438 = 172 
Farm Capital. 
Profits of other 
businesses. 
Fanning an 
attractive 
pursuit. 
often were, would reduce the current productiveness of the farm. 
Although the application of the " Agricultural Holdings Act " 
has been in most cases declined by the landowners, there has been 
a loyal and willing disposition on their part to reconsider their 
agreements and arrangements with their tenants, under which 
the principles underlying the " Agricultural Holdings Act " have 
been largely and beneficially operative, especially in the second 
and third classes of improvements scheduled in that Act. An) 
legislative attempt of a protective character, with a view tc 
enhance the value of agricultural produce, and to stimulate the 
employment of capital in agriculture, even if it could be secured, 
would certainly fail to lead to a larger application of tenants 
capital to farming, inasmuch as if any increased price could b( 
shown to result, or was likely to result, from its operation, it i; 
obvious that the value of the land upon which the operation wa- 
to be carried out would be enhanced to the landlord, in th( 
shape of rent, in proportion to the value of the increased pric( 
likely to be secured. 
Reference has been made to the influence which the value o 
money and the profits arising from commercial and other busi 
nesses and professions may exert in attracting or repelling tb 
investment of capital in farming. The disposition to manage lam 
and to rear and improve animals, is an instinct with the majorit; 
of men, and is indicated in the flower-pot of the poorest cottage a 
well as in the home farm of the wealthiest landowner : indeed, i 
may be predicted that if a youth born and brought up on a fare 
is to apply himself to commercial or professional pursuits, hi 
relations with land and its attractive belongings must be broke) 
at a reasonably early age. It is the dream of many a successfu 
business man to return to his native neighbourhood, and in som 
form or other to be connected with land. This instinctive desir 
undoubtedly operates, by enlarging the demand for farms, t 
increase the rental of land, and in corresponding proportion t 
diminish the profits attaching to farming as a business. It wi. 
be conceded that the occupation of farming in a well-place 
district, without serious drawbacks from ground-game and othf 
local disabilities, affords to a man of average ability as pleasant 
life as he can find in any other business or profession ; and it i 
doubtless this aspect of farming which leads to the acceptance 
farmers of a smaller interest on the capital engaged than is off« 
in other commercial pursuits. Just in proportion, probably, a 
farming is made a more purely commercial undertaking, as ms 
chinery enables the farmer to dispense with the services of a pn 
portionate number of workmen, and as the farmer himself secure 
a more recognised position in the administration of the local col 
cerns of his district, so probably it may be expected that capi^ 
