CAUSES OF FAILURE 159 



consequence of this, the company was unable to 

 proceed on its intended lines, and had standing 

 expenses in the way of agency work in connection 

 with the land of which they remained landlords. 



Fourthly, insufficient capital was subscribed to 

 enable the scheme to be carried out on a large 

 enough scale to justify the office expenses, which 

 were on a scale to deal with a very much greater 

 amount of business. 



In the light of these considerations, it is unreason- 

 able to argue that the failure of the company has 

 in any way proved the failure of small holdings. 



SMALL HOLDINGS ASSOCIATION, LTD., 

 CUDWORTH, NEWDIGATE. 



The Small Holdings Association was formed for 

 the purpose of supplying small holdings to persons 

 desirous of living on the land and cultivating it ; 

 its chief object, as stated in the prospectus, is to 

 promote repopulation of the land and the provision 

 of small farms for deserving members of the work- 

 ing classes. The basis on which it is conducted is 

 defined as ' philanthropy at so much per cent. ' 

 According to the articles of the association, the net 

 profits, after setting aside a reserve fund, shall go 

 first to the payment of a dividend, which may not 

 exceed 5 per cent. Any sum remaining over and 

 above this is to be paid over to the small holders 

 for their own benefit, or is to be used in furthering 

 the movement. 



