162 CUD WORTH, NEWDIGATE 



would enable him to make a profitable return ; but 

 the high initial cost of having to acquire the land, 

 cultivate it, and plant it all at once, made it a very 

 hard struggle for the small man who had not much 

 capital to start with. 



Looking at this undertaking as a whole, one can 

 at once see that it is not going to do much towards 

 establishing the bona fide agriculturist on the land. 

 No ordinary agricultural man would have the 

 wherewithal to pay down such a large deposit and 

 pay off the instalments so quickly, especially with- 

 out any exceptional advantages which might enable 

 him to make an immediate profit on his holding. 

 There is no doubt that where capital has been 

 available the holdings which have been developed, 

 especially by planting fruit-trees, have increased in 

 value, and in that way may prove in the long run a 

 good investment. Being near London and well 

 situated with fine views, it is probable that the 

 estate will eventually become chiefly residential. 

 A certain amount of land speculation has already 

 begun, one or two of the original purchasers having 

 disposed of part of their property at enhanced 

 prices, and one man is starting to build several 

 houses on a plot as a speculation. 



GENERAL CONCLUSIONS. 



So much for philanthropic land companies : the 

 philanthropy and the percentage are equally prob- 

 lematical. The lessons we have to learn from 

 them are that they do not appeal to the rural man, 



