The Landowner 



(c) An estate which under Schedule " A " 

 shews an income of ^5,800 would be assessed 

 under Schedule " D " at ;/^2,8oo. 



In this last instance the owner's income is 

 overstated for assessment purposes by more 

 than double its actual amount. 



Despite all the concessions made by Somer- 

 set House I suffered severely from death and 

 succession duties, but I suffered and still suffer 

 far more from the results of the errors of judg- 

 ment of an agent who managed the property 

 some sixty years ago. He followed that unsound 

 policy to which I have already referred of 

 grouping small farms into big ones, because 

 he liked dealing with one large farmer rather 

 than with several small ones. This mistake 

 was coupled with extravagant spending on farm 

 buildings. 



The estate in question is an entirely agri- 

 cultural one, and its rental is somewhat below 

 the 20s. per acre which is given as the average 

 rental for the agricultural land of the country. 

 It is chiefly arable and therefore has felt the 

 long-continued depression to the full. The 

 rent roll has declined by nearly 50%, but this 

 proportion does not express the total loss to the 

 owner. In addition, the cost of up-keep has 

 increased by at least 50%, for much building 

 and repair that in prosperous times devolved 

 upon the farmer are now undertaken at the 



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