In the House of Lords on Tuesday Lord Dunmore's Small
Ownership and National Land Bank Bill was given a second reading. Lord Dunmore explained that its object was to encourage the extension of small ownerships of agricultural land by increasing the facilities for transfer and by authoris- ing the establishment of a National Land Bank to advance money on mortgage for purchase. It was provided that the County Council should keep a register of all agricultural land for sale, and all land so registered was to be free from the land value duties, subject to certain restrictions. The ad- vances of capital from the land bank would, under the Bill, be at a rate of not more than four per cent. interest, of which half per cent. was allocated to the sinking fund for the re- demption of the loan. The Bill was based on the three principles of ownership, easy access to capital at a low rate of interest, and eo-operation. Lord Dunmore added that by a sound system of co-operation it should be possible to over- come any economic disadvantage there might be in splitting up large farms.
Previous page
