50 INFORMATION RElyATING TO CREDIT 



properties in hand was £154,964, showing a decrease of £24,048 of which 

 rather more than half was due to losses of live stock consequent on 

 drought and floods. Investments amounted to £93,569 ; and cash in hand 

 and at the bankers to £3,942. 



Among items on the assets side of the account was £ 7,077 as the value 

 of unsold wool. The company's clip of wool in 1916 comprised 987 bales. 

 The total stock on stations on 31 December 1916 was 54,503 sheep and 18,194. 

 cattle, as against 66,242 sheep and 22,741 cattle on 31 December 1915. 



On I April 1917 £24,410 more of debenture stock was paid off, and de- 

 benture stock was thus left at £50,100. 



The profit and loss account showed a credit balance of £8,549. 



British and colonial income taxes, and land and absentee taxes paid 

 by the company in 191 6 amounted to £5,916. 



ITAIyY. 



I. THE " CREDITO AGRARIO PER Ily L,AZIO " IN 1916. — Report on the year 1916. Rome, 

 1917. 



This institution for affording agricultural credit was founded at Rome 

 by the law of 21 December 1902, No. 542. It had an initial capital of a 

 million liras, of which 500,000 liras were obtained from the Banca d' Italia, 

 200,000 liras from the Savings Bank of Rome, and 300,000 liras from the 

 Savings Bank of the Lombard Provinces. In order that it might increase 

 its resources the " Credito Agrario per il Lazio " was also enabled to receive 

 savings deposits and issue bonds on fixed terms. 



It is active only in the Roman province. Its business consists of : 

 a) operations by the medium of other bodies (agricultural consortia, rural 

 funds, agricultviral universities, societies for distilleries and cellars, etc.) ; 

 h) operations with agriculturists directly. 



Operations with these variaus bodies or institutions comprise : i) the 

 rediscounting of bills drawn on them by agriculturists, the institutions 

 concerned being legally constituted, situated in the Roman province, and 

 preferably co-operative in form ; 2) the acceptance for discount of the bills 

 of intermediary institutions, drawn for the purpose of continuing their 

 business and buying on commission articles useful to agriculture, or for 

 that of making advances in the case of collective sales of agricultural 

 products, etc. 



Operations with agriculturists directly comprise : i) the acceptance for 

 discount of bills drawn by agriculturists living in places in which there are 

 no intermediary institutions or none able to undertake business of this 

 kind ; 2) the acceptance for discount of securities created by agriculturists, 

 guaranteed by a privilege over seeds or pledged agricultural products. 



Every loan, and every house or agricultural holding, is limited to the 

 maximum sum of 5,000 liras. Where an operation is secured by a privi- 

 lege this maximum is io,ooo liras, 



