io6 THE LANDED INTEREST. 



interest, on a security the augmenting value of 

 which is all his own. Besides this, there are few 

 landowners who have not either inherited or 

 found it necessary themselves to create mort- 

 gages on their estates. This is common to all 

 countries, and no change in the laws affecting 

 land is likely to alter it. The limited owner and 

 the full owner are alike subject to it. If further 

 expenditure is required, the money in the 

 ordinary way must be raised on less advan- 

 tageous terms than the previous loans. It 

 probably cannot be raised on any terms by the 

 Admirable limited owner. But the admirable principle of 



principle 



of Drain- Sir Robert Peel's Drainage Loans, the essence 



age Loans. 



of which is that no charge shall be sanctioned 



which does not promise a return greater than 

 the annual cost of a gradual repayment of the 

 debt, may, without injustice to the previous 

 creditor, permit them to be made a prior charge 

 upon the land, and will thus secure the most 

 advantageous terms to the borrower, whether he 

 holds under settlement or in fee-simple. 

 Extended But there are many cases of land improve- 



powers of 



sale in the ment which can be only partially reached by 



