MISCELLANEOUS NEWS 69 



The depositors may withdraw all or part of their produce at pleasure. 



It is clear what evident advantages these granaries will obtain for 

 farmers of medium sized farms who now have to hasten to sell, often at a 

 loss, for want of storehouses in which to keep their produce while waiting 

 for more favourable conditions of sale. 



(Summarised from the Boletin de la Union Pan- Americana, August, 1913). 

 URUGUAY. 



Encouragement of agricultural colonisation and livestock 

 IMPROVEMENT. — Our readers already know the present tendencies of 

 the agricultural poHcy of Uruguay in favour of home colonisation and of the 

 association of agriculture andhvestock improvement (i). The latest mani- 

 festation by the Government of this pohcy is the law of January 20th., 

 1913, authorizing the issue of a loan, which will be used for agricultural 

 colonisation and livestock improvement. 



This loan, called the colonisation loan, v/ill be for 500,000 pesos at 5% 

 interest, with i % sinking fund. The bonds cannot be sold at less than 95%. 



The amounts obtained by this loan will be used for purchase and 

 subdivision of land, which will afterwards be sold for colonization of the 

 above kind. 



If the Government does not think it profitable to purchase farms offered 

 for sale by private persons, it is authorized to have recourse to their ex- 

 propriation, considering them as land of pubHc utility, from date of the 

 pubhcation of the new law. 



The parcels may be sold to colonists for cash and to be paid for at a 

 fixed date, but the maximum term allowed for payment will be 30 years 

 and in that case, the land shall be mortgaged until the whole purchase 

 price is paid. 



The price of the parcels shall include, besides the amount spent by the 

 State in acquiring them, the value of the land lost through construction 

 of roads and streets, the cost of surve3dng etc., so that the total produce 

 from the sale of each colony is as nearly as possible equal to what it has 

 cost the state. No colonist may buy more than one parcel. 



The holdings thus formed will be exempt from real estate duty for ten 

 years from date of contract of sale, on condition, however, that at least 

 half the area be cultivated. 



Similarly, no writ of execution can affect them and they are exempt 

 from seizure for debts contracted by their owners before and during the first 

 five years of their possession, except for such as may be due through the 

 mortgage mentioned above. 



(Summarsed from the Diario Official of February 21st., 1913). 



(i) With regard to the agricultural policy of I ruguay and the recent laws on agri- 

 cultural credit, see Bw//e/t« 0/ Eccnomic and Social IntelH ence, September, 1913 pp. 76 ei seqq. 



