In 1908 the state debt was $816,785, and the assets in bonds, railway mortgages and bank stocks exceeded the liabilities by $7 1 7,779.
He had asserted that, owing to the habit of foreclosing small mortgages, " any one with a hundred gulden could gobble up a peasant a year."
Mortgages for all of us were quickly processed through a private bank owned by one of Merrill Cooms' entities.
The former apply principally to successions, stamps, registrations, mortgages, &c.; the latter to distilleries, breweries, explosives, native sugar and matches, though the customs revenue and octrois upon articles of general consumption, such as corn, wine, spirits, meat, flour, petroleum butter, tea, coffee and sugar, may be considered as belonging to thu class.
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.
The banks may buy up mortgages and advance money on current account on the security of land or buildings.
The development of the large cities has induced these banks to turn their attention rather to building enterprise than to mortgages on rural property.
It contains, in addition to the ancient national records, adequate accommodation, in fireproof chambers, for all Scottish title-deeds, entails, contracts and mortgages, and for general statistics, including those of births, deaths and marriages.
By care and economy, however, aided by generous royal grants, she was enabled to pay off mortgages and to bring up the children in a way befitting their rank.
Revenues for state purposes are derived from special taxes collected from the liquor traffic, corporations, transfers of decedents' estates, transfers of shares of stock, recording tax on mortgages, sales of products of state institutions, fees of public officers including fines and penalties, interest on deposits of state funds, refunds from department examinations and revenue from investments of trust funds, the most important of which are the common school fund and the United States deposit fund.
The recording tax on mortgages, amounting to onehalf of I% of the principal sums secured, is collected by the recording officers under the supervision of the state board of tax commissioners.
The mortgages were called in: forced sales were necessary, the mortgagers were frequently ruined, and less than a fourth of the total was realized.
Savings banks pay to the state treasurer a tax of three-fourths of 1% upon the amount of deposits on which they pay interest; building and loan associations pay to him a tax of three-fourths of 1% upon the whole amount of their capital stock paid in or shares in force, less the value of their real estate and loans secured by mortgages on real estate situated within the state and bearing interest not exceeding 5%; and fire insurance companies pay to the same officer a tax of I% upon the amount of their paid-up capital.
Registration of mortgages is compulsory in Denmark, and the system is extremely simple, a fact which has been of the greatest importance for the improvement of the country.
In the recording acts relating to real property, fractions of a day are of the utmost importance, and all deeds, mortgages and other instruments affecting the property, take precedence in the order in which they were filed for record.
The estimates for 1908 showed that the revenue was derived as follows: Direct taxes on land, houses, mines, industry and commerce, livestock, registration acts, titles of nobility, mortgages and salaries paid by the state, 18,oao,8oo; indirect taxes, including customs, excise, tolls and bridge and ferry dues, 14,748,000; tobacco monopoly, lottery, mint, national property, balance from public treasury, &c., 8,858,400; total 41,627,200.
A homestead owned and occupied by any resident of the state and consisting of not more than 40 acres of agricultural land outside the limits of a city or village, or one-fourth of an acre within a city or village, together with the dwelling-house and other appurtenances, is exempt from liability for debts other than labourers', mechanics' and purchase-money liens, mortgages and taxes.
A homestead provision (1901) exempts from liability for debts (except mortgages or liens placed before the homestead claim) any homestead belonging to the head of a family, existing in one compact body and valued at not more than $2500; such a homestead a married man may not sell, lease or put a lien on without his wife's consent.
Other sources of revenue are stamps, levied on judicial proceedings and commercial documents; registration of mortgages and other instruments; and provincial rates, chiefly in Bengal and the United Provinces for public works or rural police.