AGRICULTURAL DRAMATIS PERSOX.E 43 



only j(^50,ooo,ooo of this vast sum represented the rental 

 derived from agricultural land. And as at least 50 per 

 cent in practice has to be returned for upkeep and 

 development of the farms and estates, the landowners 

 collectively only receive a net rental of about ^(^25, 000 ,000 

 — a sum of comparatively small importance when the 

 present national expenditure is envisaged. 



But even this ^(^25, 000,000 does not represent the 

 rental of the land itself ; for the amount spent by land- 

 owners in equipping and developing their land, before 

 it could be utilized by the tenant farmers, was so large 

 that this 5(^25,000,000 represents only about a 2 per cent 

 rate of interest on the capital thus expended. 



The landowner receives as available income either a 

 low rate of interest on capital expended in developing the 

 land, and no rental for the land itself, or a moderate rental 

 for the land and no interest on his capital expenditure ; 

 it is one, or the other, not both. 



When the great depression came (in 1870) the land- 

 owner bore the brunt of the loss it entailed ; for, although 

 many farmers went bankrupt during this period, land- 

 owners suffered a permanent loss of rent and capital. 

 To-day the landowner is hit harder by the conditions 

 brought about by the Great War than any other section 

 of the agricultural community. Examination of the 

 account books of typical estates shows that after paying 

 taxes, rates, and the cost of upkeep of farm-houses and 

 buildings, the landowner is left with only 3/9 in 

 the ^ as effective income ; often much less. This is 

 a fact that should be realized by the townsman. In 

 consequence, on all sides our fine country houses are 

 being closed. 



Rents in the United Kingdom are lower than in any 

 of the developed European countries ; they are too low 



