18 



If a rent of 100/. was estimated in 1807 in 

 the same manner, the result would undoubtedly 

 be different ; for the average price of 14 years 

 appears to have been 85s. 4d. ; showing an 

 advantage to the tenant of 61. 13s. 4 d. per cent, 

 which, extending over the assumed gross re- 

 turns of 400/. per annum during the whole 

 period of 14 years, and therefore applying 

 to the sum of 5600/. would leave in his hands 

 a profit of 373Z. 6s. Sd. nearly equal to 3| years' 

 rent, out of the period of 14 years. 



In case a similar rent was fixed in 1800, as 

 the average price during the 21 years has been 

 82s. Sd. an advantage would still attach to the 

 tenant, although reduced in its amount ; for it 

 would be only equal to 31. 6s. Sd. per cent, 

 upon the gross returns during the period of 

 21 years; which being at 400/. per annum 

 8400/. he would in the aggregate have received 

 a profit of 280Z. ; equal to rather more than 2| 

 years' rent out of the period of 21 years. 



It has been already seen, that various modes 

 of application of surplus gains might reasonably 

 and naturally present themselves to the tenant 

 to supersede all accumulation of capital, or to 

 render it unavailing for present purposes, if ever 

 it was realized. 



