, the
district does not progress as in cases where the land is subdivided
into smaller holdings. The large proprietor concentrates his energies
on sheep. The owner of a small tract finds it pays to give a larger
proportion of his land to arable cultivation. Subdivision of land
encourages population. Monopoly in land has the contrary effect. If
the increase of numbers, under good conditions as to standard of
living, be one of the aims of government, it follows that
concentration of ownership and occupation is contrary to public
policy. The objection disappears where satisfactory arrangements are
made for letting the land on liberal terms. In this case the large
proprietor is a provider of capital, for which he receives interest,
in the form of rent, readily accepting a lower rate than a labourer,
with slender security to offer, would be compelled to pay if he were
the borrower of money instead of the hirer of land.'

The party from Mount Gambier, though rather tired, were able to come
on board the yacht with us about one o'clock. We had quite a large and
pleasant lunch on board, and an 'At home' in the afternoon, when
upwards of two hundred people came to tea.

The yacht was berthed alongside the graving-dock pier at Williamstown,
which made it easy of access. In spite of the agonising pain which
Tom was suffering from an inflamed eye, he insisted on going to the
Seamen's Meeting, and actually managed to make a good speech, though
he scarcely knew what he was saying at the time. The party at dinner
this evening included several members of the Government, among whom
was Mr. Deakin, who has just returned from attending the Colonial
Conference in London.

[Illustration: Lancers and Soudan Contingent]

_Monday, June 20th._--The day of the grand volunteer review (the
beginning of the festivities in Jubilee week) dawned bitterly cold, as
indeed one must expect in midwinter. I got leave from the Doctor, with
great difficulty, for Tom to go to it in a closed carriage; for he was
still suffering much from his eyes. Lady Loch drove with me to the
ground in an open carriage, and of course we had an excellent place
close to the saluting-flag, and were able to admire the march past of
the troops. They seemed an excellent and well-drilled body of men. The
Lancers and the Royal Naval Brigade especially attracted attention.
All the party went to the military tournament in the evening except
Tom and I, who stayed at home with Lady L