312 ^ AGRICULTURAL DEPRESSION 



if not immediately, be prejudicial to all agri- 

 culturists, to attempt to raise prices artificially 

 by protective duties, either directly imposed on 

 agricultural imports, or by differential duties, 

 or by any system of bounties. 



(6.) Changes in the currency system, with a view to 

 raising or maintaining prices have not been shown 

 to be necessary, or even certain to produce the 

 results expected, but have been shown to be 

 perilous to commercial stability, even if adopted 

 by international agreement, which is at present 

 improbable. 



(7.) If agriculture is to be helped. Parliament must deal 

 with the causes of depression which are within 

 reach, and can be met equitably and with 

 practical results. 



(8.) The most effective help Parliament can render to 

 tenant farmers is by the extension of agricultural 

 arbitration to rent, and by giving real security 

 to tenants' capital invested in the soil, and to 

 their tenure of their holdings. 



(9.) Any legislative help Parliament may render to 

 agriculture by making the relations of landlord 

 and tenant more equitable, and by giving greater 

 security to the investment of tenants' capital, 

 should be based on economic evidence, and be 

 directed to putting the relations of landlord and 

 tenant on a strictly business footing. 



(10.) While the gross returns from farming have fallen 

 enormously, what may be called the reproductive 

 items of expenditure, the outlay on labour, and 

 on fertilisers and feeding stuffs are practically 

 stationary, and, therefore, ends can only be made 

 to meet by a reduction in the non-reproductive 

 items, the chief of which is rent. 



(l I.) The analysis of the accounts furnished by farmers, 

 and from the great estates, makes it certain that, 

 in the great majority of cases, rents have not 

 yet been reduced to the point at which the 

 economic loss from fall of prices would be fairly 



