IT 



divided into 300, gives 103j| double quarters as the 



equivalent for rent, therefore 



s. d. 



1 03 \ I Barters of Barley at the fiars prices for 1 842, say 23s. 11819 3 

 103^ ,, Oats ,, ,, ,, 15s. 77 11 8| 



Make, instead of 300, a rent of 196 1 1 



"In England the average price of corn at Mark-lane 

 may be taken as the rule, deducting an allowance per 

 quarter for carrying to London ; or the general average 

 of all the market-towns included in the new schedule 

 may be the rule of division. 



" Or the converted rent may be ascertained by the fol- 

 lowing proportions, viz. : 



120 : 86 :: 600 : 430 

 58 : 38 :: 300 : 196 11 0. 



Although the law of the land in respect to the protec- 

 tive duties on grain, on which the foregoing details were 

 based, has been recently abrogated, so that they are no 

 longer explanatory of recent bargains in land, yet they are 

 very well deserving of attention, as elucidating a principle 

 by which the most enlightened agriculturists were enabled 

 to adjust contracts made under a system of heavy import 

 duties on grain, to a system under which much lighter 

 duties were imposed ; so that the rent in both cases repre- 

 sented exactly the same proportion of grain per acre, at 

 the average market prices of the different periods. 



IX. ON THE PARTNERSHIP PRINCIPLE. 



The partnership principle of valuation seems to be as 

 before stated that the profits of husbandry should be 

 divided between the proprietor and farmer in the ratio of 

 the time, skill, and capital respectively employed by 

 them ; the landlord's share being the marketable value of 

 his land ; the tenant's share being a fair estimate of the 

 capital invested in the cultivation of the land, augmented 

 by an allowance for the time and skill devoted by the 

 farmer in the active employment of that capital. 



The earth, according to this theory, is a large manufac- 



c 



