CAPITAL INVESTMENT 147 



largest sum the State would have been liable 

 for under this head had a scheme of this 

 description been in operation. In practice it 

 would obviously be found that a certain 

 number of tenants would prefer to leave, so 

 that the liability to the State to advance 

 money for purchase would in every year be an 

 amount less than the total sales of agricultural 

 land. 



In regard to the acquisition of estates for 

 the creation of village farms it is not difficult 

 to estimate the probable investment. The 

 present Small Holdings Act has been in opera- 

 tion five years : 104,533 acres have been 

 purchased for the sum of £3,385,262.* 



These figures show that no great capital is 

 required. It is not generally appreciated how 

 large an amount of floating capital the State 

 commands and the funds which are constantly 

 accumulating. The £3,000,000 required for the 

 Small Holdings Acts have been paid without 

 any strain on the National Exchequer. The 

 Insurance Act is providing large sums which 

 require investment, and the Post Office Savings 

 IJank is increasing its deposits at the rate of 



* Report on Small Holdings for 1912. Cd. 6770. 



