Russian Credit Associations. 



6s 



and shade which carried the sheep through the summer in 

 good condition. But as sheep raising became more popular 

 it was found that these canons, on account of their limited 

 area, could furnish summer pasture for only a portion of the 

 sheep that could readily find winter pasturage. It was, 

 therefore, necessary to increase the summer grazing, and this 

 it was found possible to do by driving the sheep in late spring 

 or early summer to some of the cool, well-watered, grassy, 

 timber-covered mountains that adjoin the plains. By this 

 modification of the yearly routine the possibilities of sheep 

 raising" on the plains were enormously increased. 



With regard to the cost of maintaining a " band " of sheep, 

 it is observed that under present conditions a sheep-owner 

 with one or two flocks can seldom conduct his business 

 profitably if he leads a nomadic life, and in general it is 

 essential that an owner shall have for winter quarters a 

 permanent ranche, with enough arable land to grow the 

 fodder necessary for wintering his sheep. This represents a 

 capital of from i^i,ooo to £1,200, whilst the cost of main- 

 taining a band of about 2,000 ewes is estimated at approxi- 

 mately 430 per annum. Sheep-owners are pxcustoi led to 

 estimate that the cost of maintenance will be paid by the 

 sale of the wool, while the annual increase in numbers repre- 

 sents probable profits. The sheep of eastern Oregon are 

 chiefly of merino stock, but the increasing profitableness of 

 good mutton has induced many owners to introduce Shrop- 

 shire blood. 



Russian Agricultural Credit Associations. 



The Russian Ministry of Finance has recently issued a 

 report giving information as to the credit associations, from 

 which accounts had been received up to 20 November, 1897. 

 These consisted of 605 loan and deposit societies, 262 village 

 banks, and 575 peasant-aid funds. There are also stated to 

 be 59 loan and deposit societies and 146 village banks which 

 did nor furnish accounts. Information regarding these 

 associations will be found in a previous number of this 



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