es, and do not
take into account temporary remissions of rent. Sir James Caird, as
early as 1886, estimated the average reduction on agricultural rents
at 30 per cent.

The loss in the capital value of land has inevitably been great from
this reduction in rents, and has been aggravated by the fact that the
confidence of the public in agricultural land as an investment has
been much shaken. In 1875 thirty years' purchase on the gross annual
value of land was the capital value, in 1894 only eighteen years'
purchase; and whereas the capital value of land in the United Kingdom
was in 1875 L2,007,330,000, in 1894 it was L1,001,829,212, a decrease
of 49.6 per cent. Moreover, landlords have incurred increased
expenditure on repairs, drainage, and buildings, and taxation has
grown enormously. On the occupiers of land the effect of the
depression was no less serious, their profits having fallen on an
average 40 per cent.[691] Occupying owners had suffered as much as any
other class, both yeomen who farmed considerable farms and small
freeholders. Many of the former had bought land in the good times when
land was dear and left a large portion of the purchase money on
mortgage, with the result that the interest on the mortgage was now
more than the rent of the land.[692]

They were thus worse off than the tenant farmer, for they paid a
higher rent in the shape of interest; moreover, they could not leave
their land, for it could only be sold at a ruinous loss. The
'statesmen' of Cumberland were weighed down by the same burdens and
their disappearance furthered; for instance, in the parish of Abbey
Quarter, between 1780 and 1812 their number decreased from 51 to 38.
By 1837 it was 30; by 1864, 21; and in 1894 only 9 remained.

The small freeholders were also largely burdened with mortgages, and
even in the Isle of Axholme were said to have suffered more than any
other class; largely because of their passion for acquiring land at
high prices, leaving most of the purchase money on mortgage, and
starting with insufficient capital.

As regards the agricultural labourer, the chief effect of the
depression had been a reduction of the number employed and a
consequent decrease in the regularity of employment. [693]

Their material condition had everywhere improved, though there were
still striking differences in the wages paid in different parts; and
the improvement, though partly due to increased earnings, was mainly
attributable to