122 THE NATIONAL LAND COMPANY 



into 2, 3, and 4 acre lots, put up a house on each, 

 and bore the cost of fencing and road-making. 

 The land was ploughed ready, and manure allowed 

 for the first year's cultivation. 



In three years 70,000 persons had subscribed, 

 and at one time the receipts were averaging 6,000 

 a week. 90,714 18s. 3d. had been received by the 

 middle of 1848. 



In consequence of this great rush and the 

 clamour for land, the pressure on the directors 

 appears to have been so great that they bought 

 estates just where they could be had at fancy prices 

 and without proper consideration. An endeavour 

 was made to enrol the company under the Friendly 

 Societies Act, but the authorities refused to re- 

 cognize it as a legal company, the allotting of the 

 land by ballot making it a form of lottery. The 

 supporters of the movement tried to get a Bill 

 through to amend the Friendly Societies Act so as 

 to include the company. This, however, was a 

 failure ; and a Special Committee reporting on it 

 to the House of Commons in 1848 stated, amongst 

 other clauses, ' that the National Land Company 

 as at present constituted is illegal, and will not 

 fulfil the expectations held out by the directors to 

 the shareholders.' A few months later an attempt 

 was made to reconstitute it, so as to make it legal ; 

 balloting for lots was discontinued, and future 

 allotments were made to the shareholders who had 

 already subscribed the largest sums. 



By this time, however, the people had got scared, 



