Page:Indian Journal of Economics Volume 2.djvu/415

 PUNJAB LAND PBIOE$ $99 In other countries it is practicable to buy land borrowed money and to repay this in insraiments; the Punjab the to meet interest The rise in the sale by a corresponding on in yield would in many cases not suffice charges. price has been accompanied rise in the average sum obtain- who may be welcome, but to spend his life on his temptation to borrow. able on a mortgage, .but here again the enhanced credit has been productive of evil rather than o! good. It has not been used to raise funds for productive purposes, and the volume of unproductive debt tends to rise steadily with the increase in credit. To one desires to sell his land, the present high prices to the cultivator intending holding, these merely bring It has been said that coun- tries under a poor system of agriculture with inefficient labor cannot maintain a high value o land, and it is not improbable that the existing uneconomic rates give way if other avenues for in the Punjab will the investment of money are opened ditions calculated to inspire confidence. up under con- One effect o! receivable little from it seems for want He t a distinctly unsatisfactory clear ha is rapidiy increasing wealth is, of opportunities of. land investment, giving situation. the war has been to rsise the interest from government securities until it differs the return from land leased on a cash rent. Another effect may. be to induce British holders of shares in local railway companies to sell at rates which would prove attractive to local capitalists. Any such ten- dency would probably bring benefit to the province, as