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interest on the investment. In 1885 the Committee of Convoca- 

 tion reported that private capital to the extent of more than 

 50,000^., had been invested in the glebes, without any security, by 

 the incnmbents of the diocese of Peterborough alone. If the 

 ratio which existed between the twosams in 1881 were adequately 

 maintained, the private capital Mas met by a similar sum raised 

 upon loan. There is every reason to believe that considerable 

 sums have been spent from private sources in the two years 

 which have elapsed since the committee of Convocation issued 

 their report. Thus, in addition to a reduction of rent which in 

 1881 varied between 43 per cent, and 25 per cent., the incomes 

 of glebcowners are diminished by annual charges for interest 

 and repayment of loans to the amount of 50,000/., and are at the 

 same time lessened by the almost entire loss of interest upon 

 l^rivate capital of the same amount. 



Two years have elapsed since the returns were made to the 

 committee of Convocation, and the interval has rather witnessed 

 a deterioration than an improveinent in agricultural prospects. 

 More private capital has been expended and more money 

 charged upon livings for the interest and repayment of loans. 

 Rents continue to require reduction, and glebe-lands are still 

 unlet. But these considerations by no means exhaust the whole 

 of the glebeowner's loss. It is a serious matter that his rental 

 steadily falls, while the charges upon his income increase and 

 his private capital dwindles. But it is not everything. Heavy 

 arrears of rent have accumulated which have been totally lost, 

 together with the taxes paid upon them in advance. Other 

 arrears are still nominally recoverable at law, but the 

 payment cannot be practically enforced, because the tenant 

 has lost his capital and there is nothing worth a dis- 

 traint. If the glebe farm has been let, the incumbent has 

 probably incurred the expenses both of the landlord and of the 

 incoming tenant. As landlord he has paid the quitting tenant 

 compensation for unexhausted improvements ; he has also been 

 compelled to take to the valuations as if he were himself the 

 incoming tenant. If he is fortunate enough to relet his land, 

 the new tenant altogether ignores the valuation, and probably 

 demands to occupy the land rent-free for the first six months of 

 his tenancy. Still more unfortunate is the lot of the incumbent 

 who has his glebe thrown upon his hands. If he farms the land 

 himself, he probably takes to it in bad condition, foul and 

 impoverished; consequently he must expend more labour 

 upon the soil in order to recover it, and he does so 

 at a time when stock or farm produce is falling in price. 

 It is no light matter for a life tenant to borrow capital and stock 

 a farm. He is a bold man who does so without experience and 

 without the security which evexy tenant now enjoys for unex- 



