134 OUR ENGLISH LAND MUDDLE. 



£42. The financial basis of the scheme,, of 

 course, calls for no subsidy from the revenue 

 unless substantial losses are incurred. The State 

 borrows the money at the lowest rate its credit 

 can secure, and lends it again with a slight 

 addition of interest, which meets the costs of 

 administration, and makes a small provision 

 against loss. 



Victoria, like New South Wales, has also a 

 Closer Settlement system, founded on cheap 

 credit. Up to 1911 a sum of £3,177,831 had 

 been expended in the purchase of agricultural 

 land for purposes of closer settlement. The 

 legislation in force helps tenants to buy their 

 farms from landlords by private agreement. 

 It will be interesting again to note the conditions 

 under these Closer Settlement Acts. The mis- 

 take is not made, as in Ireland, of allowing the 

 settler a free hand to deal in his equity of 

 redemption. Under the Victorian system the 

 beneficiary of the State is tied up to his holding 

 to a certain extent. Payment must be made 

 with interest at 4| per cent, per annum by 

 sixty-three half-yearly instalments, or such lesser 

 number as may be agreed upon. Postpone- 



