FARM TEXAXCY 99 



class, a class which can hardl^^ be said to exist outside of the coloured popu- 

 lation of the South. 



The tide will turn in favour of ownership if ever we reach the stage where 

 the speculative value of land disappears ; where few farmers are able to 

 retire on the basis of wealth accruing through unearned increment ; and 

 where, therefore, land is worth a sum based on its productivity. 



This is on the assumption that a system of agricultural credit favourable 

 to the farmers will in the meantime be worked out. One of the main rea- 

 sons why it seems safe to suggest that these conditions will result in owner- 

 ship rather than tenancy is because it is not likely that an}' S3'stem will soon 

 be devised whereby the fertility of the soil will be as well conserved under 

 a tenant system as under a system of ownership. 



