The Waikato Times AND THAMES VALLEY GAZETTE. THURSDAY, JAN. 26, 1893.

Waikato Times, Volume XL, Issue 3212, 26 January 1893, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

THURSDAY, JAN. 26, 1893.

Equal and eiact justice to all mcn> Of whataoever state or ponuaiioo., relifioni or .political! '■'. ■ ' '■: ■■■•.■ ■'■

To return to the consideration of the National Agricultural Association. We purpose noticing one or two opinions which were expressed by speakers, but were not given the prominence which their embodiment in a resolution would, have secured for them. Mr Riley, the representative of a Herefordshire Labourers Union said thai his union looked for a permanent solution of the rate of wages by the alteration of the conditions of land'tenure to such a degree that tenure should be consistent with agricultural economic rent, which he explained meant, that rent should always bear relation to the value of the produce of the land. To our mind this principle is practically recognised by landlords, they having from time to time foregone rents to an extent which considering the quantity and quality of the crops appeared judicious and just. At the present time it cannot be to the interest 1 of a landlord)to unduly hamper his tenant by insisting upon a rental which would gradually absord his capital. It is now the. landlord who searches for a desirable tenant, not the latter for land on which to apply his labour, skill and capital. No matter what the terms of leases may be, landlords have recognised 'that they are practically in the position, of co-operative partners.

The case of Lord Leicester which we quoted in a previous article, who only receives per cent, on the cost of improvements and nothing on the value of the land i« certainly an instancrt in point. It is hardly conceivable that land could be held on more advantageous terras for both tenant and labourer. If the theory of Land Nationalization were in force, the State would demand rental, and if it also found the capital for improvements a further demand would be made for interest and sinking fund. We are assured by some of tho speakers that Lord Leicester's experience is by no means unique. Surely these facts should go far to convince those who urge nationalisation that so far as tenants and labourers are concerned no benefit would accrue. Another speaker urged that the cure lay in the direction of placing all land under the control of local bodies and abolishing landlords who do nothing; the, last is the assertion of the speaker. He ignored the fact altogether that they find capita! for improvements in the shape of buildings and permanent work, and, as we pointed out above, of necessity become partners, dependent as is a partner in any other business, upon favourable results for a fair return on his outlay. Another representative of the labour interest asserted that if they could get land on the game terms as the large farmers they would be able to live much more comfortably. This implies two things—either that the farmer receives an undue share of results, or that the prosecution of the agricultural industry on a small scale is more economical than on a large. The last proposition is, of course, a fallacy. As to the first it is asserted and not contradicted that the tenant farmers for some years have been sinking capital and the landlords only receiving a very modest return on their improvement outlay, and in tery many cases no return whatever in the shape of rent of land. This being so, manifestly the labourer's position would not be improved by tenancy, On the contrary he would be worse off, because he could not work a small section as economically asa large farm. Again, land without capital is a white elephant, unless the margin of profit, is sufficiently large to allow for interest on money borrowed at a rate commensurate with the risk, on the security of a crop in, or to be put into the ground. This is not the case j we are told that farming on a large scale and on the most economical and scientific principles leaves little or no margin over actual cost of production. If we are to accept this as a true statement of tbe norma) condition, we are brought to the conclusion that the agricultural land of the United Kingdom has little or no commercial value, until some other means of utilising it can be adopted, or the industry relieved of the burdens of taxation and rent. If this be so the wealth of the land-owner has been vastly overestimated and equally fictitious as the capital of some companies which of late have provided glaring commercial scandals. We believe, however, that facts will not support this view and that one or two favourable seasons would give a much brighter hue to the picture, But good seasons of late years have been the exception, hence the wail which has come forth from the conference. This much has been made clear, the industry must be 'relieved of its burdens or die. The duty of the statesman is to relieve it of burdens, that of the landlord to follow the example of unsuccessful companies and write down their capital and be prepared to forego interest on that until the tide turns in their favour, as investors have been compelled to do in other enterprises. We believe this to be the only remedy, if it be one at all.- Whether or" not, it is clearly the course which must be followed. There is nn disguising the fact that the outlook for the Old Country is not a bright one. Prices unremunerative; a ministry in power burdened with pledges impossible of realisation with regard to Ireland, which stand in /the way of all useful legislation; competition in the markets of the world becoming daily more keen and the burden of defence in consequence more onerous. These, taken in conjunction with tho agricultural depression make a very sombre picture indeed. It is to a largs extent tbe colonies which are the cause of the first evil, This being so should it not suggest the thought to all who benefit by the home market, that it is time we in return for the privilege should do 'something in the direction of affording a preference for English manufactures and come forward voluntarily with our contributions to the cost of defending the shores and commerce of the Empire.