SMALL HOLDINGS. -^ 



where there are admirable co-operative credit societies of 

 the Schulze DeUtzsch type, working in the matter in concert 

 with PoHsh settlement societies. The Poles make first-rate 

 co-operators and as a matter of course co-operate willingly 

 among themselves in the nationalist interest. One of these 

 societies, at Pischin, some years ago finally wound up its 

 affairs after a comparatively brief working period, because 

 the whole of its intended business had been completed, 

 the settlers having paid up their money to the last penny 

 before the time fixed. And the balance sheet was in excel- 

 lent order. For such settlement the Poles — Poles though 

 they are — are, by a recognition made in a favourable 

 moment, entitled under Rentenhank legislation to receive 

 three- fourths of the purchase price in land bonds. The 

 balance being obtained on personal security from their 

 co-operative banks, the thing now goes on swimmingly. 



Vendors, as observed, readily have recourse to the inter- 

 vention of a " General Commision," because by selling 

 through it in lots they obtain in any case a higher price 

 than they would if selling the estate undivided. And all 

 the trouble of legal business, surveying and the like, is 

 taken off their hands by the Commission at a purely nominal 

 charge. The bonds issued under Government guarantee 

 are as good value as 4 and 4I bonds can be. When money 

 is raised by the Government at 6 per cent, and more, of 

 course they are quoted below par. But before the war 

 they held their own well. 



In this way a large number of settlements have been 

 established — in compact communities, forming new villages, 

 with a school in every one of them and a church where such 

 was thought to be required. By this time something like 

 a million acres ^ have been so settled. As a result the 

 face of the country operated in has been completely changed 

 — changed for the better, having life, prosperity, content- 

 ment and population brought into it. Where there were 

 twenty or thirty famiUes there are now 130 or 140. Where 



^ In 1 91 1 the official figure for settlements formed under the 

 Rentenhank system alone was about 500,000 acres. Other institu- 

 tions are responsible for the balance. 



Z 



