PREFACE XV 



contingencies, which are necessary working ex- 

 penses of a farm, his total annual expenditure 

 is no larger than the annual rent. 



Under this plan, which could be easily 

 adopted in any existing schemes already sanc- 

 tioned by the Board of Agriculture, the men 

 have full ownership in sight within thirty-five 

 years. But, subject to the annual payment of 

 £915 for that period, they are OAMiers from the 

 day that they effect the loan, and, except as 

 to powers of mortgaging, can exercise all the 

 rights of ownership. Every year increases the 

 value of the holding to them, and not to the 

 County Council. For the whole period of 

 the loan they have the advantage of investing 

 small annual sums at compound interest. Their 

 land becomes their Savings Bank, their Benefit 

 Society, their life insurances for the benefit 

 of wives and children, and all these advan- 

 tages are given them as occupying owners for 

 an annual payment which is not greater, and 

 may well be less, than the rent which they 

 would be required to pay as occupying tenants. 



It is not suggested that occupying owner- 

 ship should be the only system by which small- 

 h(^ldcrs may be placed on the land, l^ut it is 



