INCIDENCE OF RATES AND TAXES 135 



ance, upkeep, etc.). 1 So that the burden 

 should be reduced as the rent or surplus 

 falls. 



But as already shown, this supposed net 

 rent is to a great extent only obtainable, 

 when agricultural profit is declining, on con- 

 dition that the owner of the land continues 

 to put money into it. The loss in rental 

 again is only part of the loss of the land- 

 lord ; and as the figures show, in spite of 

 the depression and the fall in rents, the 

 landlords of England spend a large part 

 of their rents actually on the land itself. 

 So far, then, as the rates fall on rent, there 

 is so much less to spend on the land, and 

 so much less ability to relieve the tenants 

 in any temporary emergency. 



In this way, it is seen that the tenant does 

 not escape altogether, even if he obtains a 

 reduction of rent. With falling rents the 

 1 See Valuation Report, p. 17. 



