24 



A fourth example, supposean estate of cold, strong land 



produces 30,000, and is let at l-5th of this value, or <6,000 

 The landlord has to pay in interest, in annuities, &c. . . 3,000 



Available income at this time. . 3,000 



A reduction of 10 per cent, in the value of the produce is 3,000 



Present available income 0,000 



It is conceded, that though the fall in the price 

 of wheat would be 15 per cent., the fall in the 

 price of agricultural produce generally would not 

 exceed 10 per cent. Considering the reduction at 

 10 per cent., the examples adduced show, that a 

 reduction to this extent, below the present protect- 

 ing price of 63s. a quarter, would deprive the pro- 

 prietors of good land, who have no other incum- 

 brances than those universally incident to landed 

 property, of about 22 percent, of their incomes, and 

 the proprietors of second rate land of 30 per cent., and 

 the proprietors of inferior land of 40 per cent., and 

 the proprietors of poor strong land of 50 per cent. 

 But where there are heavy incumbrances upon the 

 property, the proprietor of good land would have 

 little more than half his gross income to spend, the 

 proprietor of inferior land little more than one- 

 fifth, and the proprietor of poor, cold strong land 

 would be left without income. These reductions 

 of rent and of income, specified in the foregoing 

 examples, must follow a fall in the price of corn 

 from 63s. to 54s. a quarter, or a fall in the 

 price of agricultural produce generally of 10 per 

 cent., unless the taxes on landed property are 



