125 



, etc-, were una&imoufi in recognising how the 

 farmers responded to the efforts made on their behalf. 

 Despite the fact that the harvests were not abundant 

 the loans for seeds were repaid in !M) per cent. t>f the 

 es. Later on, it must be admitted, when the advances 

 for seeds were renewed and were made a question of 

 political convenience, and were accorded other than in 

 cases of absolute need, the percentage of repayment de- 

 ereased rapidly, only 50 per cent, paid back at the given 

 date, 20 per cent, of the advances never being refund- 

 the highest percentage of loss recorded, and con- 

 siderable sums hac^to be written off as bad debts. This 

 led to the many incriminating denouncements as to the 

 bad faith of the farmers, especially when the loss had 

 to be borne by the Government. This result was prog- 

 nosticated by the writer at the time after a tour 

 through the distressed area. The grain houses who ad- 

 vanced seed largely, did so as commercial undertakings, 

 only in cases where they were sure to recuperate. They 

 had no losses to record ; the apparently insolvent were 

 confided State help, as they always must be. This ap- 

 plies in all cases when State aid is accorded farmers. 

 For seed, then, only in bad times have our farmers to 

 ^confide in outside help. 



HARVESTING EXPENDITURE. 



Returning then to our examination of the inver- 

 sion of his capital by the farmer, up to the time of har- 

 vesting he has inverted all but $2000 mjn. of the five 

 thousand pesos which he 1 possessed on initiating the 

 year's labours. 



For harvesting expenses, reaping, binding, stack- 

 ing, labour and food, this remaining $2000 will have 

 gone: the cost of these latter on about 200 hectares farm 

 is approximately $2000 m|n. 



By the time harvest is in full swing the average 

 farmer lias no more money in hand for working ex- 

 penses, and he must accept a loan in order to finish off 

 -the work of threshing, bagging, carting, etc.. for which 

 "he requires about $4000 m|n. 



Up to now he has, I maintain, worked as econo- 

 mically as the circumstances permit, he has not had 

 imore capital than absolutely necessary for the business 

 undertaken, no idle capital in the bank, however, much 

 lie would wish it (and agricultural experts dwell on its 

 necessity) . The business has been financed between the 



