132 FRANCE - MISCELLANEOUS 



This table shows that in 1879 the rental values and market prices had 

 considerably increased in the whole country and in igo8 they had fallen 

 almost to the figures for 1851. These variations were due to the general 

 causes already considered : a period of prosperity before 1879, and then 

 an agricultural crisis due to rural exodus and still continuing, 



The fall in value of land since 1879 has been proportionally greater in respect 

 to market price than to rental value. The same is seen on a direct 

 comparison of the results of the valuations in 1851 and 1908, which reveals 

 a rise in rental value and a fall in market price. This is due to important 

 changes which have taken place in agriculture, the introduction of the cul- 

 tivation of cattle foods and industrial crops, the increase in the number 

 of markets, the multiplication of the means of communication and the em- 

 ployment of chemical manures etc, which have had the effect of raising 

 the rates of lease. The market prices have not benefited to the same de- 

 gree by these favourable conditions, for unbuilt on land is far less in demand 

 to day than fifty or sixty years ago. In the middle of the last century, 

 interest was sacrificed in the desire to purchase or increase a holding and 

 the possession of the smallest parcel was ardently contendedf or by many aspir- 

 ants. Nowadays, on the contrary, people are indisposed to immobilise 

 capital in investments in land, and so hinder its easy reaHsation. At the invit- 

 ation of the various credit estabUshments, they invest it in personal secur- 

 ities, which offer many advantages : extreme fluidity under the simplest 

 and least burdensome conditions, easy collection of interest etc. Hence 

 landed property has a markedly inferior position and its market price has 

 of course fallen. 



If the total results of 1908 to an appreciable extent agree with those for 

 1851, they are not equally distributed as regards the various groups. The 

 chief reason for this is that changes have taken place in the area of each group. 

 Thus, in respect to meadow land, the area of which has increased, there has 

 been a parallel increase in the rental value and market price on those shown in 

 1851. In the same way, in the case of vineyards and moorlands, a de- 

 crease in value corresponds with a loss of area. On the other hand, woo'dlands, 

 the area of which has, however, considerably increased since 185 1, show an 

 appreciable decrease in market price and even more in rental value. 



The groups of areas of superior quahty and various cultivation and 

 of arable land show an increase in rental value and a decrease in market 

 price. However, it is to be remarked that these groups could not be con- 

 stituted exactly as in 185 1 and that also the figures in the second group 

 do not admit of fair comparison as the sites of buildings and areas depend- 

 ent on buildings were valued in 185 1 and not in 1908. 



2nd. Rental Value and Market Price per hectare. — The total rental val- 

 ues and market prices per type of farms, as shown in 1851, 1879 ^^^ 1908 

 present differences not only due to economic causes, but much more to 

 changes in the constitution of the various groups. An examination of 

 them, therefore will not enable us to form an idea of the fluctuations in 

 value of land in the period contemplated, and to arrive at this we must com- 



