36 REDUCIBLE MORTGAGES 



of tenure is obtained ; the freehold is being 

 paid for ahnost imperceptibly ; and farming 

 operations can be conducted with absolute 

 confidence. His new position compares 

 favourably with his old ; the process is far 

 cheaper and more pleasant than the search 

 round after mortgages, first from the lawyers 

 and then from friends ; and the final hea\y 

 strain on his resources to complete the pur- 

 chase is dispensed with. 



A farmer can rarely hope to liquidate a 

 permanent mortgage. Years of industrious 

 saving are necessary. Under ordinary circum- 

 stances no reduction can be made until the 

 total sum has been accumulated. His capital 

 debt remains a load which he is compelled in 

 the first instance to accept, and which he has 

 to pay for dearly. A reducible mortgage is 

 paid off by instalments invested annually, and 

 the borrower has the satisfaction of watching 

 his indebtedness decrease from year to year 

 with very little inconvenience to himself 



The saneness and practicability of this 

 scheme as a solution to the present situation 

 cannot be too strongly urged. There is no 

 revolutionary upheaval. Tenants at the 



