64 LAND SETTLEMENT & EDUCATION 



first three years ; from the fourth year the loan is 

 divided into two halves, one half of which is liqui- 

 dated by an annual payment of 6 per cent (including 

 interest), while on the other half interest alone is 

 paid until repayment of the first half is completed. 

 This occurs in about twenty-nine years from the 

 date of the loan. Then the remaining half has to be 

 cleared off in five years. 



Probably one effect of this war will be to make 

 capital much harder to obtain, and the rate of 

 interest will consequently be much higher ; but 

 where the right conditions are created, and the 

 men thereby enabled to do well on the land, it is 

 astonishing to observe the large annual charge 

 such men can pay apparently without any great 

 effort, and certainly without prejudicing the sus- 

 tained development of their holdings. 



The last fundamental principle, namely, that 

 ownership has proved the more successful form of 

 tenure in Land Settlement, can hardly ever be stated 

 in this country without arousing a certain amount 

 of strong feeling, which is partly political, partly 

 economic ; but even those who oppose ownership 

 are forced to observe, as I showed in my last lecture, 

 that wherever Land Settlement has been successful 

 the system of land holding was one of ownership 

 and not of tenancy. I am not one who would go so 

 far as to say that sound land settlement is impossible 

 to carry out under the tenancy system ; I am here 

 merely stating a fact which the most superficial 

 study of land settlement abroad, in the Dominions, 

 and as near home as in Ireland, will disclose to 

 anyone who cares to see it, that ownership, not 



