PREFACE xiii 



small holdings, and let it out to its tenants, the 

 men pay in the form of rent, not only the 

 interest on the loan, but the instalments of 

 capital by which the loan is extinguished. 

 The men are buying the land for the County 

 Council, not for themselves. At the expiration 

 of eighty years the tenants get neither the 

 money they have paid nor the land their money 

 has bought. The County Council keeps both. 

 During the whole period, also, the men will 

 pay a higher rent than the annual value of the 

 land, because the Council is obliged to charge 

 by way of rent a certain percentage for manage- 

 ment expenses, and a certain margin of profit 

 in order to secure ratepayers against loss. 



A concrete example may serve to show the 

 working of the two principles : 



A County Council borrows from the State 

 £18,300, buys land, enfranchises a portion 

 wliich was copyhold, redeems the land tax, 

 adapts the property for small holdings by the 

 construction of roads and necessary culverts, 

 tlie repair of buildings, the provision of new 

 gates, etc., and lets the property at a total 

 rental of € 1,0.32 a year to a number of tenants. 

 That rent is made up of the following items : 



