. On January 1, 1908, 

 there were outstanding loans to the extent of 32.000,000 rubles (about $16,- 

 480,000), and on January 1, 1912, there were 110,100,000 rubles. In 1911 more 

 than 131,684,000 pood (about 79,130.683 bu.) of wheat, 30,986,000 pood of rye, 

 43,043,000 pood of oats, and 42,225,000 pood of barley were put up by Russian 

 farmers as security for loans or extended credit. 



The noncooperative rural credit system of Japan, C. Shimooka (Internat. 

 Inst. Agr. [Rome], Mo. Bui. Econ. and 8oc. Intel., 4 {1913), No. 1, pp. 112- 

 128). — In addition to a historical summary of the credit systems of Japan this 

 article describes in detail the work and progress of the noncooperative rural 

 credit system as operated through the Mortgage Bank and the agricultural and 

 industrial banks, they being incorporated by the Imperial Government in 1896. 



The Mortgage Bank began operations with a capital of 10,000,000 yen (about 

 $5,000,000), of which 2,500,000 yen was paid up. Its primary function is to 

 supply money to the needs of industry and agriculture, which it does largely 

 through the agricultural and industrial banks. It has the privilege of issuing 

 mortgage debentures with the restriction that they shall not exceed 10 times the 

 paid-up capital of the bank, and is exempt from paying registration and stamp 

 duties. The debentures issued since its establishment amounted in 1911 to 

 89,001,560 yen, and loans granted for aiding agricultural undertakings numbered 

 16,402 and amounted to 27,187,233 yen. 



To meet the demand for small loans, sometimes without security, the agri- 

 cultural and industrial banks were provided. They are stock companies, estab- 

 lished in each of the prefectures, with a capital of not less than 300,000 yen. 

 The loans are made on real estate as security or on personal credit when 20 or 

 more individuals are bound together in groups with joint liabilities. They have 

 the privilege of issuing debentures to the amount of 5 times the paid-up 

 capital. In addition they are subsidized to the extent of 10,000,000 yen, to be 

 distributed among the prefectures in the proportion of 70 yen for eveiy 100 

 cho (1,600 acres) of taxable land. These banks at the beginning of 1911 num- 

 bered 46 and had a paid-up capital of 30,619,030 yen. The maximum rate of 

 interest charged is 8 per cent. Tables are given showing the number and 

 amount of loans and the character of undertakings for which they were used. 



Rural cooperation, E. Lahitte (La Cooperatidn Rural. Buenos Aires: Govt., 

 1912, pp. 59). — This volume presents a historical summary of the efforts and 

 progress made in a number of countries m establishing and maintaining rural 

 organizations to aid the agricultural classes properly to finance their farming 

 operations, market their products, and purchase farm supplies. Special atten- 

 tion is given to the cooperative organizations in Italy, Germany, France, Aus- 

 tria, United States, and Argentina. 



Waste in distribution, C. R. Van Hise (Amer. Coop. Jour., 8 {WIS), No. 8, 

 pp. 660-662). — This is an address in which the author discusses some of the 

 wasteful practices exemplified in the distribution of farm products in the 

 United States, suggesting cooperation on the part of the producer, consumer, 

 and distributing agency as a means of lessening the cost of marketing such 

 products. 



The economy of small holdings, C. Campbell and C. Turnor {Mark Lane 

 Express, 109 {1913), No. 4^58, pp. 6Jf3, 644)- — As members of a special com- 

 mittee dealing with questions involving the administration of the small hold- 

 ings act in Great Britain the authors call attention in this artcle to certan diffi- 

 culties and economic principles underlying the development of small holdings. 



