THE SUBDIVISION OF I^AND IN OLD BAVARIA 83 



In spite of the favourable results obtained in 1911 and 1912 those who 

 understand the question do not anticipate that the rural banks will com- 

 pletely supersede the speculators. Subdivision does not entirely square 

 with the business of rural banks. It is a transaction which needs large ca- 

 pital and time for its conclusion ; and if is moreover an entirely commer- 

 cial transaction which cannot be free from a speculative element. There- 

 fore it is somewhat outside the scope of the rural banks ; and the found- 

 ation of special institutions which will undertake it has been proposed. 



