<!–more–> Not Working

Hi-

For some reason the more separator is not cutting off the content. Any ideas?

Here is code:

<div id="home_wrapper">
<div id="fromtheblog">
<h2>FROM THE BLOG</h2>
	<?php query_posts('category_name=featured&showposts=1');

	if ( have_posts() ) : ?>
				<?php while ( have_posts() ) : the_post(); ?>

         <div id="bloghomeleft"> <a href="<?php the_permalink() ?>" rel="bookmark" title="<?php the_title_attribute(); ?>"><img src="<?php echo get_post_meta($post->ID, "Thumbnail", true);?>" /></a> </div>
  <div id="bloghomeright"><h4><a href="<?php the_permalink() ?>" rel="bookmark" title="<?php the_title_attribute(); ?>"><?php the_title(); ?></a></h4>

						<?php the_content('Read on...'); ?>

                        </div>
     </div>

     <div id="centerhome"></div>
     <div id="righthome"></div>                  

</div>

				</div>

			<?php endwhile; endif; ?>