29 



produce, but to ascertain by calculation what surplus 

 each variety of soil is capable of affording, after discharg- 

 ing all expenses of tillage, and to form a scale of value on 

 this principle, suitable for every description of soils. 



To discriminate and classify soils is the first duty of 

 the valuator. 



To adjoin a scale of prices suitable to the several varie- 

 ties of land is the next. 



This scale is formed from a consideration of the market 

 averages of the district, for a period of years immediately 

 antecedent to the valuation, during which the commercial 

 value of agricultural produce, undisturbed by circum- 

 stances of any considerable magnitude, has been subject 

 to little fluctuation, and seems likely to be tolerably 

 steady ; also from a correct estimate of the average fair 

 cost of labour, and all expenses incident to the cultiva- 

 tion of the soil. 



A knowledge of the capabilities of the soil, and the 

 marketable value of its produce, enable a valuator to 

 estimate its gross proceeds a calculation of the expen- 

 diture necessary to realize those proceeds, and of the 

 charges to which they are subject, deducted from the 

 gross produce, will show the surplus out of which the 

 rent is to be paid. 



Yet it must be admitted, that the data for these calcu- 

 lations are not yet sufficiently ascertained and settled, to 

 enable us to do more than make an approximation to 

 perfect accuracy and truth. 



In any attempt to test the principle of valuation here 

 set forth, let an account be opened for land, making it 

 debtor to its expenses, and charges of every sort (except 

 rent), and creditor by its proceeds ; and let this account 

 embrace the whole period of an ordinary rotation suitable 

 for the land. A balance to credit will exhibit the surplus 

 fund available for rent, which is, therefore, " The surplus 

 remaining from the annual profits of the soil, after all 

 reasonable charges, incident to its cultivation, have been 

 defrayed." 



