24 TENANT FARMERS' POSITION 



up to public auction, to be bought by the 

 highest bidder ; this will necessitate his quit- 

 ting a farm which he may have worked 

 successfully for many years, or else raising 

 the necessary capital with which to purchase. 

 The farmer is naturally loath to leave a home 

 which his family may have inhabited for 

 generations, and is often willing to give a 

 sentimental rather than an economic price for 

 his holding. To add to his troubles land 

 speculators are taking advantage of this fact. 

 If he decides to buy he has no spare capital 

 except what is necessary for his actual 

 farming operations. He will be compelled to 

 hunt round for mortgages to enable him to 

 complete his purchase. No difficulty will be 

 confronted in raising two-thirds of the neces- 

 sary capital at 4<^ per cent. A loan from a 

 friend at a higher rate of interest may bring 

 this up to three-fourths or even four-fifths ; 

 but the balance must be found, and he will 

 be forced to take a portion of his working 

 capital to acquire his freehold. His ultimate 

 position is far from enviable. He will be 

 paying interest on his loans probably in excess 

 of his former rent, and his future farming 



