20 



principle that the surplus produce of the soil, after de- 

 fraying all expenses for seed, labour, and taxes, should be 

 equally divided between landlord and tenant and that 

 this principle were understood and approved by both 

 parties, it would be easy to work it out, as in itself it is 

 not objectionable. 



E 



X. ON MAKING THE LETTING VALUE OF LAND TH 



PRINCIPLE OF VALUATION. 



The letting value of land, the amount it should bring 

 in its position, and, considering the circumstances of 

 the country, is the principle on which the majority of 

 valuators act. 



But this might be greater or less than the true value, 

 and would be therefore an unsafe guide to regulate a 

 valuation of any magnitude. 



The true value of land is the profit it is capable of yield- 

 ing to an intelligent agriculturist pursuing a proper system 

 and employing adequate capital, and this should be shown 

 in every proper valuation 1st, irrespective of circum- 

 stances; 2nd, as modified by those circumstances either 

 in raising or diminishing the true value. 



An estate of prime land, worth 25s. per Irish acre, may 

 be in the occupation of a poor, indolent, ignorant tenantry, 

 totally unable to pay for it more than half rent, and it might 

 be so situated that if it were offered by proposals to public 

 competition, it would not realize more than 12s. 6d.: this 

 would then be its maximum letting value under those cir- 

 cumstances. 



The duty of a proper professional valuator, acting on a 

 correct principle, would be, in such a case, to set down the 

 land at its true value, 25s., and, at the same time, to re- 

 mark in his column for observations " This rent, it is to 

 be feared, cannot be obtained in the present state of the 

 tenantry, who have not means nor knowledge to realize 

 half the value of the land, and could not probably paj 

 more than about 125. 6d.', but, if means be adopted 



bly pay 



4? 



