GENERAL OUTLINE OF THE NEW RUSSLA.N LAND REFORMS I45 



most as little of a burden as elsewhere, in countries with an advanced or- 

 ganization of agricultural credit. 



At the same time, other provisions regarding the conditions of the loans 

 have encouraged and provided funds for the carrying out of other agri- 

 cultural reforms. Thus, the maximum loan on lots divided into small 

 parcels has been fixed at 50 % of the estimated value, while in the case 

 of undivided holdings it has been fixed at 90 %. It was further stipulated 

 that for the purchase of land intended for individual farms, the purchaser 

 would only have to pay 10 % of the purchase price in cash ; in some cases 

 he is exempted from any cash payment. On the other hand, the Bank 

 requires from other purchasers (rural and peasants' associations) a cash 

 payment of from 15 to 20 % at date of purchase. 



4. By ukase of August 12th., 1906, a comparatively large area (about 

 2,000,000 deciatines) of Crown Land (of the appanage administration, not 

 to be confounded wdth the domains) (i) was placed at the disposal of the 

 Bank for sale to the peasants. 



To accomplish all its new duties, the Bank had quickly to realise 

 considerable amounts and as the Russian finances at this period, that of 

 the Russo-Japanese war and internal troubles, were not in a very 

 flourishing condition, so that an^^ financial assistance on the part of the 

 State seemed impossible, the Minister of Finance, M. Witte (2), devised the 

 following wise solution: by Imperial Ukase of March 21st. /April 3rd., 1906, 

 the Bank was relieved from the necessity of making payments in cash; 

 it could, on the other hand, purchase landed estates by means of the issue 

 of 5 % certificates (bonds) ; these could again be exchanged by the 

 holders for personal books. These books, ^delding 6 % per ann. are 

 redeemable in ten years from the 6th. year of issue. It is \drtually a 

 loan at comparatively high interest the Bank has contracted with the sell- 

 ers of landed property. 



In this way, the Bank bought in the course of five years a considerable 

 area of land, as appears from the following table : 



(i) Ukase of August 27lli., 1906, the provisions of which regulate the action of the 

 lai\d commissions. See below. 



(2) Those who are acquainted with the agricultural history of the North will tindaresem. 

 blance between the personality of M. Witte and that of Schimmelmann, who was Minister of 

 Finance in Denmark a century and a half ago, as there are also resemblances between Stolypine 

 and the Minister Bernstoft, on the one hand, Krivoscheine and Reventlow on the other. The 

 names of the German Ministers, Stein and Hardenberg, will suggest themselves to evers'body's 

 memory. 



