02 GERMAKY - CKEDIT 



Mecklenburg. — The Ritterschuftlicher Kreditverein fiir Mecklenburg 

 (Credit Association for the Lands of the Nobility in Mecklenburg), with 

 head quarters at Rostock, was founded in 1818. At the end of 1912, the 

 amount of its land bonds in circulation was 41,067,750 marks ; it was 

 receiving 3 y^ % interest on 40,617,750 marks and 4 % on 450,000 marks. 



Brunswick. — The Ritterschajtlicher Kreditverein filr das Herzogthum 

 Braunschweig (Credit Association for the Lands of the Nobility of the Grand 

 Duchy of Brunswick), with head quarters at Wolfenbiittel, was founded in 

 1862. The land bonds issued by this institute amounted at the end of 1912 

 to 13,195,900 mks. The rate of interest was 4 %. 



Saxony. — In the kingdom of Saxony, there are two institutes of Land- 

 schaften type, differing, however, very greatly from each other, both as 

 regards their organization and their activity. 



The older is the Erbldndischcr Ritterschajtlicher Kreditverein im Konig- 

 reich Sachsen (Credit Association for the Land of the NobiHty of the 

 Kingdom of Saxony) founded in 1844. At the end of 1912, the amount 

 invested by it in mortgages was 78,936,125 mks. It had granted loans 

 to the amoimt of 46,774,700 mks. for 384 landed estates of nobles 

 with 83 peasant farms connected with them and 32,161,425 marks, 

 for 1,275 peasant farms. The sinking fund paid amounted to 11,711,150 

 marks, so that the net balance of the debt was 67,244,975 marks. The land 

 bonds in circulation, representing altogether an amount of 68,026,100 marks, 

 had been issued at 3 % for 2,484,100 mks.; at 3 14% for 56,185,725 mks.; 

 at 2 14 % for 905,775 mks. and at 4 % for 8,450,500 rnks. 



Besides this, since 1866, there has been a Landwirtschaftlicher Kredit- 

 verein im Konigreich Sachsen (Agricultural Credit Association of the Kingdom 

 of Saxony) granting credit to communes, but also and above all for 

 peasant farms It is on the formed model of the co-operative credit soci- 

 eties with the form of private societies, but it has, however, been recognised 

 as an institute in public law like the Landschaften. In contrast to the system 

 of the Prussian Landschaften in which the capital is only formed gradu- 

 ally by means of savings realised on the working expenses, the members 

 must, in this institute, contribute to the formation of a working capital 

 by means of the purchase of shares. At the end of 1912, the share cap- 

 ital amounted to 5,661,391 marks and the number of the members stood 

 at 16,270. Since 1900, the shares have paid a yearly dividend of 4 %. 

 The loans made to landowners and redeemable in instalments, amounted 

 to 182,526,125 marks and those to communes to 219,791,250 marks. The 

 total number of credits to farmers was 16,004. I^ most cases, these 

 were comparatively small loans. The number of those for not more 

 than 20,000 marks was 14,142, whilst there were only 1,569 loans passed 

 for from 20,000 to 50,000 marks and onlj'^ 269 loans for more than 50,000 mks. 



Wurttemberg. — In Wiirttemberg the Wilrttembergischer Kreditverein 

 (Wiirttemberg Credit Association) at Stuttgart, was founded in 1827, 

 and gives credit both on the security of urban and rural land. At the end 

 of 1910, it had granted 9,413 loans to 7,689 members 5,519 for the 



