Hodge and His Masters by Richard Jefferies
page 59 of 391 (15%)
page 59 of 391 (15%)
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frequency and the amount of his loans went on increasing.
We have seen in these latter days bank directors bitterly complaining that they could not lend money at more than 7/8 or even 1/2 per cent., so little demand was there for accommodation. They positively could not lend their money; they had millions in their tills unemployed, and practically going a-begging. But here was Frank paying seven per cent, for short loans, and upon a continually enlarging amount. His system, so far as the seasons were concerned, was something like this. He took a loan (or renewed an old one) at the bank on the security of the first draught of lambs for sale, say, in June. This paid the labourers and the working expenses of the hay harvest, and of preparing for the corn. He took the next upon the second draught of lambs in August, which paid the reapers. He took a third on the security of the crops, partly cut, or in process of cutting, for his Michaelmas rent. Then for the fall of the year he kept on threshing out and selling as he required money, and had enough left to pay for the winter's work. This was Frank's system--the system of too many farmers, far more than would be believed. Details of course vary, and not all, like Frank, need three loans at least in the season to keep them going. It is not every man who mortgages his lambs, his ewes (the draught from a flock for sale), and the standing crops in succession. But of late years farming has been carried on in such an atmosphere of loans, and credit, and percentage, and so forth, that no one knows what is or what is not mortgaged. You see a flock of sheep on a farm, but you do not know to whom they belong. You see the cattle in the meadow, but you do not know who has a lien upon them. You see the farmer upon his thoroughbred, but you do not know to whom in reality the horse belongs. It is all loans and debt. The vendors of artificial manure are said not to be averse sometimes to make an advance on reasonable terms to those |
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