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interest for money prevailing in native society. . Yet 

 we must clearly understand, that this is the proper 

 test, and not be led into the error committed by Eng- 

 lish politicians, in making the Government securities, 

 the standard of value; for, though they may affect 

 the question from the sellers', stand-point, they have 

 really nothing to do with it from the buyers' point of 

 view. If, however, we are satisfied that money cannot 

 be obtained on the security of good landed property 

 under 12 percent.; or the converse, if capitalists 

 can obtain 12 per cent, with the security of good 

 landed property and it will be admitted, I am 

 sure, that this does not overstate the case, we 

 Lave a sufficiently accurate and true standard by 

 which to find the present value of land in India in 

 relation to money. 



Land in India is worth, in these circumstances, 

 just eight years and four months' purchase ; and 

 if we allow an increase of about two years, in 

 consideration of the greater security of property, 

 attachment to ancient rights in the soil, &c., and 

 looking at the question as one concerning so vast an 

 area, we cannot do more, it will give ten years 

 purchase, as the exact value of landed property in 



no other interest on the loan.' But there are 80 many and 

 apparently conflicting 1 opinions regarding pledges **to be used," 

 and pledges " to be held iii custody," that it is not easy to determine 

 the Law. In Lukhnow, and other Mahommadan States to evade 

 the law against receiving interest for money, to make over estates, 

 with usufruct, was common. 



