WHAT ITEMS MUST BE CUT DOWN 75 



outgoing, to the payments for labour and fertilising, that 

 in the farmers' expenditure the reproductive items 

 should in bad times be kept up, or, if necessary, increased, 

 and the balance obtained by cutting down the non-repro- 

 ductive items, rent, and through rent, rates, and taxes, to 

 the lowest point possible. This policy is also obviously 

 to the interest of the owner in the long run. The heaviest 

 losses to owners have been from the breaking down of 

 old tenants, the deterioration of the land, and the heavy 

 cost of getting things going again with new tenants. 



