LOANS FOR LAND IMPROVEMENT. Si 



early years of trial. As the sums voted by 

 Parliament for these loans became exhausted, 

 Land Improvement Companies were formed to 

 carry on the good work on the principles which 

 had already proved successful, the companies 

 necessarily charging somewhat higher terms 

 than those which the credit of the State had 

 enabled it to afford without loss. 



The State loans were limited in Great Britain State loans 



for dram- 



to drainage and reclamation, the landowners a p eand re - 



clamation 



being left to their own resources for buildings, 

 roads, and fences. In Ireland these were and 

 still are included, that country having always 

 been favoured in matters of State assistance. 

 The rate of payment was by annual instalments 

 of 6| per cent, which in twenty-two years re- 

 deemed the principal, and at the same time paid 

 the annual interest at 3^ per cent. In many 

 cases the tenant undertook the whole of this 

 annual payment in addition to his rent, and the 

 landowner thus had his land permanently im- 

 proved, and returned to him free of all charge 

 at the end of twenty-two years. Not un- 

 frequently the landowner was satisfied with 



on 



