io6 The Landed Interest. 



few landowners who have not either inherited, 

 or found it necessary themselves to create, 

 mortgages on their estates. This is common to 

 all countries, and no change in the laws affect- 

 ing land is likely to alter it. The limited owner 

 and the full owner are alike subject to it. If 

 further expenditure is required, the money in 

 the ordinary way must be raised on less ad- 

 vantageous terms than the previous loans. It 

 probably cannot be raised on any terms by the 

 Admirable limited owner. But the admirable principle of 



principle 



ofDrain- Sir Robert Peel's Drainage Loans, the essence 



age Loans. 



of which is that no charge shall be sanctioned 

 wdiich does not promise a return greater than 

 the annual cost of a gradual repayment of the 

 debt, may, without injustice to the previous 

 creditor, permit them to be made a prior charge 

 upon the land, and will thus secure the most 

 advantageous terms to the borrower, whether he 

 holds under settlement or in fee-simple. 

 Extended But there are many cases of land improve- 



powers of , , , 



sale in the ment whicli can be only partially reached by 



case of 



settled these Acts, and which require to be dealt with 



estates 



would be in a different manner. In the home counties, 



