136 RATES AND TAXES 



owner cannot do so much for the estate. 

 But the real loss to the tenant is only fully 

 seen when we take account of the custom 

 by which the rates are payable by the tenant. 

 During the lease, it is plain that the first 

 loss falls on him. Even if there is no 

 increase of rates, still, if the true rent is 

 falling, the burden is increasing. And if 

 the rates increase, it is still worse. 



In theory, no doubt it makes no difference 

 who pays the rates in the first place, land- 

 lord or tenant, because the ultimate adjust- 

 ment of the rent will take account of the 

 rates. But ultimate relief is one thing, and 

 present relief quite another. If the true 

 rent (that is, the real surplus) is falling year 

 after year, though adjustments are made, 

 they may always be a little tod late. And 

 in this way, there is a continuous drain on 

 the tenants. 



We now see why the Agricultural Rates 



