140 RATES AND TAXES 



the most part on the profits of agriculture. 

 As between landlord and tenant, the landlord 

 may bear most of the burden, so far as the 

 necessary readjustments are being continu- 

 ously made, and so far as the rates are 

 differential. But the tenant practically 

 suffers, partly because the readjustment is 

 not continuous, and partly because a part at 

 least of the rates is really an income tax on 

 his profits. The exact distribution between 

 the two interests (landlord and tenant) will 

 vary in different cases, and according to 

 changes in the conditions. 



In conclusion, some attention must be given 

 to the more general effects. There can be no 

 doubt that, taking landowners and tenants 

 together, rates must be paid out of the 

 profits of agricultural industry as a whole. 



From this point of view, the distinction 

 between onerous and beneficial rates is 

 important. 



