THE PRINCIPAI, RURAL lyAND CREDIT INSTITUTES 7 1 



§ 4. CONCI^USION. 



Summarising the principal impressions gained from the study of the 

 organisation of land credit in Hungary we observe two characteristic facts, 

 that strike the attention of the impartial observer. 



First of aU we must remark the large quantity of land bonds issued, 

 representing about 70 % of the mortgage debt of Hungary, a proportion not 

 attained in any other European country. This may be considered to be 

 principally due to the regime of liberty established by the Hungarian laws on 

 land credit institutes. 



The other fact characteristic of the organisation of land credit in 

 Hungary^ is the proponderance of the mixed financial institutes in propor- 

 tion to the institutes limiting their action to mortgage business alone. In 

 fact most of the institutes that issue land bonds are ordinary banks 

 limited by shares and savings banks only partly engaged in mortgage 

 credit business. 



