48 ITALY - CREDIT 



As regards its aim the discount granted in 1916 was distributed as fol- 

 lows : 



For seeds, manures, fertilizers, crops 



and harvest Number 24,163 for 5,913,329 liras 



For machinery, agricultural imple- 

 ments and live and other stock " 175 " 147,756 " 



Direct discount to intermediary- 

 institutions " 237 " 1,731,495 " 



In accordance with the classes of the borrowers and with the various 

 crops operations were distributed as appears in the following Tables I and IT. 



In 1916 the rate of interest remained at 4 ^4 P^^ cent, for operations 

 of discount and rediscount by the department, and consequently the maxi- 

 nmm rate which intermediary institutions could charge to borrowers re- 

 mained at 6 14 per cent. 



