284 SMALL HOLDINGS SYNDICATES 



only, to receive an annual report and balance-sheet, and 

 these ought to be regarded as satisfactory, considering 

 that the losses have hitherto amounted to scarcely 

 i per cent. 



There is also the important fact that, notwithstand- 

 ing the addition of the said 10 per cent, to the rents 

 charged to the occupying tenants (to meet the expenses 

 of management) as compared with the amount paid to 

 the landlord, the rents so charged are still something 

 like 25 per cent, below those paid by other small 

 holders in the same district, who hire in the open 

 market the small amount of land there available. 



Here, therefore, we see one practical result of con- 

 certed action. There are others besides. Some of the 

 tenants wanted to have a strong wooden bridge con- 

 structed over an open drain which runs between the 

 two farms. The cost of this bridge was estimated 

 at 100. The tenants who would benefit were willing 

 to pay an additional is. per acre per annum on their 

 rent until the cost of construction had been covered, 

 and on this understanding the gentlemen forming the 

 syndicate obtained an advance of 100 from the bank, 

 once more holding themselves jointly and severally 

 responsible for repayment. So the bridge was duly 

 constructed, Lord Carrington agreeing to take it over 

 at a valuation on the expiration of the lease. On 

 another occasion a new road, costing a further 100, 

 was made under similar conditions. In the same way 

 the syndicate provides fences, supplies and paints any 

 extra gates required, and maintains the ditches in good 

 order, distributing the bare cost among the tenants 

 directly concerned. Not only is this an advantage to 

 the tenants, but for the landlord it means that the 

 estate is maintained in better condition than would be 

 the case if each of the 200 tenants acted independently, 



