288 SMALL HOLDINGS SYNDICATES 



shire, but of raising, or becoming responsible for, money 

 for actual purchase. What happened was that the 

 syndicate subscribed 1,750 (the interest on which 

 has each year been placed to a reserve fund), they 

 obtained an overdraft from the bankers, and they 

 mortgaged the estate for the balance. 



The combined effect of having to raise a capital sum 

 and of meeting the various legal expenses in connection 

 with the purchase, mortgaging, etc., of three separate 

 farms, before possession of the land could be obtained, 

 was that the Norfolk Association, as buyers, could not 

 offer such easy terms to their tenants as the South 

 Lincolnshire Association themselves only renting from 

 the owner had been able to make with theirs. All 

 the same, the Norfolk tenants have done much better 

 through their association than they could have hoped 

 to do for themselves, and the demand for the land is 

 much greater than the supply. 



Alike in South Lincolnshire and in Norfolk, the 

 tenant gets complete security of tenure, subject to 

 his fulfilling certain conditions. The tenancy can be 

 determined by six months' notice on either side, to 

 expire on October n in any year, and it is stipulated 

 in the agreement that, in the event of such determina- 

 tion of the tenancy, the amount of the tenant-right 

 due to the tenant (as compensation for unexhausted 

 improvements) shall, if not otherwise agreed upon, 

 be fixed by valuation. The tenant agrees to ' cultivate 

 and manage the land in a good and husbandlike 

 manner,' and six months' notice can, of course, be 

 given to him should he neglect so to do. It is further 

 provided that if the tenant should fail to pay his rent 

 within twenty-one days of the date at which it is due, 

 or if he should fail to keep the terms of the agreement, 

 the landlords as represented by the association are 



