312 BORROWED CAPITAL 



The Report recently issued by the Departmental 

 Committee appointed by the Board of Agriculture 

 in 1905 recommends the granting of State loans to 

 landowners, for the purpose of voluntarily creating 

 small holdings on their estates. The loans would 

 be similar to those granted under the Public Money 

 Drainage Act of 1846, and would be subject to 

 such restrictions as would ensure the retention of 

 the land as a small holding during the time that 

 any of the loan remained unpaid. 



Without going into the arguments for or against 

 this proposal, I should like to call attention to 

 some interesting evidence given by the Earl of 

 Harrowby, bearing on the possibility of landowners 

 creating small holdings on an economic basis with 

 borrowed money. 



Lord Harrowby stated that he had 703 acres in 

 small holdings on his Staffordshire property. They 

 are mostly grass, and are held by men working on 

 the estate or for farmers. 



In Gloucestershire he has 224 acres in small 

 holdings, and 94 acres in allotments. Here the 

 holdings are arable or mixed. The crops grown 

 are chiefly wheat, potatoes, beans, and vegetables. 

 The men combine their work on the land with 

 other employment, such as hauling, fruit-picking, 

 jobbing for farmers, working on the road, etc. 



Lord Harrowby lays special stress on their good 

 farming and punctual payments. He never knew 

 a small holder in arrears. 



Taking grass holdings or mixed arable and grass 



