400 THE FUTURE OF OUR AGRICULTURE. 



landschaft, it naturally discontents the borrower. And an 

 authoritative admission of the insuificiency of such valuation 

 is to be found in the fact that an additional sixth of the 

 ascertained value, beyond the " three sixths " originally 

 prescribed as the limit of a loan, is now generally granted 

 as a matter almost of course. That practically brings up 

 the loan to about half of the commercial value of the property. 

 Control of the property, to prevent deterioration, is effective 

 under landschaft supervision. However, the original object 

 of the measure, to lead the borrower steadily to get rid of 

 his debt, is effectually defeated by the provision constantly 

 taken advantage of, which permits re- borrowing of what 

 has been " amortised." The very bureaucratic organisa- 

 tion adopted, placing officials on the landschaft on a par with 

 members of the public service, according to a specific 

 " decreet of ranking," and the investing of these men with 

 summary powers of execution, are distinctly out of keeping 

 with modern ideas. 



The more recently formed Joint Stock Mortgage Credit 

 Companies — which were at first eyed a little askance by 

 the public as being bound to be inspired by a desire for 

 pelf — now render absolutely the same services in a less 

 antiquated and red-tape, and more businesslike way. 

 These societies — for the practice of which Switzerland is 

 the classical originating country, but which are numerous 

 in Germany and distinctly gaining upon the landschaf ten— do 

 work for profit. That is quite true. However their profit 

 is only moderate, amounting to from 6 to 7 per cent, 

 per annum upon the share capital employed. They earn 

 it by working on more businesslike lines. For instance, 

 their valuators, being trained men, at work throughout 

 the year, and employed, as occasion may require, in various 

 parts of the empire, not only possess a more thorough and 

 more general knowledge of their subject than the officers 

 of the landschaft, but make their rather higher remunera- 

 tion worth paying by constant employment and more 

 economic methods. Directors, also, as well as valuers, 

 are selected for their fitness, not because they happen to 

 be landowners in a certain district. There is, under these 



