THE WORK OF THE AGRICUI.TURAI^ CREDIT INSTITUTIONS 73 



Do. De credito agricola. P6sitos de la Tierra, su liquidaci6n. (A:^ricultural Credit. Local 



Posiios. Their Liquidation). Madrid, Januarj'. 1914. 

 AGRo: 1,0s P6sitos, su liquidaci6ii. En el progreso agricola y pecuario {The Positos. Their 



Liquidation. In '• Progress of Agriculture and Livestock Improvement "). Madrid. January 



1:5th. and 31st., 1914. 



The question of agricultural credit is certainly at once the most press- 

 ing and the most difficult of all relating to agriculture in Spain. 



It has often been said that the principal cause of the decline of Spanish 

 agriculture and the inade uate progress it is now making is the want of 

 capital. 



Nowhere is less money invested in the country than in Spain. 

 Even when it is made there and derived from the soil its owners place it 

 in preference in State funds, as they seek safe investments and freedom 

 from anxiety in regard to its administration, since the revenue depends 

 on the industrj^ and intelligence of the administrator. 



All this would explain the action of the State in a matter, like this, of 

 such social importance, which may at last en>' anger the very existence 

 of the rural population. 



There has been no lack of proposals laid before the Spanish Parliament, 

 mth the object of solving the problem, and those of Montero Rios, Gamazo, 

 jMoret, Sanchez Toca, Calbeton, Zulueta etc., amongst others, deserve 

 special mention, but we may say that very Uttle has been done up to 

 the present beyond the reorganization of some institutions already 

 existing and the grant of permission to certain others to conduct agricul- 

 tural credit business. 



It is, however, certain that all the Governments have recognized the 

 gravity and urgency of the matter and it may already be foreseen that 

 we shall not have long to wait for the general organization of agricultural 

 credit. 



But if there is as yet no such general organization, there are, instead 

 numerous institutions that, on a larger or smaller scale, tend to supply 

 the want. Among the most important, let us mention (a) the " Positos ", 

 (b) the Bank of Spain, (c) the Leo XIII Bank and (d) the Rural Banks. 



We shall here exhibit the principal characters of these various instit- 

 utions with an account of their work in recent years; we shall begin with 

 the most ancient: the " Positos ". 



§ I. Some notes on the origin and evolution of the p6sitos. 



Our readers are already acquainted with these ancient Spanish instit- 

 utions which have rendered such great service to the humble labourers of 

 the Peninsula (i). So we shall Umit ourselves here to a few brief remarks 



(i) Sec the Numbers of this Bulletin for February, 1912 and May, 1913. 



