92 AGRICULTURAL DEPRESSION 



in the values of the produce of the soil. As contrasted 

 with the enormously enhanced rents of twenty years ago, 

 the present rents undoubtedly represent a considerable 

 drop in the income of owners. But the farm accounts, 

 and the almost unvaried testimony to the persistent 

 losses, or the very restricted profits obtained by tenants, 

 makes it practically certain that tenants cannot conceiv- 

 ably, even in the most favoured districts, be drawing 

 from their holdings any sum which is not a mere fraction 

 of the net incomes derived from the same land by their 

 landlords, and (as compared with the average gross rents 

 paid by them to their landlords) must be the smallest 

 possible fraction. 



These figures can only be treated as creating a 

 strong presumption that rents are still at a level far 

 above the economic value of the land, in view of possible 

 returns at present prices. But it must be remembered 

 that this is substantially the only area occupied by 

 tenant farmers, for which we have any exact accounts. 



It is only reasonable, therefore, that considerable weight 

 should attach to such evidence as 2.primd facie proof that 

 the economic pressure of low prices has not as yet been 

 fairly adjusted as between owner and occupier. And, 

 the very general unanimity in the evidence of farming 

 witnesses as to the critical position of their class in 

 nearly every district has not in my opinion been rebutted. 

 The two classes of evidence — the figures of the accounts, 

 and the evidence of the farmers, appear to confirm each 

 other, and make it an imperative duty to advise that 

 such a state of things deserves the fullest and most 

 prompt attention of Parliament. 



