146 CONCLUSION 



be the only revenue charge which the State 

 would incur. 



The hability of the State for capital invest- 

 ment must now be dealt with. It should be 

 particularly noticed that loans to sitting 

 tenants must be confined to breaking up of 

 estates. This will exclude the individual 

 holder who succeeds in making terms with his 

 landlord to purchase his holding with State 

 capital. "^ The intervention of the State is 

 only necessary when hardship occurs. Tenants 

 have no grievances while their existing land- 

 lord remams, and no injustice occurs until he 

 insists on selling and tenants are compelled 

 to quit or buy. 



During the year 1910 agricultural land was 

 disposed of to an amount of £1,500,000, and 

 in 1911 the value was a little more than 

 £2,000,000. t This would have been the 



* If later it should be found that an extension to 

 individual tenants is advisable, Mr. CliflFord - Johnston's 

 scheme for a State Mortgage Bank of the Board of Agri- 

 culture should be given careful consideration in the event of 

 an issue of Land Bonds being necessary. See Appendix V., 

 minutes of evidence before the Departmental Committee 

 to inquire into the position of tenant farmers. Cd. 603 1 . 



t Departmental Committee's Report into the Position of 

 Tenant Farmers, p. 5. Cd, 6030. 



