82 The Laxded Interest. 



cent, from his tenant, and paid i|- out of his own 

 pocket for this permanent advantage. Especially 

 was this the case in regard to buildings, the 

 return from which is not so direct or immediate 

 as from drainage or reclamation, 

 followed The same principle is followed by the Land 



by loans 



from Com- Improvement Companies, whose loans, like those 



panics. 



of the State, are secured by priority over all 

 other charges, but continue for twenty-five or 

 thirty years, according to the rate annually 

 paid. It has been proposed to extend the 

 term still farther, in order to reduce the rate 

 of annual repayment ; but this is a questionable 

 advantage, for each generation has improve- 

 ments of its own to carry out, and it is a good 

 general rule that the cost of the past should be 

 paid off before new charges are placed on the 

 land. 

 Total The total amount of money charged on the 



amount so 



expended, land of the United Kingdom for agricultural 

 improvements under the system of periodical 

 redemption, in the last thirty years, amounts to 

 about fifteen millions sterling — twelve in Great 

 Britain and three in Ireland. About eight 



I 



