52 ITALY - CREDIT 



Out of the total loans contracted for in 1916 the sums assigned to the 

 extinction of the more burdensome mortgage liabilities of earlier date and 

 the emanicipation from burdens amounted to more than two and a half 

 millions, as follows : 



For the extinction of mortgage liabilities. . . . 2,666,278.58 liras 

 For emancipation from burdens 4,728.00 



Total . . . 2,671,006.58 ' 



The mortgage liabilities discharged with the loans were subject to va- 

 rious rates of interest : 1,121,817.83 liras to 5 per cent, or less ; 1,438,460.75 

 liras to from 5 to 6 per cent. ; 106,000,000 liras to from 6 ^ to 7 per cent. 



From 1891 to 1916 the loans granted numbered 3,494 and were for 

 283,970,050 liras. On 31 December current credit amounted altogether to 

 188,305,247 liras. 



The position of the institute on i January 1 91 7 was as follows : ca- 

 pital in shares 40,000,000 liras ; reserve as by by-laws 2,521,218.25 liras ; 

 available reserve 1,316,373.85 liras ; reserve for oscillations of values 

 130,395.23 liras ; deferred reserve 3,989,055.21 liras ; profits remaining from 

 1916 — 18,612.18 liras ; total 47,975,654.72 liras. 



§ 3. The land credit of the savings banks of milan, bologna 



and verona. 



As appears in the last report of the Credito fondiario delta Cassa di 

 risparmio delle province lombarde new loans in 1916 were somewhat limited 

 in number and had increased only slightly since the previous j^ear. This 

 is to be attributed " exclusively to the conditions of the financial market, 

 the fall in the price of land paper impeding the stipulation of new loans 

 while it favoured the advanced repayment of capital ". 



The loans stipulated in the year numbered 197 and were for 12,947,500 

 liras, the increase since 1915 being in number one of nine and in amount 

 one of 2,047,500 liras. Anticipated repayments in paper amounted to 

 3,540,000 liras in 1915 and to 6,567,500 liras in 1916. 



Fifty-two loans for 5,136,000 liras were granted on the security of ru- 

 ral properties ; 140 for 7,586,500 liras on that of urban properties ; and five 

 for 225,000 liras on that of property partly rural and partly urban. 



Among the provinces which received most credit on the security of 

 rural property, Pavia obtained two loans for 1,125,000 liras; Milan seven 

 loans for 1,048,000 liras ; Parma one for 460,000 liras ; and Cremona three 

 for 446,000 liras. 



More than half the loans were of sums between 1000 and 50,000 liras. 



On 31 December 1916 there were in circulation 2,878 bills of the 5 per 

 cent, series ; 90,404 of the 4 per cent, series ; and 327,845 of the 3 Yo per 

 cent, series. Their total amount was 210,563,500 liras. 



The Credito fondiario delta Cassa di risparmio di Bologna stipulated 68 



