THE LAND REFORM AND ITS RESULTS UP TO THE PRESENT I33 



October ist., 1913. We reproduce it in extenso from the number of the 

 Bucharest review, " Le Mouvement Economique " for January ist., 1914. 



(A) Situation of the Rural Bank on October 1st., 1913. 



(a) Land Business. 



1. Purchase of Farms. Up to October ist., 1913, the Rural Bank 

 had bought farms for the amount of 48,190,037.33 frs. The amotmt up to 

 October ist., 1912, had been 37,941,937.09 frs. 



2. Sale of Farms in Lots to Peasants. Up to October ist., 1913. 

 it had sold farms to peasants, up to the amount of 9,990,618.90 frs. (up to 

 October ist., 1912, 4,334,350.15 frs.) Of this, the peasants had already- 

 paid 1,307,934.51 frs., so that the balance they had still to pay, on October 

 1st., 1913, was 8,682,684.40 frs. 



3. Loans Granted to Rural Associations that had Purchased Farms 

 before the Foundation of the Rural Bank. The Rural Bank may, as we know, 

 grant loans on mortgage of the farms occupied before the promulgation 

 of the law for the foundation of the Bank itself, if at that moment the 

 purchasers were still in debt to the sellers. On October ist., 1913, the amount 

 of the loans so made was 4,059,518.70 frs. (on October ist., 1912.'' 

 3,721,372.70 frs.) 



4. Loans Granted to Communes for Purchase of Communal Grazing 

 Grounis. The Rural Bank, through the medium of which the communes 

 purchase the grazing grounds, had, on October ist., 1913, granted loans for 

 the purpose to the amotmt of 27,359,659.87 frs. (in 1912, 21,938,574.30 frs.) 



5. Building of Rural Dwelling Houses. The amount invested in 

 such building was on October, ist.. 1913. 94,507.87 frs., all in the year 1913, 

 as previously the Bank did not conduct operations of the kind. 



(b) Banking Operations: 



1. Securities Deposited in the National Bank. The amount of these 

 securities was. on October ist., 1913, 1,082,671.85 frs. (On October ist., 



1912, 1,085,692.20 frs.) 



2. Discounting, Rediscounting, and Current Accounts. The accotmts under 

 this head were closed with a balance of T,<yj<^,y]^-'S'S f^s. (6,614,353.85 

 frs. on October ist., 1912). 



In other respects, the situation on October ist., 191 3 was as follows: 



Share capital, 10,000,000 frs., 9,992,600 frs. paid up. Rural land bonds at 

 5 %, in circulation to the amount of 75,625,500 frs. (58,148,000 frs. in 1912); 

 drawings had been made to the amount of 69,000 frs. 



The Reserve Fund on October ist., 1913, was, 702,899.70 frs. (399,430.60 

 frs. in 1912). Besides the reserve fimd, these is a " Thrift and Improvement 

 Fund", now amounting to 265,104.20 frs. 



The total charges on the land purchased from the Rural Land Credit 

 Institute and various landowners amounted to 4,054,735 frs. on October ist., 



1913. against 5,068,000 frs. on October ist. of the preceding year. 



