OUR PRESENT SYSTEM 21 



industry, and it is their present position which 

 we propose to deal with at the moment. 



Theoretically the system appears simplicity 

 itself. The landowner receives rent from his 

 tenants which pays the interest on his capital 

 after charging sundry outgoings and the 

 necessary repairs to his property. The tenants, 

 meanwhile, enjoy the privilege of the land and 

 buildings, employing their capital solely for 

 the purpose of husbandry. Left alone, the 

 machine works smoothly enough. The land- 

 owner is content with the social advantages 

 and power which the control of a large estate 

 brings to him rather than an expectation of a 

 large return on his capital. His tenants can 

 farm Avith confidence relying on this fact. 

 They prefer to take their holdings with only 

 six months' or a year's notice, knowing that 

 they will be undisturbed, and that their rent 

 will remain unaltered. A good tenant is his 

 own security. 



The long period of acute depression in the 

 nineteenth century put the system to a severe 

 test. The ownership of a large agricultural 

 property was a responsibility that few would 

 care to undertake again under such circum- 



4 



