Il8 AGRICULTURAL DEPRESSION 



though it should not exclude variations from considera- 

 tions of accessibility to markets and many other matters. 

 But the principle of a sliding scale has not been accepted 

 by the tenants with whom Mr Murray is specially 

 connected, and does not seem to have succeeded in the 

 cases where it has been tried, and, in its older form of 

 corn rents, has practically been discarded. In some 

 instances this has probably resulted from too high a 

 valuation being adopted as the standard from which to 

 start. But it may be doubted whether, even with the 

 lowest and fairest valuation to start from, the automatic 

 reduction of rents in proportion to prices could be got 

 to work justly and smoothly in these tumble-down 

 times. 



In conclusion, competition cannot be regarded as a 

 fair instrument for determining the value of agricultural 

 land. The abuse of competition must inevitably transfer 

 to the owner, one by one, every advantage which the 

 farmer obtains in earning profits, either by his own skill 

 and enterprise and outlay, or by improvements in agri- 

 cultural methods and science, or by relief from local 

 or other burdens, and must constantly tend to cut 

 down the capital of the farmer to the narrowest margin 

 at which he can be induced to go on living and working 

 on his farm, and must, as it destroys hope and effort, 

 tend to weaken and deteriorate agriculture. There is no 

 reason why the wise and generous policy adopted by 

 some landlords, and shown to be to their interest as 

 well to their tenants by the history of their estates, of 

 fixing a fair rent for agricultural land based on the 

 quantity and current prices of produce, should not be 

 made general. Parliament could render no greater 

 service to agriculture than by facilitating this satis- 

 factory result. 



