stock is $1,000,000 divided into $5 shares. 

 Every borrower must subscribe and pay cash 

 for shares to the extent of 5 per cent of the 

 amount of his loan and loans are secured by a 

 first mortgage. Loans must not be for more 

 than $$10,000, must not exceed 50 per cent of the 

 value of the property mortgaged, and must be 

 used solely for agricultural development. Since 

 1Q17 more than $7,000,000 has in this wise been 

 loaned to Manitoba farmers. 



The Province of Saskatchewan 



This province has no legislation for short- 

 term credits, but an Act in 1917 provided for 

 long-term credits, which is practically the same 

 as the Manitoba Act. The chief differences are: 

 (1) No maximum is stated for any individual 

 loan. (2) All the money for the board's purposes 

 is provided by the Provincial Treasurer. (3) 

 First mortgages received by the board are handed 

 over to the Provincial Treasurer as security for 

 the loan. Up to a recent date the Saskatchewan 

 board had completed 3,754 loans for a total 

 amount of $8,407,456. 



The Province of Alberta 



Under the Livestock Encouragement Act 

 five or more farmers may form an association 

 and apply to the government for a loan to be 

 used in purchasing cows and heifers, and, if 

 desired, the joint purchase of a pure-bred bull, 

 which must not cost more than 10 per cent of 

 the loan. Each member may borrow up to $500, 

 the money being borrowed on the joint and 

 several notes of the members guaranteed by 

 the government. Short-term credit is provided 

 by the Co-operative Credit Act, which is very 

 similar to the Rural Credits Act of Manitoba, 

 the chief difference being that the rate of interest 

 to be paid by the borrowers is not a fixed rate 

 but is decided by agreement between the society 

 and the bank as lender. In 1917 the Alberta Farm 

 Loan Act, for long-term credits, was passed, 

 but has not been put into operation. 



The Province of British Columbia 



A Land Settlement Board has been consti- 

 tuted under the Act of 1917 which receives 

 advances from the Provincial Treasurer and 

 grants loans on the security of first mortgages 

 for any purpose which will maintain or increase 

 agriculture or pastoral production. The mini- 

 mum loan is $250 and the maximum $10,000, 

 and must not be for more than 60 per cent of 

 the value of the property mortgaged. The 

 rate of interest on loans is arranged as nearly 

 as possible by adding not over 1^ per cent to 

 the rate paid by the government. Two kinds of 

 loans are made under this Act : long-dated loans 

 for 15, 20, or 25 years and short-term loans for 

 not less than 3 and not more than 10 years. A 



short-term loan must not exceed $5,000 except 

 in special cases. About 350 loans for an aggre- 

 gate of $700,000 have been made in this province. 



The Province of Ontario 



In 1916 an Act was passed authorizing loans 

 to settlers in the newer parts of the province, 

 the maximum loan being for $500 and the rate of 

 interest being 6 per cent. The Co-operative 

 Marketing Loan Act, passed in 1920, authorizes 

 loans to co-operative associations engaged in 

 cleaning, storing and marketing seed and 

 potatoes. The loan must not exceed $3,000, 

 to be free of interest for two years, after which 

 6 per cent must be paid. 



In April, 1921, the Agricultural Development 

 Act and the Farm Loans Act were passed 

 providing for the granting of long-term and 

 short-term loans. The system for granting 

 short-term loans is practically the same as that 

 of Manitoba, the main difference being that in 

 order to secure funds the Provincial Treasurer 

 is authorized to open offices in the provinces to 

 receive deposits and pay interest not exceeding 

 4 per cent. Though these Acts have been in 

 operation only since the spring of this year, 

 approximately $80,000 has been loaned in short- 

 term and $760,000 in long-term loans. 



The Province of Quebec 



Assistance is provided to Quebec farmers 

 both by short-term and long-term loans. Banks 

 are established which constitute separate entities 

 and operate in restricted localities. The loanable 

 funds of a bank are obtained by receiving the 

 deposits of the people in that section and by 

 the sale of it? shares. The value of each share 

 is usually $5 and is payable in small instalments 

 of a few cents each. The social importance of 

 the system, especially in encouraging thrift, is 

 made a paramount feature, though the system is 

 voluntary and members may withdraw their 

 holdings at any time. Loans, if of small amounts, 

 are made on the security of promissory notes, but 

 all other loans are based on first mortgages. 

 The larger proportion of the loans are from $5 

 to $200. Repayment is monthly. By 1920, 

 15,297 loans had been so made aggregating 

 $4,272,584. 



The Province of New Brunswick 



The Act to Encourage the Settlement of 

 Farm Lands was passed in 1912, and under it a 

 board of three members is appointed to buy 

 farms and sell them at cost to settlers and to 

 administer a government fund for this purpose. 

 A catalogue of suitable farms is kept and the 

 settler is helped to make a choice. If the price 

 to be paid for the property is less than $1,000, 

 the purchaser must pay down 25 per cent; if the 

 price is over that amount, he must make an 

 initial payment of 35 per cent. The final 



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