Interest was charged at very high rates for overdue loans of this.
The national government has since assumed responsibility for all these provincial loans abroad.
Besides receiving taxes, they pay the creditors of the state in their departments, conduct all operations affecting departmental loans, buy and sell government stock (rentes) on behalf of individuals, and conduct certain banking operations.
The authorized colonial loans, omitting Algeria and Tunisia, during the period 1884f 904 amounted to 19,200,000, the sums paid for interest and sinking funds on loans varying from 600,000 to 800,000 a year.
These loans are regulated by special disposition, and are guaranteed by a share of the increased value of the land after the improvements have been carried out.
The total number of men supplied by Cleveland to the U.S. armies in the World War was 55,000; the total amount subscribed in the Liberty and Victory Loans $437,041,300.
These loans aggregated £27,000,000.
This sum represents the interest payable on government loans placed outside Australia, mainly in England, and the income from British and other capital invested in the country; the former may be estimated at £7,300,000 and the latter £8,000,000 per annum.
Merchants (and even temples in some cases) made ordinary business loans, charging from 20 to 30%.
Loans are repayable by Agrarian instalments, and are guaranteed by first mortgages not Credit greater in amount than half the value of the hypothecated flanks property.
Loans on mortgage may also be granted to landowners and agricultural unions, with a view to the introduction of agricultural improvements.
It established that all Italian cabinets since 1880 had grossly neglected the state banks; that the two preceding cabinets had been aware of the irregularities committed by Tanlongo; that Tanlongo had heavily subsidized the press, paying as much as 20,000 for that purpose in 1888 alone; that a number of deputies, including several ex-ministers, had received from him loans of a considerable amount, which they had apparently made no effort to refund; that Giolitti had deceived the Chamber with regard to the state banks, and was open tosuspicion of having,after the arrest of Tanlongo, abstracted a number of documents from the latters papers before placing the remainder in the hands of the judicial authorities.
The ordinary revenue of the empire is in excess of the ordinary expenditure, but the extraordinary expenditure not only swallows up this surplus, but necessitates the raising of fresh F loans every year.
The only sources of extraordinary revenue still remaining under that head are the money derived from loans and the perpetual deposits in the Imperial Bank.
They are under the control of the Post and Telegraph department, the state issuing loans to encourage the undertakings; the authorities in the provinces and communes also give support in various ways, and under various conditions, to public bodies or private persons who desire to promote or embark in the industry.
The $7,000,000 saved in this manner has doubtless been more than offset by the additional interest charges on subsequent loans, due to the loss of public confidence.
It may be divided into three parts: that contracted between 1848 and 1861 for the construction of roads, railways and canals; that contracted during the Civil War for other than war purposes; and that contracted during the Reconstruction era, nominally in the form of loans to railway companies.
But Henry VII.'s accumulations had disappeared; parliament resisted in 1523 the imposition of new taxation; and the attempts to raise forced loans and benevolences in1526-1528created a storm of opposition.
In the meantime they won credit by popular measures such as the abolition of forced loans and of the objectionable habit of seizing hostages from the districts of the west where the royalist ferment was still strongly working.
The municipal councils had slightly larger powers, relating to loans, octrois, &c. But the chief municipal officer, the mayor, was chosen by the prefect.
Revenues were not realized adequate to its lavish undertakings, and loans were used to meet current expenses.
The city's contribution to the Liberty and Victory loans was $625,429,600, to the Red Cross 810,194,765, and to the seven relief agencies $13,909,000, making a total of $649,533,365.
Of the three Liberty Loans, St.
Coin was scarce, loans were not taken up, taxes had ceased to be productive, and the country was threatened with imminent bankruptcy.
Lotteries which were an important source of revenue under Spain were abolished under the Republic. The debt resting on the colony in 1895 (a large part of it as a result of the war of 1868-1878, the entire cost of which was laid upon the island, but a part as the result of Spain's war adventures in Mexico and San Domingo, home loans, &c.) was officially stated at $168,500,000.
Then came forced loans and debased currency (1788), producing still more acute distress until, in 1791, at the close of the two years' war with Russia, in which the disaster which attended Ottoman arms may be largely ascribed to the penury of the Ottoman treasury, Selim III., the first of the " reforming sultans, " attempted, with but little practical success, to introduce radical reforms into the administrative organization of his empire.
The expenditure of the first category was made up of the service of foreign loans, of the general debt, of the dotations replacing ziamet and timarat (military fiefs) and of fixed contributions such as vakufs.
(2) By means of loans, both public and from individuals.
With the two previous loans above mentioned, £T5,50o,000 capital liabilities were paid off, the work of reorganization had made considerable progress, and £T2,000,000 remained in hand at the beginning of1910-1911to continue it.
For purposes of sinking fund the old loans were combined into four groups: group i.
Containing the 1858 and 1862 loans, with a reduced nominal capital of £T7,902,259; group ii.
The old systems of raising revenue no longer corresponded to the needs of the republic, and as early as 1336 the various loans made to the state were consolidated into one national debt (monte).
Subsequently all extraordinary refo Fiscalr expenditure was met by forced loans (prestanze), but the (1427),ms method of distribution aroused discontent among the lower classes, and in 1427 a general catasto or assessment of all the wealth of the citizens was formed, and measures were devised to distribute the obligations according to each man's capacity, sò as to avoid pressing too hardly on the poor.
The abandonment of the trading monopolies of the old Congo Free State, and the taking over of its loans put a severe strain on the resources of the colony.
In each of those years expenditure was greater than receipts by sums varying from £400,000 to £1,500,000 and new loans had to be contracted.
Metropolitan borough councils have to obtain the sanction of the Local Government Board to loans for baths, washhouses, public libraries, sanitary conveniences and certain other purposes under the Public Health Acts; for cemeteries the sanction of the Treasury is required, and for all other purposes that of the London County Council; poor law authorities, the metropolitan asylums board, the metropolitan water board and the central (unemployed) body require the sanction of the Local Government Board the receiver for the metropolitan police district that of the Home Office, and the London County Council that of parliament and the Treasury.
The following table gives the net loans outstanding of the several classes of local authorities in London at the 31st of March 1908 :/n==Authorities== - Full details and figures relating to the finance of London will be found in the parliamentary papers Local Taxation Returns (England and Wales), part iv.
The public debt of Venezuela dates back to the War of Independence, when loans were raised in Europe for account of the united colonies of Colombia, Ecuador and Venezuela.
In August 1904 these loans and arrears of interest brought the foreign debt up to £5,618,725, which in 1905 was converted into a " diplomatic " debt of £5,229,700 (3%).
1 In addition to the £35,000,000 guaranteed loan of1903-1904two small loans for land settlement and public works, together amounting to £254,800, were issued, and in 1907 an imperial guarantee was given for the raising of another loan, of £5,000,000, by the colonial government.
In the five years1902-1907the average annual receipts and expenditure amounted to £4,500,000, exclusive of the sums received and expended on account of the loans mentioned.
The national credit was so seriously impaired abroad that foreign loans could only be obtained at ruinous rates of interest.