296 EXPEEIMENT STATION RECOKD. 



He concludes that the organization of institutional mortgage credit in Ger- 

 many has been greatly facilitated by its complete system of registration of title 

 and by the clearness of its mortgage law. Compulsory registration of title, as 

 it exists in Germany, Austria, Hungary, and Russia, or, at least, compulsory 

 registration of deeds (as in France, Belgium, Holland, and other European 

 countries, as well as in America and British India), appears an indispensable 

 prerequisite for the foundation of a system under which landowners may obtain 

 mortgage credit on suitable terms by the issuing of land bonds which would 

 rank as first-class securities in the general market. 



Under personal (short-term) credit he discusses local cooperative banks and 

 central cooperative banks. He considers that the growth of the personal-credit 

 idea has been the result of necessity. Individual small farmers must rope 

 themselves together with a more or less stable bond in order to be able to 

 present to renters and depositors a security which the latter can accept. The 

 highly localized character of these organizations enables the members to know 

 the trustworthiness and the business capacity of the borrower. 



The principal types of cooperative agricultural societies are discussed, and the 

 author claims that as a result of land reform a large number of small farms 

 came into existence. In order to hold their own with the larger farmers they 

 were compelled to adopt modern methods of intensive farming, employ manures, 

 buy feeding stuffs, modern implements, and machinery, obtain suitable breed- 

 ing stock, and put their produce on the market in sufficient and graded quanti- 

 ties without the incurring of undue cost. Because of these circumstances they 

 were compelled to unite into a local cooperative society that was binding upon 

 the individual members only as regards the particular objects aimed at by the 

 organization. Thus the different types of cooperative societies had their origin. 



In addition, the author describes the method of audit and inspection, and 

 gives as an appendix to his report copies of laws and documents for practically 

 all the kinds of organizations mentioned in his detailed statement. An extensive 

 bibliography of German works on credit and cooperation is included, also a 

 large number of statistical tables. 



Cooperative purchase and use of stallions in Denmark {Jour. Bd. Agr. 

 [London], 20 {1913), No. 7, pp. 626-628). — The procedure usually followed in 

 Denmark by an association for the cooperative purchase and use of stallions is 

 described here in detail, with special reference to four associations organized 

 in 1888. The average price of the stallions runs from about £344 to £500. The 

 Government was authorized in 1887 to make grants to horse-breeders' associa- 

 tions to the extent of one-half of the purchase price of a stallion, with a maxi- 

 mum grant per stallion of £222. In 1911 there were 267 associations receiving 

 a total subsidy of £9,360 and owning 281 stallions. The law of 1912 reduced the 

 state subsidy one-half, i. e., the maximum amount for each stallion is now £111. 



The experience of animal insurance societies in Holland {Jour. Bd. Agr. 

 [London], 20 {1913), No. 7, pp. 628, 629).— This article presents notes and 

 statistics illustrating the experience of animal insurances societies in Holland 

 in 1911, and makes comparisons with the experience of similar societies in Eng- 

 land for the same year. 



Some methods of finaneing the farmer, G. Jones {[Denver, Colo.]: Chamber 

 Com., 1913, pp. 16). — The author outlines the two systems of credit found in 

 European countries. Under short-term credit societies he gives some reasons 

 for the low interest obtained in European countries, and suggests some modi- 

 fications that would make the banking system of the United States more adapt- 

 able for this purpose. He also explains the organization of long-term mortgage 

 associations, and considers that the most important factor for facilitating loans 



