58— AGRICULTURAL OR LAND BANKS AND AGRICUL- 

 TURAL CO-OPERATION IN RELATION TO THE 

 REQUIREMENTS OF THE TRANSVAAL AND OF 

 SOUTH AFRICA GExNERALLY. * 



* [all rights reserved.] 



By J. R. K. Barker, A.Inst, of Bankers. 



[Abstract.] 



Introductory. The demand for an Agricultural or Land Bank 

 for the Transvaal. 



Agricultural Co-operation the corollary of Agricultural Banks. 

 The central and essential features of the system broadly based on 

 mutual co-operation and virile self-help. 



Agricultural Banks Generally. The Agricultural Bank of 

 Egypt. 



People's Banks and Co-operative effort. In Germany, Italy, 

 other European countries, India and the Far East, England and 

 Wales, Scotland and Ireland. 



Agricultural Co-operation in Cape Colony. Agricultural 

 Co-operative Expert and the practical results achieved. 



Cape Government Lombard or Loan Bank. Distressful state of 

 the Cape about 1792. Dissatisfaction, agitation, and unrest 

 universal. Colonists in a state of rebellion. Commissioners Meder- 

 burgh and Frykenius visit South Africa in June, 1792. The objects 

 of their mission and the powers conferred upon them. Their pro- 

 longed and patient investigation. Their supreme remedy, and its 

 intended two-fold nature. Unbounded belief, in former times, in 

 potency and efficacy of inconvertible paper money. 



Lombard or Loan Bank founded in iJQS- Inconvertible paper 

 notes, or " cartoon money," issued to amount of ;^i35,473- Objects, 

 nature of business, and management of the Lombard or Loan Bank. 

 Financial and currency expedients of the Dutch East India Co. 

 Achievements of " high finance " in former days. The Cape taken 

 by the British in 1795. The British promptly assure the face value 

 of the greatly depreciated "cartoon money." The monopoly in 

 trade abolished, and other salutary changes made. 2,000,000 rix- 

 dollar notes in circulation in 1803, and in good credit. The Batavian 

 Republic, in 1803, cancel the security, created by the British, of 

 "cartoon money," which soon heavily depreciates in value. The 

 Cape, in 1806, becomes a British Colony, and 2,300,000 rix-dollar 

 notes found to be current and very much depreciated in value. The 

 Earl of Caledon establishes circuit courts and abolishes the slave 

 trade, etc. 



Government Discount Bank, a Subsidiary State Bank, created in 

 1808. Capital of Bank 100,000 rix-dollars of inconvertible paper 

 money. Objects, nature of business, and management of the 

 Discount Bank. Lord Charles Somerset regulates the affairs of the 

 Discount Bank. Further issues of inconvertible paper money. 



