In tendering the speculative estimate of 1903, it was clearly laid down that the amount of one advance was only to be increased in rare cases, and the sub-division of permanent pasture was denounced as a "form of economic insanity." It was also explained that deductions must be made from the 490,000 holdings in respect of small town plots, accommodation plots, and market gardens; nor are these insignificant, for to the 80,000 holdings not exceeding one acre we must add 62,000 of from 1 to 5 acres. In the face of these facts, the assumption that "all agricultural land"-as defined in the Return-will be sold, is not only unsound but preposterous.
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