THIRD ESSENTIAL— CREDIT 263 



the former ; and as this subject is a matter of 

 practical interest to agriculturists all the world 

 over, it may be of advantage if I indicate briefly 

 what has been done in some of the leading 

 Colonies. 



In New South Wales an Act was passed in 

 1899 adopting the principle of advances to 

 settlers who were in necessitous circumstances, 

 or were financially embarrassed owing to 

 drought. A Board was appointed to consider 

 applications for loans, and determine whether 

 they should be granted. Under the original 

 Act no advance made to any one settler was 

 to exceed £200, at 4 per cent, interest, and the 

 sum borrowed was to be repaid in ten years ; but 

 under a later Act, passed in 1902, the maximum 

 was increased to £500, and the period for repay- 

 ment was extended to 31 years. 



In Victoria the Savings Banks Commissioners 

 were authorized by an Act of 1890 to make 

 advances to settlers on mortgages of their lands. 

 In 1890 a new Act modified some of the con- 

 ditions previously laid down, and enabled the 

 Commissioners to lend to farmers, graziers, 

 market gardeners, or other persons engaged in 

 agricultural, horticultural, vitieultural, or pastoral 

 pursuits. The loans, granted on the security of 

 the land held by the borrowers, could be ad- 



