THE CYPRUS GAZETTE

THE CYPRUS GAZETTE (EXTRAORDINARY), llth JUNE, 1918, 176Mr. Araouzo, Mayor of limassol, is preparing a memorandum deahngwith the amendment of the Weighing Law.We submit drafts of a Bill for the prevention of usury (Appendix B),a Bill to amend the Law as to deahngs between Merchants and Farmers(Appendix C), a Bill to amend the Civil Procedure Law of 1886(Appendix D) and a Bill for the Rehef of Insolvent Farmers (Appendix E),as embodying the views of the gentlemen, who kindly gave us their viewsas to the remedies desirable to meet the other evils described above.The following is a short account of the contents and objects, of the laws :—All the laws are hmited to the rehef of farmers, fruit growers and graziers.This was done because questions as to the effect of the laws on businesstransactions gave rise to contention.1. The Bill for the prevention of usury is taken from the Greek Law,which is itseK taken from the French Law. The French Law is said to havebeen the most effective law in force for reducing oppressive bargains as tointerest.All the evidence points to the necessity for such a law. Many of thefarmers now insolvent have been reduced to that state by the usuriousinterest charged by the money lender.2. The Bill to amend the law as to dealings between merchants andfarmers is directed to two ends.First it is intended to preserve to the farmer the right of appeahng toa Court to obtain justice.At present the merchant takes an account with the ilhterate farmerand obtains an admission of indebtedness for the amount which merchantsays is due, sometimes he takes a bond promising to pay that amount, ora mortgage for its payment, and by suing on such securities avoids allquestions as to whether the original amount is justly due.Secondly the law provides that the merchant should keep a proper recordof his daily transactions and also fumish a quarterly account to his chent.This is the practice of all Banks and it is desirable so that the farmer mayhave timely notice of the state of his account.3. The Bill to amend the Code of Civil Procedure is intended to simphfythe process of execution against immovables, and to secure the debtor fromloss by sales conducted when the market is unfavourable.4. The Bill for the rehef of insolvent farmers is intended to provide arelease for a man from the burden of indebtedness which he can never hopeto discharge.At present there is no release; there is no prescription until after theexpiration of 15 years, and by renewals of the debtor's obhgations for somesmall present advantage, the obhgation can be rendered perpetual.Many of the existing debtors have been brought into a conditionof insolvency, if we are to beheve the statements made, by transactionswhich would not bear close enquiry. Such an enquiry is not desirablebecause the same law of prescription might lead to an opening up of longpast transactions and possibly undesirable comphcations.For these persons, and also for all farmers who may be reduced to asimilar state, the fairest and most expedient method is to provide a meansof obtaining a discharge from the Court while providing sufQcient checksto a fraudulent use of that power. This we have done. We have alsogiven creditors a power to apply for a declaration of insolvency againsttheir debtors. This is not an essential part of the scheme for rehef of insolventdebtors and might be omitted if any difficulty is felt about it. Itsobject is to give a creditor a power to take proceedings in insolvency if hethinks that his debtor is trying to dispose of his property before he himselftakes such proceedings.ΚΥΠΡΙΑΚΗ ΔΗΜΟΚΡΑΤΙΑLaws limitedto farmers.Usury.Dealings withfarmers.Executionagainstimmovables.Relief ofinsolventfarmers.