Periodical Literature. 639 



A circular inquiry from 60 German credit institutions sent out 

 this year elicited further information which Tafel summarizes. 



The same variety of attitude still prevails. It is interesting to 

 note the figures which are communicated in some cases. In West 

 Prussia the soil credit bank loans according to tax assessments 

 from $1.20 to $9.30 per acre (farm soil assessment ranging from 

 $4 to $60). In Saxony 8 tax classes are made for farm soils 

 assessed at from $20 to $200, but the tax is about half the above. 

 In Westphalia, banks also usually loan on tax assessments, but in 

 two cases where a property was mostly forest, the bank loaned on 

 the capitalized annual yield technically determined and capitalized 

 at 4% ; in the one case the yield value figured about $185, in the 

 other $82 per acre. 



In Pomerania, Posen and East Prussia only the oldest age class 

 (20-year period), or as much of it as can be cut during the next 

 20 years is considered loanable property, the loan being based on 

 the yield. From the money value of the felling budget in 

 coniferous woods 10% is deducted to reduce the risk, also all 

 costs of administration and culture according to a settled schedule, 

 and the rest is capitalized with 3 1/3 to 5%, according to the 

 length of the rotation, to ascertain the loanable value. 



The newest method is devised by the soil credit institute of 

 Silesia, where the yield of the two oldest age classes or periods, 

 say the oldest 40-year stands are considered loanable, even if the 

 felling budget consists only of thinnings, but the latter must not 

 exceed 20 cubic feet per acre in the unripe stands under a thinning 

 plan devised for five years. Selection forest is nowhere an object of 

 loans according to yield; and to be loanable at all, the property 

 must contain at least 125 acres in some, and 250 acres in other 

 provinces. Coppice must be at least 125 acres to be loanable. 

 Only in East Prussia are forests from 12^ acres upward loanable; 

 in these small areas the soil value is determined in four quality 

 classes with maximum in values of $8 to $50, which may be in- 

 creased up to 50% in consideration of the determined stock value. 

 This increase in value may in forests up to 250 acres and stands up 

 to 50 years old be not more than 60% of the cost of cultures ; for 

 stands over 50 years and selection forest not more than 15% of 

 the wood value; for forests over 250 acres with stands up to 50 

 years not more than 45% of the cost of cultures, and with stands 



