208 AGRICULTURAL DEPRESSION 



and the relative fall of rent as compared with similar 

 farms, would enable the official valuator, on viewing 

 the farm, to accurately measure what is due to the 

 tenant. Supposing the farm had fallen in these times 

 28 per cent, while others had fallen 40 to 45 per cent, 

 the difference capitalised really belongs to the tenant. 



He would, on renewal, be quite willing to " let the 

 award lie over, but that in the event of the tenant 

 leaving the holding, the money should be handed over 

 to him." " It would be left as a sort of guarantee to 

 the tenant." It would be repaid gradually to the 

 tenant in the form of a deduction from the valued 

 rent. 



Among English witnesses, Mr Carrington Smith 

 wishes full compensation for all improvements at the 

 determination of a tenancy, whether the tenant quits 

 or not. The payment by the landlord to the tenant 

 would prevent an increase to the rent, inasmuch as it 

 would put it into the tenant's power to make his bargain 

 before his rent was increased. 



The obligation of the landlord to pay the capital 

 value of the improvements before the rent was raised 

 would prevent the renting on the improvements, and 

 fixity of tenure would not be needed to secure the 

 tenant. 



Mr Gilbert Murray, from the land agent point of view, 

 is willing to compensate the sitting tenant either in a 

 lump sum or by a proportionate reduction of the future 

 rent. 



Mr Dobson, a Cumberland farmer, says that this would 

 be the greatest advantage an amending Bill could confer. 

 If the words " on quitting his holding " were struck out, 

 it would be impossible to have a farm revalued without 

 compensating the tenant for his improvements. 



If it is argued that the tenant, after receiving compen- 

 sation for his improvements, is stopping and enjoying 

 the use of them, the answer is that the landlord is 

 compensated by a higher rent than he otherwise would 

 have received. 



Mr Sheldon, on the same point, that the landlord, 



