No. 4.] REPORT OF SECRETARY. xxi 



the same basis as the building and loan associations. Loans are 

 to be made on farm lands to the extent of 60 per cent of their 

 value, with the understanding that the money is to be used to 

 improve the land. In order to create additional funds in the 

 bank, debenture bonds are to be issued upon the mortgages 

 held, and these bonds offered to the public. These bonds 

 would become a safe and, no doubt, attractive form of invest- 

 ment as there would be back of them actual land values. The 

 whole system contemplates supervision by the Bank Com- 

 missioner, and once well established, will undoubtedly system- 

 atize credits in rural districts and materially reduce the rate of 

 interest. 



Advertising Massachusetts Agricultural Resources. 



What was said last year in the report of the secretary relative 

 to this subject holds more true to-day than ever. Massa- 

 chusetts took the lead among the eastern States on this subject 

 in 1908, and since then other States have followed along the 

 same general lines. New York publishes a book of over 600 

 pages on her agricultural resources and farms for sale. There 

 seems to be a feeling on the part of some farmers that the 

 advertising of our land will cause greater competition among 

 us. This does not seem true, however, when you stop to 

 consider that the competition will only be transferred from 

 interstate to State competition. In other words, we are now 

 importing practically two-thirds of all the food products we 

 consume. Our farmers are competing with New York, New 

 Jersey and other States in the same products which can be 

 grown here just as well as in the sections mentioned. We want 

 the farmers from those other States to come here and take up 

 our land and grow these crops, thereby increasing the valuation 

 of our State, and, furthermore, keep in Massachusetts money 

 which is now going out of the State. 



In this connection, a bill has been drawn to cover not only 

 the publication of the bulletin on Massachusetts agricultural 

 resources, but also providing for the collection by the Board of 

 data relative to Massachusetts agriculture as will be of benefit 

 to us. As an example of the kind of work contemplated, it is 

 desirable that we should know more about the production of 



