42 RUSSIA - CREDIT 



In addition loans for a sum of 5,230,900 roubles were granted under the 

 law of 1912. During four years 1660 loans amounting to 2,002,740 roubles 

 were granted and the mortgages affected 15,435 deciatines. For the amorti- 

 zation of debts contracted in buying lands without the bank's support 

 496 loans amounting to 415,240 roubles were made and 4,574 deciatines 

 were mortgaged. For the purchase of lands with the bank's support 215 

 loans, amounting to 554,610 roubles, were made and were secured by mort- 

 gages on 10,795 deciatines. In addition there were 503 loans, amounting 

 to 918,310 roubles and secured by mortgages on 8,041 deciatines for the 

 purchase of nadiels. For the establishment of houtors there were 2,112 

 loans amounting to 1,340,000 ronbles and secured by mortgages on 31^004 

 deciatines. Thus from 15 November 1906 to i January 1916 loans num- 

 bered 9,720 amounted to 10,948,700 roubles and involved the mortgaging 

 of 283,752 deciatines of nadiel land. 



The sum of 655,030 roubles granted for agricultural improvements 

 should be noticed. It is relatively small but it represents a new direction 

 in which the bank's activity has been apjjlied since the first and second pe- 

 riods. Until this third period the insufficient area belonging to the peasants 

 — an insufficiency which w.as already being combated — found no compen- 

 sation in an attempt to increase production. The bank's attention was gi- 

 ven almost entirely to selling land to the peasants. It was in the third 

 period that measures were taken to realize this new aim, a fact explained 

 by the necessity of restraining the liquidation of lands belonging to indivi- 

 duals. It was necessary to satisfy the peasants not only by increasing the 

 area of their land but also by intensifyng its production. 



§ 9. TOTAI, RESUI.TS OF AI^I, THE B.VNK'S LENDING TRANSACTIONS. 



In the whole period of its activity the bank has made 398,030 loans 

 for a total sum of 1,518,335,649 roubles, secured by mortgages on 17,737,198 

 deciatines of the total value of 1,894.758,033 roubles. 



These loans were distributed as follows : 312,051 of 494,819,599 lou- 

 bles were made to proprietors and secured by moitgages on 4,244,449 de- 

 ciatines valued at 575,453,558 roubles ; 75,668 of 799,682,267 roubles, 

 secured by mortgages on 10,391,422 deciatines valued at 1,052,751,439 rou- 

 bles, were to co-operative societies ; and 10,291 of 226,883,783 roubles, 

 secured by mortgages on 3,101,327 deciatines valued at 266,553,036 rou- 

 bles, were to rural communities. Thus 23.9 per cent, of these loans went 

 to individual landowners, 58.1 per cent, to co-operative societies and 17.5 

 per cent, to rural comm^unities. 



The relatively small percentage representing the loans to individuals 

 is a result of the bank's method before its third period of activity. In its 

 third period individuals had the first place ; for from 1911 to 1915 there 

 passed into private ownership 2,517,653 deciatines, or 59.3 per cent, of the 

 total area bought by the bank in the whole period for which it had been ac- 

 tive, namely from 1885 to 1915. 



