THE DODFORD ESTATE 133 



The estate when purchased comprised about 

 280 acres, and cost, including legal expenses, 

 10,546 18s. Id. Some of this was resold, leaving 

 about 200 acres for allotment. It was rented 

 originally by a farmer at 14s. an acre, who 

 failed. 10,000 was spent on buildings, improve- 

 ments, and loans, bringing the total cost up to 

 20,546 18s. Id. The value placed on each 4-acre 

 holding was 200 for the land and 120 for the 

 house. 



Some of the settlers paid down deposits of 80 

 to 100, and left the rest at 4 per cent, as a 

 perpetual mortgage or rent-charge. As long as 

 this interest was paid the holder could not be 

 disturbed ; he had, moreover, the right to pay off 

 this sum at any time and acquire his freehold, but 

 this does not appear to have been taken advantage 

 of. I was, moreover, informed that after the pur- 

 chase of the estate by the company's solicitor, the 

 latter had refused to sell the rent-charge to one or 

 two subsequent purchasers of the land who had 

 been anxious to redeem it. When the company 

 was wound up each holding was valued at from 

 25 to 40 an acre, exclusive of the house at 

 120 ; the average price of the entire holding came 

 to about 275. The amount already paid by each 

 holder was deducted from the cost, and 4 per cent, 

 on the remainder was charged to him as a ground- 

 rent. 



Writing in 1885, Mr. Jesse Collings mentions an 

 increase in the value of these holdings, and states 



