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.
Agrarian credit banks may, with the permission of the government, issue cartelle agrarie, or agrarian bonds, repayable by instalments and bearing interest.
New construction to an amount of £T5,000,000, repayable over ten years at the rate of £T50o,000 a year by national subscription guaranteed by the government, had by 1910 been voted by parliament.
In 1857 an interior loan of 150,000 purses in bonds (esham-i-mumtaze), repayable in three years and bearing 8% interest, was raised; the term of repayment was, however, prolonged indefinitely.
In the same year another series of bonds (hazin g tahvili), bearing 6% interest, and repayable in 1861, was issued; in 1861 the term of reimbursement was prolonged until 1875.
In 1859 the settlement of palace debts gave rise to the issue of 1,000,000 purses of new interior bonds (esham-i jedide) spread over a period of three years, repayable in twenty-four years, and bearing interest at 6%.
Further 6% bonds, repayable in ten years, and styled serguis, were issued in the same year.
Expenses voluntarily incurred by the assured with that object are expressly made repayable by the sue and labour clause of the policy.
In May 1892 the Persian government concluded a contract with the Imperial Bank of Persia, established by British royal charter in 1889, for a loan of 500,000 at 6%, repayable in the course of forty years, and guaranteed by the customs of Fars and the Persian Gulf ports.
This loan was for 223/4 million roubles (~2,4oo,ooo) at 5% interest, guaranteed by all the Persian customs with the exception of those of Fars and the Persian Gulf ports, and repayable in the course of seventy-five years.
A public debt of £20,000, repayable in thirty annual instalments, was contracted in 1899.
Sir Robert Peel had attempted to deal with it (1) by purchasing large quantities of Indian corn, which he had retailed at low prices in Ireland, and (2) by enabling the grand juries to employ the people on public works, which were to be paid out of moneys advanced by the state, one-half being ultimately repayable by the locality.