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ninth national survey ox farm lending made by theAgricultural Commission of the American Bankers Association, Mr. Brown noted that there was a decline in both the number of new loans and the total amout borrowed from banks by Virginia fanners last year, “This decline is particularly healthy,” he said, “in view of the present uncertainties and the slight drop in farm income. It shows that farmers are wisely avoiding excessive debt and are holding on to their reserves to meet any possible emergency.”
Mr. Brown stated that “in 1949, the last full year of operation, the 292 Virginia banks serving agricultural communities loaned $49,584,099 to 40,282 farmers to meet all types of financial needs, This is a decline from the 45,907 farm loans, totaling $50,790,000 made by banks in 1948. Of the total amount loaned last year, $37,221t000 werevborrowed by 84$$99 ftfrmers to finance production and operational requirements. Of these loans, only $29,154,000 were outstanding on January 1, 1950.
“During the year, there were
65.4%