SMALL HOLDINGS. 349 



which advances to housing societies having a fixed capital 

 (therefore not to co-operative societies) a full nine-tenths 

 of the value of the property to be pledged — philanthropical 

 people, who as a rule include in their number the officers 

 of the very Savings Bank concerned, providing the remaining 

 tenth as a separate credit. And in Hanover, so long as 

 money was cheap, therefore up to shortly before the war. 

 Councillor Liebrecht found that out of the large capital 

 amassed under the Social Insurance business (mainly for 

 Old Age Pensions) he could with confidence make advances 

 to co-operative housing societies up to ninety-seven per 

 cent, of the value of the object pledged. This was not done 

 sneakingly, in disregard of existing regulations. It was 

 the President of the Social Insurance Department, the late 

 Dr. Bodicker, who commendingly first called my attention 

 to the practice. 



At Maulden Mr. Prothero has proceeded in principle on 

 similar fines. By way of experiment he offered eighteen 

 holdings of various sizes — ten of them over thirty acres — 

 of the Duke of Bedford's property for sale without money 

 down. The number of appHcants responding was 575. 

 Here then is convincing proof that small people are not, 

 as is so often alleged, indifferent to the acquisition of small 

 holdings, but on the contrary eager to become possessed, 

 every one, of his own Httle farm, provided that terms are 

 so arranged as to make them suit their small pockets. The 

 soil at Maulden is good. The land was got into proper 

 trim. A capital road was made to the holdings, the up- 

 keep of which the County has charged itself with. The 

 buildings were such as were required. Tithe had been re- 

 deemed. The holdings were priced at their full commercial 

 value according to an impartial valuation, which charged 

 for the cost of the road and the redemption of tithe. So 

 there was nothing given. There are twenty-five acres of 

 pasture attached to the eighteen holdings, held in common, 

 overstocking upon them being guarded against. Absolutely 

 no money was asked down. But five per cent of the value 

 was made payable, to include sinking fund, for thirty-five 

 years. Purchasers may, however, at their option, pay a 



