LANDLORDS AND TENANTS 



will readily leave the farm he is settled upon, if he find 

 proper treatment. Even should notice be given, in conse- 

 quence of any misunderstanding between the parties, three 

 years allow time for reflection; and, before they expire, re- 

 sentment may die away, and cordiality be restored. If, 

 however, either party remain dissatisfied, he has an easy 

 way of dissolving the connection. Or if a proprietor or a 

 superintendent is desirous to make fresh arrangements on 

 an estate; or to regulate its rent roll, by the existing value 

 of money; he need not wait many years to fulfill his desire. 

 For if the tenant in occupancy will not agree to pay a fair 

 rent, he has three years before him to choose one who will ; 

 another valuable advantage of the tenancy proposed. 



Thus, a lease on this principle has a decided preference 

 by a proprietor, to long leases. And its advantage over an- 

 nual holdings is not less considerable. The lands of an 

 estate are well worth from five to ten per cent, more, to a 

 tenant, under the former, than under the latter, tenancy. 

 So that, beside the conveniences mentioned, a proprietor 

 may be immediately adding very considerably to his in- 

 come, by this principle of management. 



This species of tenancy I have had the happiness of 

 being the means of introducing, upon some considerable 

 estates, in England, in Wales, and in Scotland; with, I 

 believe, the mutual satisfaction of the men of fortune who 

 possess them, and of their tenants. 



While this system proposed by Marshall might 

 solve the problem of adjusting the amount of rent 

 to changes in real rental values, and while it 

 might encourage the tenant to make such im- 

 provements as he could realize upon in three 

 years, it had laid down no scheme for determin- 

 ing the value of unexhausted improvements, and, 

 indeed, does not even propose that a tenant 

 shall have remuneration for the investments made 

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