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 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, 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—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. 19s. 3d., and the directors credited each unadvanced share with profit at the rate of £10. 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.