148 AGRICULTURAL DEPRESSION 



matter of sentiment and of sympathy than of convic- 

 tion that matters have really been equitably adjusted. 



And, indeed, Mr Fox goes on to quote the opinion of 

 Mr Calthorp, of Spalding, "whose experience and judg- 

 ment," he says, "are so widely recognised." Mr 

 Calthorp thinks : — " Notwithstanding the great reduc- 

 tion in rent, it will have to be still lower if the land is to 

 be cultivated. In most cases here they would not have 

 made a profit of late if no rent had been paid. Hence 

 they have been living on capital. It is merely a ques- 

 tion of time. My balance has never been on the right 

 side in ten years farming my own land." ^ 



And, in the face of the important evidence collected 

 by Mr Fox as to the position of the Lincolnshire tenant 

 farmers, it is quite out of the question to believe that 

 they accept their rents as satisfactory. 



" Many farmers have told me that they would give 

 up to-morrow if they could see their way to get a 

 reasonable amount of their capital back, but that they 

 dare not leave at present prices and go out with their 

 valuation worth half what it was when they entered, in 

 addition to the loss of other capital." 



" The present position of the large majority of farmers 

 is very critical, there being in most cases no margin of 

 capital left to meet a bad year or any abnormal losses. 

 Here and there a large farmer has a private income 

 independent of farming, or a celebrated flock of sheep or 

 herd of cattle for which fancy prices can be obtained, etc., 

 but the greater number of farmers, whose sole capital 

 is invested in their land, are in the position I have 

 described." 



Besides the striking series of accounts, Mr Fox gives 

 personal statements of responsible witnesses, such as the 

 following : — 



People who have kept their land up to the mark 

 have done it out of capital. During the last ten years 

 I have, on an average, paid iJ"200 a year out of capital." 



Mr Rew says of Norfolk : " Hundreds of men cannot 

 break because they have not enough to break on. Their 



' Lincoln, pp. 50, 51. 



