GERMANY - CO-OPERATION AND ASSOCIATION 



methods of the Landschaften in general and the Landschaft of Posen in par- 

 ticular. We have thought it well to recal them briefly. 



vSince 1867 the business of the Landschaft of Posen has followed the 

 regular course which characterizes a sound institution. ^ From year to year 

 it has improved its total operations. In 1913 and up to the time of the 

 outbreak of war it was planning to use for paying life insurance premiums, 

 to the profit of those borrowing on land, the amount of the amortization 

 funds of its new 3 % and 4 per cent, titles, but events did not allow this 

 measure to be carried out : its execution will probably have to be postponed 

 until after the conclusion of peace. We should note however with regard 

 to another question, that the increasing of the funds owned in its own right 

 by the Landschaft, which was the object of a proposal by the committee of 

 internal administration in 1914, was decided in 1915. It was resolved 

 that after the war ended, as soon the bill exchanges should reopen, these 

 funds would receive an addition of 750,000 marks from the balance of the 

 Bank of the Landschaft, and thus the latter would also be enabled to 

 increase the amount of its loans. 



Meanwhile contracts for loans covered, in the first half of 1914, 9,624,600 

 marks of bills on the old system. The issue of these was stopped on 31 May 

 and business was done with the new titles at 3 ^ and 4 per cent. As will 

 be seen from the few following figures the latter titles have the preference. 

 The loans were divided between the two kinds of titles as follows: 



which, added to 9,624,600 marks of titles on the old system, gives for 1914 

 a total of 39,964,700 marks of bills placed. In 1915 the corresponding 

 transactions reached 6,199,300 marks. This means that business was li- 

 mited to supplying the strictly necessary demand for credit, and the re- 

 ports for 1914 and 1915 concur to prove that such will be the case while 

 the war lasts. 



The market price of new 4 per cent, titles passed from 91.80 per cent, 

 to 94.30 per cent, on i May 1914. It was quoted as 94.40 per cent, on 

 15 July, then sank slightly while the outbreak of war was expected daity, 

 and finally stopped on 29 July at 93 per cent. As regards the new 3 % per 

 cent, titles business during the war has been too slight to make the subject 

 of a quotation on the market. 



