8.—5

TABLE OF CONTENTS. PAG] COMMISSION .. .. .. l REPORT .. 4 Itinerary .. .. .. .. .. .. .. . . 4 Definitions .. .. .. .. .. .. .. . . 4 The Need for Improved Credit .. .. .. .. .. 5 The Application of Credit .. .. .. .. .. .. 5 Thrift and Co-operation .. .. .. .. .. . . 6 New Zealand Conditions .. .. .. .. .. .. 6 Land Mortgage Bonds .. .. .. .. . . . . 7 Tax-free Securities .. .. .. .. .. .. .. 9 Joint-stock Land Banks .. .. .. .. .. . . 10 Land-valuations .. .. .. .. . . .. .. 10 The Limit of Advances .. .. .. .. . . .. 10 Small Farms and the Freehold .. .. . . .. . . 10 Limited and Unlimited Liability .. .. .. .. .. ..11 Intermediate Rural Credit .. .. . . . . . . .. 13 Orderly Marketing .. . . . . .. .. . . .. 14 Chattel Securities .. .. . . .. .. .. .. .. 14 Agricultural Economics .. .. . . . . .. . . 15 Summary of Recommendations .. .. .. .. .. 15 Canada .. .. .. .. .. .. .. .. .. 16 Comment .. .. .. .. .. .. .. .. .. 17 United States— The Federal Farm-loan System ' .. . . .. .. .. 17 Federal Land Banks .. .. . . . . . . . . 18 Joint-stock Land Banks .. .. . . . , . . . . .. 20 Intermediate Credit . . .. .. .. .. . . . . .. 20 The Co-operative Idea .. .. . . .. .. . . 22 Comment .. .. .. .. .. .. .. .. 23 Short-term and Intermediate Credit .. .. . . . . . 24 South America .. .. .. .. .. .. .. .. 26 Peru .. . . .. .. .. .. .. .. .. 26 Chile .. .. .. .. .. .. .. .. .. 27 Argentina . . .. .. . . . . . . . . . . 27 Uruguay .. .. . . . . . . .. .. .. 28 Brazil . . .. . . .. . . . . .. .. 29 Comment . . .. .. .. . . . . . . . . .. 29 France .. .. .. .. .. .. .. .. .. 30 Comment .. .. .. .. .. .. .. .. .. 32 Germany .. .. .. .... .. .. .. .. 32 The German Mortgage Banks.. .. .. .. .. .. .. 36 Landschaften .. .. .. .. .. .. . . .. 37 Stadtschaft .. .. .. .. .. .. .. .. .. 38 Landeskreditkassen and Landesbanken .. .. .. .. 38 The German Central Bank for Agriculture .. . . . . . . .. 39 Comment .. .. .. .. .. .. .. . . 40 Denmark .. .. .. .. .. .. .. .. .. 40 Holland .. .. .. .. .. .. .. .. .. 42 Belgium .. .. .. .. .. .. .. .. .. 43 Recommendations .. .. .. .. . .. .. .. 43