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Show ' AGRICULTURAL BANK IN THE PHILIPPINES During tho period from October 1, 1 1908. to May 23. 1911, tho Agricultural iBank of the Philippines made 166 I loans, advancing in all 19S.G00 pesos ($249,300). I No person or corporation can bor-I bor-I row less than, ? 2." gold, nor morq than 512, GOO from tho bank. The rate I of Interest charged Is 10 per cent per annum, and the maximum period for i which a loan may bo made Is 10 canj. Of the 674 applications received, 1311 were rcfusod because tltlo was defective de-fective or applicant had no title whatever what-ever (In all cases were tho applicant's defective title could be perfected ho was given Instructions as to how todo so,), 101 applicants were refused because be-cause of tho amounts roquestcd being out of proportion to the valuo of tho security offered, 5J have been withdrawn with-drawn by the applicants, 10 have been rofused as tho loans requested wcro for other than agricultural purposes, 113 have been acted on favorably,, but! I aro awaiting signature to nnd regis-! , tratlon of mortgage, and 16 are in Ihc hands of various provincial boards for, appraisement of the value of the se-1 curlty offered. About a year ago the bank coin-1 munlcated with the provincial official; throughout the islands with a view' to obtaining lnforninticn as to why I requests for loans woro not more numerous, and the replies received wore, without exception, to tho erfeot i that the people possessed neither! I royal nor Torrons titles and that the, requirements for securing good titles were so complicated and expensive that the people would not attempt to secure them. Recently, however, a- J system has been Inaugurated by tho (Government to aid the people In acquiring ac-quiring Torrens titles, but the system' I has not been in effect sufficiently long 'to show any appreciable results. |