22 



produce being 10 instead of 15 per cent., would 

 make the reduction of rent about 22, instead of 

 33 per cent. 



As in the second example, the reduction would 

 be 30, instead of 45 per cent. 



As in the third example, the reduction would 

 be 40, instead of 60 per cent. 



As in the fourth example, the rent of 140, 

 would be reduced 70, instead of 105, making 

 the reduction 50 per cent. 



These examples show the reduction of rent 

 which would take place on the different qualities 

 of land on which there are no incumbrances. 



Let us now consider how the owners of encum- 

 bered estates would be circumstanced. 



Suppose an estate to produce c30,000, value of 

 produce, and it is let at 11,000 



And the landlord has to pay in annuities. . 2,000 

 Interest on 50,000 borrowed; at 4|, which 

 has been until lately the general rate of interest, 2,250 



4,250 



Interest reduced \ per cent., or from 4| to 4 per 

 cent., which is 250 



Available income at this time 7,000 



The reduction of 10 per cent, on the value of the 



produce of the estate is 3,000 



Present available income 4,000 



