Theoretically, one can figure great successes in big horticultural development propositions, but these figures rest upon theory and not fact. It would be difficult to state all the reasons why I have a firm conviction that such big schemes of every kind will fall, but I believe this conviction is shared by the foremost thinkers in the horticultural world. A four-year-old boy was once taken to see the animals in a circus. He was very much interested, but, when shown the tremendous elephant, shook his head and said "he is too big." A small grove properly handled ought to be an excellent investment. The various uncertainties and vicissitudes involved can, in a degree, be compensated for by great care; and I suppose it would be possible even with some of these big schemes--by placing enough money behind them--to insure a fair degree of success. It must be borne in mind, however, that these promoters, of whom we have been speaking, are not so much concerned in the successful orchard as they are in big salaries and profits, and, if one has money enough to pay big salaries and profits, and still pay for the proper care of the orchard, then he does not need an orchard. Most of these promoters charge too much for a proper and honest development alone, and too little for the proper development plus the profits and salaries of the promoters. I wish it were not so. I wish the old earth could be made to smile bountiful crops without such expensive tickling, but this is one of the checks and balances that nature places upon her great storehouse of wealth. * * * * * The Chairman: This is a matter of very great importance and I hope we shall have a good discussion, from a practical point of view, by men who know about fraudulent promotions and their effect. We ought to go on record in this matter right now. I know of numbers of teachers, doctors and other poor people who have put money into nut promotion schemes without knowing anything about the ultimate prospect of profit. Mr. Hutt: One noticeable thing about the promoter's literature is that he never knows anything about crop failure, and in the agricultural and horticultural world that is a thing that is painfully evident to a man who has been in business a great length of time. In the promoter's literature it is just a matter of multiplication; if one tree will produce so much in a year, a hundred trees will produce a hundred times as much. I got a letter the other day from Mr. S. H. James, of Beaumont, Louisiana, and he said, "I have been very fortunate, I have actually had two good crops in succession," and when you come to compare that with the promoter's literature--why he knows no such thing as crop failure. Anybody who knows anything about agricultural or horticultural work knows that we have winter and floods and everything else to contend with. The Chairman: Someone might tell us about failures they happen to know of in promotion schemes.