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pies, the effect that this fall would have upon 

 the incomes of landowners generally. My obser- 

 vations refer, of course, to the general amount of 

 rents, in reference to the price of produce. I 

 know, that, on some estates, landlords have given 

 such encouragement to tenants, by making them 

 various allowances to effect permanent improve- 

 ments, which have increased the value of the land 

 by the aid of the landlord's capital ; yet the nomi- 

 nal rent remains as it was before the improvement 

 took place, though the real rental value would be 

 much more, if the same price of produce had con- 

 tinued. But, still, the improved value of the land 

 may be, or, in some measure, may be, a compen- 

 sation to the tenant for the reduction in the price 

 of produce ; but, what I wish to show, is, what 

 would be the effect on the incomes of landlords 

 generally. Suppose a farmer has hired a farm 

 of good land, the value of the produce of which, 

 wheat being at 63s. a quarter, is 1000. He 

 agrees to pay 450 a year for it. If, then, a fall 

 in the value of the produce of 15 per cent, occur, 

 the value of the produce of the farm would be 

 reduced 150, and this would ultimately reduce 

 the rent from 450 to 300, or about 33 per cent. 

 As a second example suppose the soil of a 

 farm to be of second rate quality, and the value 

 of the produce is 900, and the farmer has agreed 

 to pay one-third of this value, or 300 as rent ; 

 if, then, a fall take place of 15 per cent., the value 

 of the produce would be reduced 135, and this 



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