Upon an examination of the accounts, the whole affair represents
apparently large figures in piastres, which when reduced to pounds
sterling presents a miserable total that proves the failure of the
enterprise. As I have already stated, a "bank" could not succeed in
Cyprus if it were established specially to benefit the agriculturist;
money can always command 10 per cent., while the farmer should obtain
the loans necessary for irrigation at a maximum of 6 per cent. if he is
really to be encouraged. This can only be accomplished through a
Government or National Bank, expressly organised for the purpose of
developing the agricultural interests. As the government can obtain any
amount at 4 per cent., the National Bank could well afford to lend at 6,
especially as the loan would be secured by a first mortgage, to take
precedence of all other claims upon the property.
The "Locust Fund" was an admirable institution which has achieved great
results. There can be little doubt that throughout the world's history
man has exhibited a lamentable apathy in his passive submission to the
depredations of the insect tribe, whereas by a system of organisation he
would at the least have mitigated the scourge which has in many
instances resulted in absolute famine. At one time the plague of locusts
was annually expected in Cyprus as a natural advent like the arrival of
swallows in the usual season, and when the swarms were extreme the crops
were devoured throughout the island, and swept completely from the
surface, entailing general ruin.
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