MISCElvIvANEOUS INFORI\IATION REI^ATING TO CREDIT 

 IN VARIOUS COUNTRIES. 



CANADA. 



THE APPIvICATION OF THE AGRICUI^TURAI, ACT IN BRITISH COIyUlVIBIA. — The 

 Hon. Wm. Manson, superintendent of the Agricultural Credit Commission of British Co- 

 lumbia in The Agricultural Journal, Victoria 'British Columbia), Vol. I. No. g, November 

 1916. 



The Agricultural Act was placed upon the Statute Book of British 

 Columbia in March 1915. It authorizes the borrowing of .$15,000,000 to 

 be administered b}^ a Commission, the debentures of this Commission being 

 guaranteed by the government of the province. 



The money market has been unfavourable to borrowing money for 

 some time before and since the oubreak of the war, but last spring a loan 

 of S 1,000,000 was obtained under the Act to begin the work and give 

 definite aid in developing agriculture. The monej'^ cost 5.63 percent, and 

 is being lent to the farmers at 6 14 P^r cent. 



Long term loans for twenty, thirty and thirtj^-six and a half years 

 ma}' be made on the amortization plan, interest and principal being pay- 

 able half-yearly. 



Short term loans for from three to ten years need not be amortizable. 

 The Commission has decided that, while it prefers all such loans to be amor- 

 tizable, it will yet for the present grant straight loans for three, four or five 

 3'^ears, the interest on which will be payable half-3'early ; and that loans 

 for from six to ten years must, like the long term loans, be payable on the 

 instalment plan, the interest and principal being payable half-yearly. 



Borrowers may from time to time, on any date at which interest is 

 due, pay off % 25 or any multiple of $ 25 in addition to the regular half- 

 yearly payments. 



The Act requires that money lent for the improvement of agricultural 

 land be advanced only as such improvements are made, and the Com- 

 mission is arranging accordingly in granting each loan. 



A great manj^ applications are being received for money to pay off 

 existing mortgages. In view of the limited amount of money at its dispo- 



