392 THE FUTURE OF OUR AGRICULTURE. 



with debt, although unfortunately there is no denying the 

 fact that it exists, mainly among large landowners — whom 

 we know as junkers, and who make a point of keeping up 

 appearances, even beyond their means — yet, generally 

 speaking, it may be said that in truth it is not nearly as 

 great as appears from published data, inasmuch as mortgage 

 deeds are often advisedly kept uncancelled after the mort- 

 gage has been paid off, in order that they may be reissuable 

 without a new entry, so as to save even the small fee, 

 payable on the transfer. 



The whole matter of land credit and facility for transfer 

 hinges upon the establishment of a title, made valid in the 

 market — a title making transfer of land as easy, says Sir 

 J. Caird, " as stock in the funds," " as my watch," said 

 John Bright, " as shares or a ship," says Sir C. F. Brick- 

 dale — that is, by means of an official register, entries in 

 which vouch for validity. Germany and Austria — also 

 Hungary — have had such register for some time, and its 

 existence is answerable for a degree of cheapness and 

 facilities, alike for purchase and for mortgaging, beyond 

 what people in this country are at all likely to imagine. 

 A second help in those countries is the existence of a land 

 tax, based upon olhcial valuation which, although not 

 absolutely dependable, gives a very fair clue to the value 

 of the property, and in many cases determines, at the owner's 

 option, the degree of its mortgageableness. No one in the 

 countries named would think of suggesting the abolition 

 of such register. 



The truly enormous business of the German landschaften, 

 about which so much has lately been said, and of the foreign 

 Joint Stock Mortgage Banks, which are still more in the 

 ascendant and far more businesslike (far more suitable 

 also for our own conditions) — that is, of institutions which 

 provide cheap, long- termed and convenient mortgage credit, 

 which may be " amortisable," for landowners, and is a 

 most welcome and safe investment for capitalists — would 

 be altogether impossible without a land register, as a com- 

 monly accepted institution. And the transactions are so 

 expeditious and simple, as well as cheap ! A single stroke 



