THK A<iKICri,TT'I-!A]. CRl'JJl'l' Ol' 'J-III-, J5ANKS OF XAPI<ES AND SICILY 



In spite of the difficulties of the money market the rate of interest of 

 the preceding year — 3 % per cent. — remained unaltered for the rediscount 

 and direct discount concluded with intermediary institutions, and the rate 

 of 4 per cent, for operations with agriculturists directly. The intermediary' 

 institutions imposed rates of interest var5''ing from 4 to 6 per cent, but most 

 usually 5 and 5 i/^ per cent. 



Operations of rediscount and direct loans were distributed as follows 

 according to their objects : 



i) Loans enjoying a legal -privilege: 

 on the harvest number 



crops 

 seeds. 



manures .... 



fertilizers .... 



food of settlers . 



food of labourers 



various .,.,.. 



number 



2) Loans not secured by a privilege : 



on cattle number 



" small live stock 



" machinery 



" agricultural implements 



" stock other than live stock. . . . 

 various 



number 



3,182 



liras 1,870,357.32 



3) Loans secured by pledged deposited agricultural products : 

 by cereals 19 liras 184,533 



wine . . 

 " ' almonds 



number 



19 



liras 



184,533 



The loans enjoying a legal privilege represent 74.04 per cent, of the to- 

 tal credit afforded to agriculturists ; those not secured by a privilege 23.62 

 percent. ; and those secured by deposited agricultural products 2.34 percent. 



Of the loans 13,393 for 5,310,916.87 liras were granted to landowning 

 farmers ; 5,903 for 2,305,848.24 liras to tenants ; 671 for 139,263.99 to 

 holders of long leases; and 567 for 159,796.36 liras to metayers and culti- 

 vators receiving a share of profits. 



