100 



Agricultural Credit Banks, 



[may, 



steps taken by the Co-operative Banks Association, since 

 incorporated in the Agricultural Organisation Society, for 

 the establishment of village banks in the rural districts in 

 England. A village bank, which joins the Agricultural Organisa- 

 tion Society, receives on formation a complete set of books free, 

 together with simple instructions for keeping the accounts, and 

 specimen model rules. The Central Association also gives 

 expert advice from time to time as required. 



In Germany, among the various systems of real credit, i.e., 

 loans on real estate, the best known takes the form of a 

 voluntary association of land-owners ; these associations, known 

 as Landschafterby have been in existence for over a century, and 

 make advances to their members by the issue of negotiable 

 debentures, bearing interest at 3 or 4 per cent, guaranteed by 

 the society. They usually operate in small areas, and are con- 

 trolled by legislation and by the public authorities. Their great 

 advantage, in addition to. a low rate of interest, perhaps rests on 

 the fact that they ensure the borrower who has sunk the loan in 

 improvements against any sudden demand for the repayment of 

 the capital. Although the operations of these societies have 

 been attended with great success, it is on the side of personal 

 credit that the greatest development has taken place in 

 Germany. The principles on which the agrarian banks known 

 as the Raiffeisen Credit Associations, which date from about the 

 middle of the last century, are based, have been mentioned 

 above, and it is claimed that they have effectually delivered the 

 German agriculturists out of the hands of the usurers. Their 

 number has increased very greatly, especially during the past 

 ten years, and similar institutions exist in Austria, Switzerland, 

 Belgium, France, and Italy. In Belgium the number of these 

 societies has increased from thirty-three in 1895 to 313 in 1902 

 with over 15,000 members. 



Co-operative Banks have also taken a prominent place in 

 Italy. The Rural Loan Societies, which were inconsiderable in 

 number in 1892, have since increased rapidly, and at the end of 

 1903 amounted to 1,246. Raiffeisen Banks also exist to the 

 number of 730, but no marked progress in their number appears 

 to have recently taken place. In Spain also there has in 

 recent years been a great development of co operative credit. 



