MISCELLANEOUS INFORMATION RELATING TO CREDIT 

 IN VARIOUS COUNTRIES. 



DENMARK. 



THE WORKING OF THE DANISH I,AND CREDIT ASSOCIATIONS IN 191 6. 



In our issue for April 1911 we published a detailed study of the organi- 

 zation of rural land credit in Denmark; in that for January' 1913 we includ- 

 ed a note on the activity of the Danish land credit associations in 1911-12 ; 

 in that for February 1914 an analogous note on the year 1912-13 ; in that 

 for January 1916 a note on 1914-15. We have now the information which 

 enables us to establish similar statistics for the year 1915-16. To make 

 comparisons easy we have as usual distributed our facts in two tables, of 

 which the second gives statistical information as to land credit associations 

 which grant only loans on first mortgages, while the first includes all the 

 mortgage associations founded with the especial object of granting loans at 

 low rates of interest on second mortgages. It should be remembered 

 that all these associations are based on the principle of mutual sohdarity. 



It will be seen that the amount of the loans granted on first mortgages 

 by the fourteen associations in the second table was in round figures 1865 

 million crowns (i) at the beginning of 1916, that is more by 367 million 

 crowns than in 1910. Since several of these associations do not distinguish 

 between urban and rural loans we cannot give exact information as to the 

 debt with which rural landed property is burdened, but it is estimated as 

 half the total debt (2). 



As regards the activity of the Mortgage Bank of the Kingdom of Den- 

 mark we note that on 31 August 1912 it contracted a new debt of 10,800,000 

 crowns and was thus enabled to buy from the Treasury bonds for State loans 

 to small farmers {Jordlodder til Landarbejdere) . The bank held on 31 i\Iarch 

 1915 bonds of associations for land credit to the value of 33, 144,000 crowns, 

 and Jordlodder til Landarbejdere bonds to the value of 16,932,000 crowns. 



(i) I crown = about is i Y^^d at par. 



(2) See International Review of Agricultural Economics, 1914, VI. 67. 



