Freehold Land Societies: Their History, Present Position, and ClaimsRitchie, J. Ewing (James Ewing)
History
Freehold Land Societies: Their History, Present Position, and Claims
Ritchie, J. Ewing (James Ewing)
Savings and loan associations -- Great Britain
employ what little capital he has. Clearly, then, the Freehold Land
Movement offers him an eligible means of investment. Land cannot run
away. So long as England exists, it will always be worth its price.
Nay, it will become more valuable every year, for by no effort of human
ingenuity can it be increased.
At Birmingham several of the allotments have realised premiums as high as
£20 or £30. On the East Moulsey estate of the Westminster Society
allotments, costing £23, have been let at a chief rent of £3 and £3. 10s.
per annum. The Ross Society, in one of its annual reports, stated that,
out of thirty allotments made by the Society during the past year, ten
exchanged hands at premiums varying from £3. 10s. to £5., and ten working
men each received £10 premium. At Ledbury several allotments, costing
£25 each had realised premiums of £15 each. On the Stoke Newington
estate, belonging to the National, premiums of £30 and even of £40 have
been realised. At the Gospel Oak estate, belonging to the St. Pancras
Society, allotments which cost £20 each have been let off on building
leases of 50s. per annum each. Greater sums have been made—but we would
rather understate than overstate our case.
We have inspected returns from one hundred and twenty societies, and in
every case the allotments have realised a handsome premium. Yet, in the
face of all this, articles have recently appeared in _Chambers’s Journal_
and the _Edinburgh Review_, deprecating these societies as investments.
The Edinburgh Reviewer says:—“Notwithstanding this rapid popularity
however; notwithstanding, also, the high authorities which have
pronounced in their behalf, we cannot look upon these associations with
unmixed favour; and we shall be surprised if any long time elapses
without well-grounded disappointment and discontent arising among their
members. However it may be desirable for a peasant or an artisan to be
possessor of the garden which he cultivates, and of the house he dwells
in—however clear and great the gain to him in this case—it is by no means
equally certain that he can derive any adequate pecuniary advantages from
the possession of a plot of ground which is too far from his daily work
for him either to erect a dwelling on it, or to cultivate it as an
allotment, and which, from its diminutive size, he will find it very
difficult for him to let for any sufficient remuneration. In many cases
a barren site will be his only reward for £50 of savings; and however he
may value this in times of excitement, it will, in three elections out of
four, be of little real interest or moment to him.” Of course we do not
affirm that a badly-conducted society will pay in spite of mismanagement.
We believe it will do nothing of the kind, and that discontent will
arise; but facts show that the reviewer is wrong; that the allotments
cost less than he supposes; that thus they offer a better return for his
money than the allottee can get in any other way. Numerous as these
Public-domain text, read in full here on John Shaqi.
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