THE ACTIVITY OF THK BEI.GIAN ' BOERENBOND 



foods usually on the market ; but the value of their stock was diminished 

 in consequence, and the animals of which they got rid were seldom or ne- 

 ver replaced. Analogous circumstances ruled in other branches of their 

 farming. In a word husbandmen disposed of relative^ large sums of money 

 but the fact was not always advantageous to them. 



What were they to do with these savings? Where could they invest 

 them well, when banks and financial estabUshments were constantly lower- 

 ing their rate of interest, and were as much as possible avoiding the accept- 

 ance of payments, owing to the superabundance of money ? The husband- 

 men turned to the savings and credit funds. These enjoyed their confi- 

 dence, and were able further, because they were afiiliated to the central fund, 

 to continue to pay interest at the rate of 3 per cent., which was in existing 

 circumstances extraordinarily profitable for the deposits in question. 

 It goes v\ithout sa3dng that the fund was obliged, in order to continue 

 these terms, to be very circumspect and to be guided not by desire for gain 

 but by a wish to render service to the husbandmen ". 



lyoans on land numbered twenty-seven and were of a total sum of 

 115,400 francs. There is further a new system of loans, particularly^ ad- 

 vantageous to the husbandmen precariously situated owing to present 

 circumstances, and known as small credit, and it gave excellent resiilts. It 

 is as follows : 



" A loan may not surpass 600 francs and is repayable in annual in- 

 talments in five years, unless the borrower formally express a desire to 

 have this term extended to seven years, in which case he is held, during the 

 first two years, only to the payment of the interest, which is at the rate of 

 2 per cent, a year. 



" If as a consequence of the war the object bought with the borrowed 

 money is destroyed wholly or partially, the debt is remitted pro rata, ac- 

 cording to the loss incurred, but the borrower must prove the loss. 



" He must find a third person as his surety. 



" Loans are granted to coimtrypeople in needy circumstances, espe- 

 cially such as have suft'ered loss by the war. At first these conditions were 

 interpreted fairly liberally, but later loans were made exclu.sively to per- 

 sons within the following categories : 



1. Husbandmen who have incurred certain definite losses by the war 

 and the famiUes deprived of their support. 



2. Husbandmen and workmen ctiltivating land and having suffered 

 a reduction, due to the war, of such external resources as wages. 



" The borrowed money must serve an agricultural purpose, that is 

 to say the purchase of live stock, small agricultural requisites, seeds, ma- 

 nures, etc. 



" lyoans are made by the medium of the local savings and credit fund 

 or, failing it, through a committee of three or four persons duly approved 

 by the central fund. 



" On 31 December 1915 about forty of these loan committees were 

 active. 



