TENURE 89 



In regard to the third question, " Are changes in our 

 system of tenure necessary ? " 



The answer is clearly yes ; in fact modifications are 

 already taking place that have been brought about 

 rather bv force of circumstances than by the adoption 

 of any definite policy. And herein lies a danger ; when 

 changes come merely from force of circumstances there 

 is drift and want of organization, which can only be 

 avoided if the trend of circumstances be recognized and 

 utilized to the pubHc benefit. As already stated, one 

 result of the Napoleonic wars was to increase the number 

 of tenants — while the economic conditions created by 

 the Great War, and recent legislation, are again causing 

 a large increase in the number of smaller owners. 



The great estate is bound to disappear — it is dis- 

 appearing rapidly. The farmer is being forced to 

 buy — we should see that he buys under sound 

 conditions. 



We have seen that the permanent mortgage is a 

 menace to the industry — yet most of the new owners 

 have hea^'^' mortgages on their farms, because even yet 

 there are no land banks. Under a proper system of 

 loans, with sinking fund, every year's instalment paid by 

 the farmer increases his margin of safety. Owing to the 

 evil mortgage system many of the new owners will find 

 themselves on the verge of ruin when prices fall, in fact 

 cases of financial ruin have already occurred. 



Although the great estates may disappear, landowners 

 will still continue to have farms to let ; but instead of 

 letting them on yearly leases we may well see a develop- 

 ment of long leases. 



We shall probably see a development of industrial 

 farming on a large scale by companies. 



We may see a development of co-operative farming, 



