264 AUSTRALASIA 



vanced in instalments, if desired. They were to 

 bear 4^ per cent, interest, and be repaid in sixty- 

 three half-yearly instalments, or such smaller 

 number as might be arranged. 



In Queensland an Agricultural Bank Act, 

 passed in 1901, authorized the establishment of 

 a bank for the purpose of promoting the 

 occupation, cultivation, and improvement of 

 the agricultural lands of the State. The capital 

 to be raised was not to exceed £250,000, and 

 advances up to £800 might be made to farmers 

 or settlers. Interest at the rate of 5 per cent, 

 per annum was to be paid for the first five years, 

 at the end of which period the borrower was to 

 repay the loan within twenty years in half-yearly 

 instalments at the rate of £4 0*. 3d. for each 

 £100 advanced. 



In South Australia a State Advance Bank 

 was set up in 1895 for the purpose of making 

 advances to farmers, producers, and local 

 authorities, in aid of industries, at a rate of 

 interest not to exceed 5 per cent., the funds 

 being raised by mortgage bonds guaranteed by 

 the Colonial Government. 



In Western Australia the Agricultural Bank 

 Act of 1894 authorized the establishment of a 

 bank which would make advances to farmers 

 and cultivators for the purpose of enabling them 



