GRANT OF LOANS AND ADVANCES TO AGRICULTURISTS. 47 



In Ireland a system of Government advances has been in opera- 

 tion for many years to the great benefit of the country. I may say 

 for the satisfaction of my Hon'ble colleague, the Financial Member 

 of Council, that the system has been carried on throughout the entire 

 period of the famine without the smallest loss to the Government, 

 as well as I recollect. From the last returns I see that the sum now 

 advanced is considerably more than two milions, and the arrears of 

 principal and interest amount to something like 550 



The whole system works like clock-work, with great advantage 

 to the country, and without the smallest risk of present or future loss 

 to the State. 



In England, where it has not been thought necessary to estab- 

 lish a Government system of loans, many Acts of Parliament have 

 been passed to enable private individuals and Companies to carry out 

 almost the same system ; and to Companies which make these loans, 

 the same facilities for recovery and the same securities are given 

 as the Government would have thought necessary to enact for its own 

 loans. 



I happened to be connected little with a Company of that kind, 

 and the result was precisely the same as in the case of the Irish 

 Government loans. 



The sums of money negotiated were exceedingly large, but the 

 re-payments are made to the day, and I do not believe that the Com- 

 pany with which I was connected had ever to complain of having a 

 single bad account. 



There are several other Companies of the same kind that have 

 been engaged in the same transactions, and, with the exception of 

 some which were not very well managed, the same satisfactory results 

 have generally been obtained. 



It seems to me that such a system which has worked so well 

 in other countries, and which is so well known and has been so long 

 in existence in India, must be an immense benefit to the country, 

 and that if the local Governments take up this measure in the spirit 

 that I have no doubt they will it will be found easy to establish a 

 small and inexpensive organization for working the provisions of the 

 Bill in case the district officers have not time to give to it due 

 attention, 



