THE FARMER'S MEANS OF ACQUIRING LAND 237 



5 per cent more intensively than the fourth grade, and the second 

 grade 10 per cent, and the first grade 15 per cent more intensively 

 than the fourth grade, how much would the rent per acre be on each 

 grade of land ? 



(c) Supposing that the net rent is 90 per cent of the gross rent, 

 and that the current rate of interest on safe loans is 5 per cent, 

 what would be a fair capitalization of the income of each piece of the 

 land? 



(d) Supposing that all farmers live equally well, and leaving out 

 of account the influence of variations in capacity, how long would it 

 take each man to pay for the land which he cultivates by saving from 

 his profits if the land can be purchased at its capital value? How 

 long if speculation has driven the price of land 50 per cent above its 

 capital value ? 



(e) How would problem (d] be affected if the tenant could get only 

 4 per cent interest on his savings and has to pay 6 per cent on borrowed 

 money, on the assumption that he buys the farm when he has saved 

 enough to pay half the price ? 



