94 IHE LANDED INTEREST. 



redeems the principal as well as the interest. 

 In every other case it left a profit beyond this, 

 in many cases a large profit. On the whole, 

 the increase is equal to a return of 1 5 per cent, 

 on the expenditure, and if this is capitalised at 

 the common estimate of thirty years' purchase of 

 land rent, the sum expended will be found to 

 have been increased more than fourfold. If land- 

 owners generally could reckon on anything like 

 the average return of these forty cases, they would 

 have the means, under the Lands Improvement 

 Acts, of improving their estates, not only without 

 present loss, but with a large immediate profit. 



But no distinction was made or could be 

 made in this return between that increment 

 which arose from improvements and the general 

 increase of rent due to the prosperity of the 

 country, the increased value of produce, and the 

 development of particular districts by the open- 

 ing of railways and roads. Still, in one way or 

 other the landowner in these cases has been 

 made entirely safe. 



And in the nature of things in this country 

 such must be the case wherever reasonable 



