228 AGRICULTURAL LABOURERS 



land. The money thus raised is advanced to farmers at 

 easy rates, from S^ to 4 per cent. The system was started 

 by M. Raffeisen in Neuwied on the Rhine, and, wherever 

 it has spread, has proved successful. It is, however, 

 essential that the circle within which each bank operates 

 should be narrow, so that the members of the syndicate may 

 be accurately informed of the position of would-be bor- 

 rowers.' One great feature of French agriculture during 

 the recent depression is the increase of metayage. Many 

 agricultural writers admit that, on this system, landlords 

 and tenants have got most from the land, and suffered least 

 from falling prices ; some have even called it the land sys- 

 tem of the future. The theory of metayar/e is admirable, 

 and its working has been completely revolutionised since 

 it was condemned by Arthur Young and Mill. Landlords 

 and tenants combine to stock a farm ; the tenant tills the 

 soil, and manages the live stock under the direction of the 

 landlord ; the profits are divided as the interest on their 

 respective capitals. Metayage applies co-operation directly 

 and simply to agricultural industries ; it forms an associa- 

 tion of capital with labour, of practice with science ; it 

 brings to bear upon both partners the strongest motives of 

 self-interest. It affords every variety of tenure, from the 

 maitre-valet who contributes nothing but his labour, or the 

 personniers, companies of mattre-valets working under the 



> In some cases syndicates have been allowed to issue paper money 

 against their cash in hand. The Prussian Land Bills of Exchange con- 

 siderably increase powers of borrowing on real property. This negoti- 

 able mortgage (GnmdscJnM) may he made payable to order, and, if 

 endorsed in blank, passes by mere delivery ; and the holder for value 

 can always enforce his claim against the estate. The power to transfer 

 whenever the holder wishes increases the value of land as a security, 

 and is easily obtained if a land registration system were once esta- 

 blished in the country. 



