9 6 



Agricultural Credit Banks. [may, 



(39 hatches), compared with 70*89 per cent. (38 hatches) in 

 1903-4 ; while the hot-air incubators gave 73*64 per cent. (29 

 hatches) against 68*95 P er cent - ( 2 4 hatches) in the preceding 

 year. 



It will thus be seen that the records for both types of incuba- 

 tors are higher in 1904-5 than in 1903-4, but that the tank 

 machines have improved upon the position they then held. 



During the year the A type of machine hatched out 81 < per 

 cent, of fertile eggs (840 out of 1,037) ; B type hatched out 

 75-90 per cent. (915 out of 1,207) an d C type 73*64 per cent. 

 (1,819 out of 2,470) fertile eggs. 



Hens have chiefly been employed for the hatching of ducklings, 

 and the extent of observations with incubators was too limited 

 to make any special records. 



The results of the year's operations have been eminently 

 satisfactory, and to secure with so large a number an average 

 of 75*82 per cent, is indicative of the success attending the use of 

 artificial methods of hatching under suitable conditions and with 

 well-made, reliable machines. 



Edward Brown. 



In agriculture to an even greater degree than in commerce the 

 function of credit seems peculiarly applicable. In trade the 

 . purchase and sale of goods is usually 



Credit Banks. effected within comparatively short limits, 

 whereas the growth of crops and the 

 breeding of stock alike require the advance of money and 

 labour for long periods before any return can be expected. 

 Pending the sale of his produce and the realisation of his 

 profits, the farmer may reasonably require assistance for the 

 purchase of fresh stock, manures, feeding stuffs, and implements, 

 or to enable him to take full advantage of his opportunities — 

 to buy in a cheap market or to hold his produce for a rise. The 

 landowner, also, may need money for improvements, for drainage, 

 for making farm roads, or farm-buildings, etc. — expenditure from 

 which he can only receive a very gradual return in the form of 



