236 TRANSACTIONS OF ROYAL SCOTTISH AkBORlCULTURAL SOCIETY. 



price. But merchants must endeavour to co-operate with 

 proprietors in this respect, and if a lot has to be withdrawn 

 because no adequate offer has been received the Society will 

 inform its principal trade supporters and invite them to negotiate 

 on the basis of a mutual valuation. 



In illustration of the inadequate prices offered by merchants 

 who hoped to pick up cheap lots, I may mention a case which 

 was reported to me where only two offers were received : the 

 higher offer was ;^2ooo and the lower was ;^8oo. Had the 

 higher offer not been received the proprietor would have accepted 

 the offer of ;^8oo under the impression that that was the market 

 value of the lot. 



In order that combination and co-operation may be properly 

 secured, it is necessary that the Society should be truly representa- 

 tive of the landowners of Scotland. At present a certain number 

 have declined to join because their estate management is so good 

 that they do not require the assistance of their fellow landowners, 

 but they do not seem to consider that their fellow landowners may 

 require their assistance ; their experience will be valuable, and 

 the mere fact of their names appearing among the list of members 

 will strengthen the hands of the Society in any combined action 

 that may be necessary. 



It may be objected that if the Society limits its dealings only 

 to the so-called legitimate traders the smaller buyers will be 

 squeezed out, competition will be reduced, and the larger 

 merchants will be tempted to combine against proprietors in a 

 movement for the reduction of prices. There is no likelihood of 

 such a result ; the small buyer will not be squeezed out, only the 

 buyer, be he large or small, who buys below market price, and 

 the competition of such a buyer is destructive competition, and 

 should be got rid of in the interests of healthy trade. Combina- 

 tion among merchants for the reduction of prices may be 

 attempted, but it is not likely to succeed, for proprietors can 

 afford to play the waiting game better than merchants; it 

 costs nothing to allow a tree to remain standing for a few 

 years, but an idle staff and a silent mill are not things to be 

 regarded with equanimity. The fact is, proprietors and 

 merchants are mutually dependent upon one another, and any 

 combination by one class to bring undue pressure upon the 

 other will result in loss to both. A fair arrangement seems to 

 be for the timber merchants to settle the basis of valuation. 



