SMALL-HOLDING OWNERSHIP 233 



the security of his stock, especially if credit or land 

 banks were instituted in this country. 



It must be borne in mind that under the recent 

 Small-holdings Act the small-holder has the oppor- 

 tunity of buying, but that it is one of which so far 

 he very seldom avails himself. This would appear 

 to suggest that the difficulty of extra capital is to 

 his mind insuperable. 



The Small-holdings and Allotments Act of 1908 

 provides (Section 11) that on the completion of the 

 purchase from a County Council the buyer "shall pay 

 not less than one-fifth of the purchase price." Also 

 it provides that "not more than one-fourth of the 

 purchase money may ... be secured by perpetual rent 

 charge," and that the residue "shall either be repaid 

 by half-yearly instalments of principal with such 

 interest and within such term not exceeding fifty 

 years from the date of sale, as may be agreed on with 

 the Council, or shall, if the purchaser so requires, be 

 repaid with such interest and within such term as 

 aforesaid by a terminable annuity payable by equal 

 half-yearly instalments." 



Lastly, the Council may, if they think fit, agree 

 to postpone for five years the time for payment of an 

 instalment either of principal or interest or of a termin- 

 able annuity, if the purchaser has done anything to 

 increase the value of the holding. The Act adds, how- 

 ever, that such concessions must be of a kind to 

 "prevent them from incurring any loss." Further, 

 if any of the conditions are broken the Council may 

 " cause the holding to be sold." 



These terms, if they are looked into, seem liberal. 

 Yet few small-holders come forward to avail them- 

 selves of them in England. Practically they all 



