NOTICES RElvATING TO CREDIT 



63 



The figures of this table show that both the number of mortgaged 

 properties and the sum of the mortgage debt increased continuously from 

 1875 to 1912. 



On the other hand the average amount of a debt secured by a mortgage 

 diminished continuously in the same period, in contrast to the phenomenon 

 noticed in the case of the first institution with which we dealt. The fact is 

 clearly shown by the following table : 



1875 

 1880 



1885 

 1890 



1895 



Average Amount 



of a Debt secured by 



a Mortgage. 



Marks. 



33.634 

 39.727 

 21,892 



17.705 

 1.5.893 



Average Amount 



of a Debt secured by 



a Mortgage. 



Marks. 



1900 



1905 

 I9IO 

 I912 



14.541 

 14,272 

 13,820 



13.999 



The rate of interest on mortgage titles is 3, 3 ^/^ or 4 per cent., as is 

 shown by the following figures which refer to 1912 : 



Mortgage TiUes. 

 Marks. 



26,090,,300. 



116,008,850 



4,103,250. 



Rate of interest. 



1 per cent. 

 1 ^/2 per cent. 

 L per cent. 



Until 1875 mortgage titles at 4, 4 ^/^ and 5 per cent, were current. Those 

 at 5 per cent, were converted in 1880, those at 4 ^/g per cent, in 1885, and 

 finally those at 4 per cent, in 1895. From 1895 to 1911 only titles at 3 and 

 3 ^/2 per cent, were in circulation, but in 1912 titles at 4 per cent, were again 

 issued. 



UNITED STATES. 



Thompson (C. W.) : FACTORS AFFECTING INTEREST RATES AND OTHER CHARGES 

 ON SHORT TIME FARM I^OANS, pp. 12, pis. 2. U. S. Dept. Agr. Bui. 409 (1916). 



Among the factors discussed are the natural conditions affecting agri- 

 culture, the distance of farms from financial centres, the character of the 

 borrowers, the methods and character of the farming, and the character- 

 istics of loans and the relation of the farmer to the lending agency. 



