people's banks — LORD WANTAGE'S EVIDENCE 295 



not done in a day. Great credit attaches to Mr WolfF, to 

 Mr Yerburgh, and others, who have endeavoured to spread 

 exact information and to cautiously initiate experiments in 

 this form of co-operation in this country. I am con- 

 vinced, from the evidence of Mr Wolff and his excellent 

 treatise on " People's Banks,"^ that if any such system as 

 that of Raiffeisen had been in effective operation in 

 England, most of the disasters of the over-speculative 

 small holders would have been prevented, or at any rate, 

 mitigated. And it is obvious that the ultimate develop- 

 ment of small holdings in this country will be quickened, 

 and directed into economically sound channels, if this 

 movement for spreading co-operative credit banks takes 

 root, and becomes a source of strength and guidance in 

 agricultural districts. 



Mr Pringle found everywhere in the South Midlands 

 that want of capital is an obstacle to success in new 

 forms of farming, or in the subdivision of large farms. 

 Here and there, there are hardworking men who begin 

 at the foot of the ladder and steadily climb upwards. 

 Two brothers in Hunts, once labourers at 9s a week, 

 took small farms and worked up, through all the bad 

 times. They can hardly read or write. They have 

 recently taken two farms of 300 acres each, their land 

 is fully stocked and they can command ;!f 5000 between 

 them. They farm on old-fashioned lines, but do it with 

 a very fine margin.^ 



Smaller farms would in general be more workable and 

 profitable both to landlord and tenant, but loans for equip- 

 ping with buildings at 3 to 3 1 per cent, are essential.^ 



Lord Wantage, who had done much to promote small 

 holdings, both on his own estates and through the 

 Small Farms and Labourers Land Company, said there 

 was increasing demand for farms from 50 to 100 acres, 

 from men who worked themselves with their families. 

 And they are excellent tenants.* 



" Small men of that sort are more punctual rent 

 payers, and are less exacting as to buildings." 



' "People's Banks,' By Henry W. Wolff. Longmans. 



^ Pringle, Beds, etc., p. 45. * Lord de Ramsey. * Lord Wantage, 441 1-6. 



