CANADA 



SCHEME FOR THE ORGANIZATION OF RURAIv MORTGAGE 

 CREDIT IN MANITOBA, SASKATCHEWAN AND AI^BERTA. 



SOURCE : 



The Grain Growers' Guide, Winnipeg, 22 November 1916. 



Mr. Edward Brown, provincial treasurer of Manitoba, has together 

 with the provincial treasurers of Saskatchewan and Alberta drawn up an 

 interesting scheme for the uniform organization of rural mortgage credit 

 in these three provinces. It seems that the scheme will shortly be- 

 come law. 



It does not exactly reproduce any of the various systems of mortgage 

 loans followed in the different countries of the world, but has been inspired 

 b}^ one and another of them, adopting their provisions and modifying them, 

 where necessary, to meet the needs of West Canada. It has therefore its 

 own individuality although it is based on the well-known principle of amor- 

 tization. 



The governments of the three provinces cited propose to form in each 

 of them a special organization to be known in Manitoba as the " Manitoba 

 Rural Credit's Association " and to have its headquarters in Winnipeg. 

 This association will have the duty of applying the system of mortgage 

 credit and will be under a board of management consisting of five members. 

 The chairman or commissioner will be the only permanent official and will 

 be appointed by the government. Two members of the board will be 

 nominated by the Union of Municipalities and the other two by the govern- 

 ment. Two of the members of the board will be Conservatives and two 

 of them Liberals. 



It will be provided in the legislation that money will be lent b}' the 

 Rural Credit's Association on first mortgages on occupied farms, only for 

 the following purposes : — 



i) To provide for the purchase of land for agricultural uses. 

 2) To provide for the purchase of the equipment, fertilizers and live 

 stock necessary to the proper and reasonable working of a mortgaged farm. 



