THE ACTIVITY OF THE STATE LAND BANK FOR THE .NOBILITY 5 1 



corresponding percentage being go and indicative of the seriousness of the 

 crisis of 1915 for the landed property of the nobiUty. 



The number of loans granted on the security of normal mortgages was 

 only 114 or 24 per cent., while the other moitgages, 75 per cent, of the total 

 number, were made after a special estimate. The total percentage of loans 

 thus made during the year was 90. 



The total sum for which the 470 persons, whose applications were 

 accepted, apphed as loans was 46,951,000 roubles. The bank could grant 

 41,827,000 roubles or 89 per cent, of the sum demanded. During the last 

 six years the relation between the demand and the supply of loans was 

 as follows : 



Table III. — Relation between the Demand and Supply of Loans. 



I9I0 



I9II 



I9I2 



I9I3 



I9I4 



I9I5 



It is apparent from this table that during these six years the whole 

 sum demanded was lent in the largest percentage of cases. The bank 

 sought to concentrate its aid on the neediest properties and was, in view 

 of the crisis, obliged in many cases to lend the whole sum demanded. 



The average area of the properties mortgaged to the bank on i January 

 1915 was 498 deciatines ; that of those mortgaged afresh in 1915 was 546 

 deciatines. The greater part, namely 61.9 percent., of the latter belonged 

 to the class ot medium-sized farms (from 100 to 1000 deciatines of culti- 

 vable land) ; 23.6 per cent, were small farms of less than 100 deciatines ; 

 and the remainder, namely 14.5 per cent., were large properties of more 

 than 1,000 deciatines. Of the total area of the properties mortgaged in 

 1915, 60.8 per cent, belonged to the class of large properties (more than 

 1,000 deciatines of cultivable land) ; 36.8 per cent, to that of mediimi-sized 

 properties and 2.4 per cent, to that of small properties. These data, if 

 compared wdth those for the years from 1905 to 1915, confirm the statement 

 that medium-sized properties have least |^X)wer of economic resistance. 

 Table IV shows that it is exactly in periods of crisis, as in the j-ears from 

 1908 to 1910, or even more so in the period in which the consequences of 

 a crisis are more felt, that the percentage of mortgaged properties of medium 

 size rises ; for these properties are those which need most care and support 

 in order that they may surmount a crisis. 



