40 BULLETIN 1257, U. S. DEPARTMENT OF AGRICULTURE 
ble chance, as it is most likely to be sensitive to the real need for 
new development, but the public should be carefully guarded against 
fraud and misrepresentation. 
CONCLUSIONS. 
There is no justification for a national subsidy to land reclamation. 
If local interests justify the subsidizing of land reclamation, the 
subsidy should be local. 
If it becomes desirable for the nation to subsidize agricultural pro- 
duction the subsidy should apply to agricultural production gen- 
erally, not to one type of expansion alone. 
Land reclamation is a form of agricultural improvement, and any 
reasons that justify public aid in financing other agricultural op- 
erations apply to land reclamation. Such aid should be conditioned 
upon the same degree of security for repayment of advances that is 
required in other fields. 
If public aid is employed in financing reclamation there must be a 
high degree of public supervision of construction and operation dur- 
ing the development period, or actual public construction and op- 
eration. 
Public financing makes possible public control of the selection of 
land to be reclaimed and of the rate of reclamation, but there goes 
with this the possibility of both the rate and the location being con- 
trolled by political rather than economic considerations. 
There should be sufficient public supervision of private enterprise 
to prevent misrepresentation or fraud in the sale of both securities 
and lands. 
The chances of financial success of both public and private enter- 
prises will be improved by making preparation of land for immediate 
use a part of reclamation work and by providing capital for improve- 
ments and equipment. All these involve a high degree of supervision 
of agricultural operations until repayment of advances has pro- 
gressed sufficiently to make the security for the balance ample. 
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