Explore "Freehold Land Societies: Their History, Present Position, and Claims" by James Ewing Ritchie on Textopian. Read with annotations and highlights.
This, of course, is the principal point of view. By their merits as investments alone must Freehold Land Societies stand or fall. If they pay, they will flourish; if they do not, they cannot exist, whatever may be the social, and moral, and political arguments advanced in their favour. Now, let us just see what means of investment are within the reach of the Working man. There is the savings bank -- not always safe, as recent examples have shown, and offering so small a rate of interest as to be but little inducement to the classes to whom it appeals, to save. Then there are the benefit societies, which hold out such fine promises, which thus have won a support to which they have no claim, and have excited hopes which they can never realise. Of two thousand of these societies, the accounts of which were submitted to one gentleman in Liverpool a few years ago, "all" were insolvent. Much of the money belonging to them is wasted in drink, in foolish show and mummery; but the societies are based upon wrong principles, and can never become right. Two radical defects taint them all -- the contributions have been much too small in proportion to the proposed benefits, and an almost indiscriminate regard to diversities in age has caused persons differing as widely as from eighteen to thirty-five, forty, forty-five, and even fifty years of age, to be admitted upon equal, or nearly equal, terms. One of the chief of these friendly societies is that known as the Manchester Unity. In 1848 there was an inquiry into the subject before the House of Lords, when it was stated by Mr. Neison, the eminent actuary, "that it would take "three millions of money" to bring the Manchester Unity of Odd Fellows out of their present difficulties; and if they went on at their present rates of contribution, no less than "ten millions" would be required to fulfil all their engagements." So much for friendly societies, which are, indeed, a delusion and a snare, and have always failed when the hour of trial has come. What the savings banks are we have already seen; yet, actually, till the Freehold Land Movement originated, these were the only investments within the reach of the working man. A Select Committee of the House of Commons has twice reported "that the great change in the social position of multitudes, arising from the growth of large towns and crowded districts, renders it more necessary that corresponding changes in the law should take place, both to improve their condition and contentment, and to give additional facilities to investments of the capital which their industry and enterprise are constantly creating and augmenting;" and "that they doubt not ultimate benefit will ensue from any measures which the Legislature may be enabled to devise for simplifying the operation of the law and unfettering the energies of trade." But at present nothing has been done, and the Laws of Partnership fetter the working man who would usefully 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 pounds. On the East Moulsey estate of the Westminster Society allotments, costing 23 pounds, have been let at a chief rent of 3 pounds and 3 pounds 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 pounds 10s. to 5 pounds, and ten working men each received 10 pounds premium. At Ledbury several allotments, costing 25 pounds each had realised premiums of 15 pounds each. On the Stoke Newington estate, belonging to the National, premiums of 30 pounds and even of 40 pounds have been realised. At the Gospel Oak estate, belonging to the St. Pancras Society, allotments which cost 20 pounds 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.