1907.] Supplement to the Journal, 563 



very differently by different people. Dr. Grabmayr is, however, 

 satisfied that the ultimate effect will be beneficial to the 

 community, since the present tendency is to drive the price of 

 land far above its true worth owing to the national monopoly. 

 It is claimed also that the transition would be gradual. Passing 

 to the question of the effect the new law would have on the 

 sources of credit, it is pointed out that the effect on credit 

 institutions will probably not be harmful, but that private 

 lenders may be seriously affected, although there are exceptions 

 even to this. Finally, such a law would put a stop to the 

 tendency to amend the law of inheritance and would preserve 

 the estates of the peasants intact. It was therefore proposed 

 " that it is indispensable in the interest of the preservation of 

 a sound and capable peasantry to combat their growing in- 

 debtedness by mortgage through legislative and administrative 

 means. The first step is to relieve the soil of all debts on it 

 that exceed a certain limit by the formation of loan societies of 

 known solidity, and with this' object to transform all debts 

 which the creditor may call in at pleasure into debts which 

 the debtor must pay off by regular instalments. Secondly, 

 to require that all new debts should be contracted in the latter 

 form, except in certain cases, such as when land passes by 

 inheritance or is transferred to near relations. Thirdly, in 

 places where it is the custom for the land to pass to one heir 

 without division it should be illegal to raise accommodation 

 mortgages by other means than by loans repayable by instal- 

 ments, provided that an agricultural credit bank should be 

 available in every case for the liquidation of the debt." 



A report on agricultural education in the United States, 

 which has been prepared by Mr. Esme Howard of the British 

 Embassy, Washington, will be issued 

 Supplement to the with the January number of this Journal, 

 Journal. price /\d. post free. This report, which 



extends to sixty-two pages, contains 

 a detailed account of the Federal legislation for the establish- 

 ment of agricultural and industrial colleges in the United 

 States, and a description of the educational system of Alabama, 

 Minnesota and Illinois. Subscribers to the Journal can obtain 

 this report for 3^. 



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