183 



three were resold at once, and the remaining 112 

 were divided into plots varying from j- to 16 acres. 

 The cost of the whole farm was 1,500, and 

 the 83 acres were sold at an improved price. The 

 different plots were then valued on a basis of 15 an 

 acre, the actual valuation varying from 8 to 30. 



TERMS OF SALE. 



A scale of payment was adopted to enable the 

 purchasers to spread their payment equally over a 

 term of fifteen years. The following table explains 

 the process of repaying 10 with interest : 



A fixed payment of l for fourteen years, with 

 3s. lid. in the fifteenth year, pays off 10 ; 2 

 would pay off 20, and so on. 



If a man borrowed 10 at 3 per cent., each year 

 he would pay 6s., and in nineteen years would have 



