Some time back the _Times_ asked scornfully, as Pilate of old did
concerning truth, what was a Freehold Land Society. We reply, viewed in
a business light, it is simply a society for the purchase of land. It
involves two commercial principles well understood--that purchasers
should buy in the cheapest market, and that societies can do what
individuals cannot. Till the movement originated, the purchaser of a
small plot of ground had to pay in lawyer's expenses connected with the
purchase frequently as much as he paid for the plot itself. A society
buys a large piece of ground. They make roads through it; they drain it;
they turn it into valuable building-land; they thus raise its value; and
they divide it amongst their members, not at the price at which each
allotment is worth, but at the price which each allotment has cost.
Being also registered under the Friendly Societies Act, the conveyance
costs the purchaser generally from 25s. to 30s.; and thus a plot worth 50
pounds is often put into the fortunate allottee's hands for half that
sum. Of course, different societies have different rules, but they all
aim at the same end, and effect that end in pretty nearly a similar
manner. Thus a member generally, if he subscribes for a share of 30
pounds, pays a shilling a-week, and a trifling sum a-quarter for
expenses. With the money thus raised an estate is purchased. It is then
cut up into allotments, and balloted for. If the subscriber has paid up,
he, of course, takes the land, and there is an end of the matter. If he
has not, the society gives him his allotment, but saddled with a
mortgage. In some societies the members are served by rotation, and
"first come" are "first served." The more generally-adopted plan,
however, is division by ballot. There has been some doubt as to the
legality of the ballot; the Conservative Society have taken the opinion
of eminent counsel upon this matter, and their opinion is, that the
ballot is perfectly legal. The rotation societies offer no inducements
to new members to join them; so division by ballot has come to be almost
the universal rule. In the National, for instance, there was a ballot
daily for all subscribers of three months' standing. This has recently
been altered. A ballot takes place every day, to which all are eligible
whose subscriptions are paid up. If you join the National, you may go to
the ballot immediately.
As the National is the largest of the existing Freehold Land
Societies--last year its receipts being 190,070 pounds--we will briefly
allude to its prospectus as a still further illustration of what a
Freehold Land Society is. The especial objects of this Society are
described as "to facilitate the acquisition of freehold land, and the
erection of houses thereon; to enable such of its members as are eligible
to obtain the county franchise, and to afford to all of them a secure and
profitable investment for money." In the National, all the expenses are
defrayed out of a common fund; consequently, there are no extra charges,
and the net profits, after payment of interest on subscriptions in
advance and on completed shares, are annually divided amongst the holders
of uncompleted shares. In this way last year the National divided 3,161
pounds 19s. 3d., and the directors credited each unadvanced share with
profit at the rate of 10 pounds 16s. 8d. per cent. per annum. We only
add, as a still further explanation of the societies in general, that
they are all conducted on the most perfectly democratic principles. Vote
by ballot and universal suffrage are the rule with them. The members
elect their own officers. In all the societies, also, provision is made
for casualties, such as sickness or death. In case of death, the
subscriber's widow or heirs take his place. If he be unable, from
sickness or poverty, to continue his subscription, he is not fined, but
is allowed to wait for better times. If he wishes his money back, he can
have it returned, with a slight reduction for the working expenses of the
Society. Juniors may be members. Actually these societies so far
practically admit woman's rights as to offer to the ladies the same
desirable investments they offer to the sterner sex. In short, the
Freehold Land Movement appeals to all ranks and conditions of the
community. It may be said of a Freehold Land Society what has often been
said of the London Tavern, that it is open to all--who can pay.