LAND TENURE AND LAND POLICY 



657 



where the tenants made less than $100, and the highest, 8 per cent, 

 where the tenants reported a deficit. 



The variations in the rates of the landlords' interest are somewhat 

 irregular owing to the small numbers involved, but in general it is 

 clear that the landlord takes the greatest chances and, when successful, 

 reaps the highest rewards from share croppers; with share renters the 

 risks are less, and so are the possible rewards; while with cash renters 

 the landlord takes a minimum risk and is assured of a return of 6 or 7 

 per cent on his investment, which is less than he would ordinarily 

 receive for money loaned in this locality with land as security. 



FIG. 3. Rate of interest on landlords' investments in relation to tenants' 

 labor income. 



Where the yield of cotton was as much as a bale per acre the 

 tenant made $624 for his labor and the landlord received 16.4 per 

 cent on his investment, while where the yield was less than o . 6 of a 

 bale the tenant had a labor income of $246 and the landlord made 

 only 7 per cent on his money. 



The labor income goes up with the yield of cotton for all classes of 

 tenants, but the rise is least pronounced for share croppers and most 

 pronounced for cash renters. Thus the labor income of a share 

 cropper was not quite twice as great where the yield was a bale or 

 more as where it was under o . 6 of a bale, while the labor income of 

 a share renter was nearly four times as great, and that of a cash 

 renter more than four and one-half times as great where the yield was 

 high as where it was low. 



