WORKING CREDIT FOR FARMERS. 221 



the Royal Arsenal Co-operative Society — but now no 

 longer agriculturally employed — those gentlemen seemed 

 thoroughly aghast at the enormous quantities of fertilising 

 matter that had been put into the land, and the heavy 

 outlay which had been incurred for deep digging, etc. The 

 cost appeared to them excessive. However, the return 

 fully tallied with it. Societies such as this are under no 

 necessity of asking themselves — as an ordinary farmer 

 would have to do — whether they can afford so much outlay 

 or not. Whatever money is required will be forthcoming. 

 The object is to produce as much as is possible. The only 

 question for occupiers to ask themselves accordingly is, 

 whether the outlay will pay. It turned out that it will. 

 If the Nation requires a maximum of production, it will 

 be for it to see that farmers " go and do likewise." 



The need having been estabhshed, the problem to be 

 dealt with came to be this : How is the money needed to be 

 supplied ? 



Obviously it must be by Credit. There is no other source 

 available, out of which to take it. And, as it happens, 

 credit — given in cash, of course — also constitutes the very 

 best possible form for equipment with money. For by 

 reason of the fact that it imposes the duty of repayment, 

 of a necessity it demands careful calculation, in order that 

 misemployment may be avoided, and waste kept at a 

 minimum. Every other trade in the world is now financed 

 by credit. The merchant, the manufacturer, above all 

 things the banker, who is sometimes supposed to be " made 

 of money," all of them operate with borrowed capital, the 

 attracting of which is in truth the most valuable service 

 that their own cash can be made to render. In such appli- 

 cation the use of credit is fully legitimate and proper, 

 because the money employed will reproduce itself, and more 

 than that. And there is so much money in the world, 

 specifically in this country, waiting and seeking for employ- 

 ment, that the question of ultimate supply need trouble 

 no one. All that is required is to show that the money will 

 be well and safely laid out. Agriculture is the only calling 

 which thus far has dispensed with a large use of credit in 



