At what rate have you taken his wage and the wage of his family? It is very much less than investing in the Post Office Cash Certificates? Taking it as a business proposition, apart from sentiment, the average holding is not enough to give adequate return on the capital invested? Considering the yield it is more profitable to grow cotton? You will get about 8 maunds of fodder oii one bigha of land. If they use it as fodder for the cattle you will exclude it from the coat of production?
Assuming only half is sold and half is used for bullocks. As a matter of fact we have erred on the side of exaggeration, because Rs. So, if the proposition is uneconomical, we must discourage such an unprofitable investment of the savings.
There seems to be a sort of land-hunger which forces up the price of land out of all proportion to the produce?
If it is unprofitable, surely the savings of the people ought to be diverted from this form of investment? I do not think, they would go in for Post Office Cash Certificates or other forms of investment. There are other alternative methods of investment besides the Post Office, Cash Certificates.
Our remedy is to popularise forms of investments other than land which does not give an adequate return on the capital invested in it? What is the percentage of the class of men who borrow for productive purposes? IIow would, you make it easy for these people to borrow money for productive purposes? You have given the rates of interest charged by the various classes of creditors in paragraph 3. Are the rates charged by village bohrafi the nominal rates of interest or are these the actually realised rates of interest? Are these nominal rates 1 —There are no nominal online loans in Wisconsin rates. You mean to tell me that a man is able to get them from a law court? From the law court he will only get a rate of 6 per cent. If the matter goes to a law court will he get only 6 per cent.
Considering the general tendency of the courts, the courts would not award more than 6 per cent. Supposing within three years a suit is tiled, will the court award 36 per cent. If there is no agreement to that effect, the court. Can you give us specific instances of cases in which a law court has awarded a money-lender 36 per cent. Are you aware that in Merwara in the years 1917 and 1918 an attempt was made by the Co-operative Department to compound the debts of the moneylenders?
Do you know of any cases where the moneylender was prepared to leave off something at the time of settling debts 1 —I have no personal "knowledge. Rather than go to civil courts, the moneylender is prepared to settle by leaving off something.
Could you give me some figures 1 —I have no figures about that. Is the general trend of rates of interest to go up or come down 1 — They are practically Michigan i need money now stationary.
Has the interest gone up or gone down after the introduction of the Land Alienation Act in Utah short term loans 1914? What percentage of the debts due to the moneylender proves to be irrecoverable? I could not tell you exactly, but it is a small percentage. Does the moneylender proprietor, actually cultivate the land or is he merely a rent receiver 1 —He gets it cultivated by others and receives a share of the produce. When he has actually become the owner of the land, does he treat the land as an investment for himself? There are very few cases in which he spends money on other improvements. Apart from the moneylender there must be other landlords on this half share system? Is the rate of interest charged by the agriculturist moneylender high? Sometimes on temporary loans they do not charge anything. Are you aware that the mortgage of land has gone up by leaps and bounds during the last 4 years from 1026, -the area mortgaged in 1927-28 being double the area mortgaged in 1923, 1924 and 1925? I will give you the figures furnished by the Extra Assistant Michigan i need money now Commissioner, Merwara. In 1928, 1435 bighas of land were mortgaged afresh, in 1926 only 554, in 1924 only 857, in 1923 only 885, in 1920 only 832, in 1918, 476, and in 1916 only 441. In 1927 and 1928 it shot up, both in Beawar and Todgarh?
Are you aware the mortgage debt has shot up even higher than it was in 1914? Do you say also that in many cases the mortgages are with possession?
What percentage does half the annual Michigan i need money now yield of the land work out to on the mortgage money, assuming that the mortgage value is equal t,o half the price and the valite of a bigha of land is Rs.
He is getting half the net yield that he would have got had he purchased the land? Can it come up to 12 per cent, or even 8 per -cent, interest or even 6 per cent, i —No it would not give 5 per cent. So, when the money-lender gets possession of the land he gets a return of less than 5 per cent. I want you to contemplate a general case, not an exception. The mortgage debt according to you cannot be less than half ihe value of the land. If that is so, then the moneylender is prepared to get Iff.. You say that because an ordinary purchaser of land gets less than 5 per cent. This being so, the loan is taken in kind and repaid in kind. I want you tc consider one aspect of this matter and then answer. At the time the seed is taken as a loan, the price of the seed grain is at its highest and at the time when the loan is returned in kind, the market price is at its lowest. So that when the man poor credit score loans Oregon gets 25 per cent, more of grain, he has not got 25 per cent, more in value 1 —Obviously. By what percentage does the price rise between the month of May and the month of October 1 —The price is much higher in May or June than in October.
In the Michigan i need money now month of June and July it is 8 seers per rupee and in October it will be about 10 to 12 seers per rupee.
Which means, as a matter of fact, a difference of 25 per cent. In ordinary years such loans can also be granted, but people do not have recourse to them in ordinary years.
People may have good reasons of their own for not borrowing them.
Is their attitude also such as to encourge the belief that takavi is only given in times of scarcity and not iu ordinary years? Does not that fact prove that except in times of scarcity people find Michigan i need money now it cheaper or more convenient to borrow from elsewhere than from Government?