The Federal Land Bank and the Florida 
Citrus Grower 
Mr. Hume: We had expected to take 
up topic No. 19 this evening instead of 
this morning, but it has been deemed 
best that the discussion of the Federal 
Land Bank work in relation to Florida, 
should come up this morning. It was 
postponed until this evening because for 
several days past the Florida East Coast 
trains have had a habit of running late 
and we did not believe the gentlemen who 
are to address us on this occasion would 
be able to get in in time for the morning 
session. 
However, contrary to our expectations, 
they are here, so that we will now take up 
this part of our program. 
I am going to ask Mr. D. C. Gillett to 
open this discussion. 
Mr. Gillett: Mr. Chairman, Ladies 
and Gentlemen: 
In discussing this matter, I shall take 
into consideration the fact that I am a 
grower interested in nurseries, the hold¬ 
ers of some grove mortgages, and a di¬ 
rector in two banks in Tampa, which 
might be rightfully considered the center 
of the industry, at least on the West 
Coast. Therefore, in what I am going to 
say, I shall endeavor in a small way to 
reflect the attitude or sentiment of two 
banks in this state. 
As I understand it, the basic principle 
underlying the Farm Loan Act, the meas¬ 
ure of the loan primarily is the produc¬ 
tivity of the soil upon which the mortgage 
will be based. Of course, the moral risk 
and any other risk which would come into 
a loan of either commercial or industrial 
matters would also apply to this. 
As I understand it, what you want to 
know is this: assuming that the improve¬ 
ments on a Florida mortgaged grove 
were removed in a single night by a freeze, 
over which, of course, we had no control, 
what productive value would that land 
have with those improvements removed ? 
Now, if it is to be considered that the 
freezing of an orange grove to the ground 
means total depreciation of that land from 
a citrus-producing standpoint, then it 
might be a subject of discussion. 
But a frozen orange grove, with the 
vitality of the root system in the ground, 
certainly has a value as an orange grove 
far in excess of the raw value of the land, 
plus the improvements to rebuild one. 
The age which an orange tree may at¬ 
tain and still bear fruit, has never yet been 
determined. In Sicily there are groves 
four hundred years old, and apparently 
just in their prime. In Florida we 
have them seventy-five years old and 
bearing more fruit each year. Unlike 
deciduous fruits which at a certain age 
begin to depreciate, a citrus grove con¬ 
tinues to appreciate as years go on. There 
