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AIUS SWSUMIUM U1UVS9C IU agricultural income is indicative of the greater farm production vital to the nation’s defense effort, " he said. “The increase was made, however, within the framework of sound agricultural practice-better farming methods, diversified production of crops and livestock, and a high degree of mechanisation. The rural banks of our state have worked closely with their farm customers and have given wholehearted support to ' programs of soil conservation, pasture improvement, and ether programs , benefiting our rural communities. Bank loans which increase production and farm efficiency are one of our greatest weapons against runaway inflation.
“In carrying out their individual projects of mechanisation and better land use, our farmers have found bank credit an increasingly useful tool.”
Quoting from the tenth national survey of farm lending by the Agricultural Commission of the American Bankers Association, Mr. Brown noted that “in 1950, the last full year of operation,the Virginia banks serving agricultural communities loaned $56,580,400 to <82,060 farmers to meet all types of financial needs. Of the total amount loaned, $45,554.000 was borrowed by. 28,056 farmers to finance production and operational • requirements. This compares with 84,099 production loans, totaling $37/221,000, during 1949. The rapid repayment of production loans is shown by the fact that on January 1, 1951, only 929.996.000 remained outstanding.
“On January 1, 1950, farmers had a total of bank-held mortgage debt of $28,177,000. During the year, banks made 3,364 additional agricultural real estate loans in an aggregate amount of $11,026,000. Yet, at the end of the year only $29,351,000 of this long term debt was outstanding, indicating that this type of debt is being held to a minimum.
"The increased cost of production to he individual farmer is shown by the rise in the average production loan from $1,0912 in 1949 to $1^590 in 1950. The average agricultural real estate loan in 1950 was $3,278.
‘.’The total of bank-held agricultural debt outstanding .in Virginia on* January 1 of this year was $58,687,000, excluding C. C. C. loans,” Mr. Brown said.
47.5%