FARMING PARTNERSHIPS. 55 



success of the concern, will require no supervision ; 

 all that the sleeping partners need do is to look into the 

 books and see that they get their due portion. There 

 are no brokers' fees, no outlay on huge advertisements 

 of the prospectus, no promotion money, no secretary 

 to pay, and no directors' fees, and, above all, no 

 swindling by shareholders and directors slipping in 

 stock or stores at an outrageous price. 



It is partnerships like this that have proved so 

 pre-eminently successful in Avool-growing in Australia. 



Another kind of partnership which is likely to be- 

 come much more general is : — A. owns a suitable farm, 

 which he gives rent-free for the use of a partnership 

 between himself and B., as a set-off against B.'s services 

 as manager, each putting in half the Avorking capital ; 

 but B. has only £500, and the half-capital would be 

 £1,250. A. therefore agrees to advance the £750 B. 

 is short of, taking his bills at one, two, and three years, 

 bearing interest at 6 per cent, per annum. We have 

 personally known this kind of partnership to work with 

 the greatest success. B. thoroughly understands his 

 business, or else A. would have had nothing to do with 

 him ; therefore the more A. leaves him alone the better. 

 But this just suits A., who has got his own business to 

 attend to. A. should, however, guard himself by 

 registering the concern under the Limited Liability Act, 



