24 AGRICULTURAL DEPRESSION 



In Forfarshire, though rents are reduced about 22J 

 per cent, on Lord Strathmore's estate, his agent states 

 that the tenants may be " making two ends meet, but 

 are not making money ; they have a fair comfortable 

 Hving, but not more than that. The farmers are getting 

 their Hving for their labour ; and probably some of them 

 with ;^ 1 0,000 invested are getting very little interest, 

 whereas in former days they got a good profit." 



In the important arable and stock-farming districts of 

 Fife, large numbers of farmers have succumbed, after 

 their capital was almost exhausted. Many farmers 

 were submitting to severe losses from year to year in 

 the hope of better times. 



Mr Fyshe says farms were too dear, and there have 

 been many changes of tenancy through farmers failing. 

 Farmers were losing money now, because prices had 

 fallen more than rents. 



Mr Ballingall " could not say that, even with present 

 reductions, farmers were holding their own." His own 

 farm of 1200 acres, with rent reduced from ;^2400 to 

 ;;6^i 500, has not been paying interest on capital. Farmers 

 had at first thought depression was chiefly a matter of 

 bad seasons, but then it became chronic, and they found 

 their capital rapidly slipping out of their hands. Rents 

 must ultimately fall to what can be taken out of the 

 land. 



In the arable districts of the northern counties, the 

 farmers of the highly cultivated and fertile county of 

 Elgin are just able to make a living at the reduced rents, 

 and in many places are losing capital, while the advan- 

 tages to their children have had to be greatly curtailed. 

 Fair reductions have been made only in the case of one 

 tenant out of four or five. The large reductions have 

 been confined to new tenants, and many old tenants are 

 still paying the higher rents. 



A statement of what fair rents should be was drawn 

 up by the Morayshire Farmers' Club in 1882, on a basis 

 arrived at by extending the principle of the fiars prices. 

 The average reduction of 33 per cent, on rent then de- 

 manded had been more than justified. 



