If the crop failed, payment was deferred and no interest could be charged for that year.
If he appropriated or sold the implements, impoverished or sublet the cattle, he was heavily fined and in default of payment might be condemned to be torn to pieces by the cattle on the field.
The licences were for 31 years, expiring in 1922, without any provision for purchase or compensation, and were subject to the payment of a minimum royalty to the Post Office of 10 per cent.
Inasmuch as the debenture stocks and preference shares would have to be redeemed in 1911 at premiums ranging from 3 to 5 per cent., the state would have to pay the company £253,000 in excess of the total of the outstanding securities in order to enable the ordinary shares to receive par, and in the council's view this payment would diminish the p robability of the Post Office being able to afford a substantial reduction in the telephone charges.
The whole property of the debtor might be pledged as security for the payment of the debt, without any of it coming into the enjoyment of the creditor.