stanced by proposals, would be tantamount to a 

 tion of the tenant's equitable interest in the improvements 

 created by his own capital, which is called tenant-right; 

 and any unjust interference with this, in places where it 

 has been acknowledged, would be productive of mischief. 



A proper system of land valuation would not be open 

 these objections, and would, therefore, be more likely 

 give permanent satisfaction to all parties. 



III. ON PRIVATE CONTRACTS. 



On some estates the practice has been, to fix the rent to 

 be paid by private contract between the owner or agent 

 of the land and the tenant. 



On the fall of a lease or other determination of a pre- 

 vious tenure, the tenant goes to the rent office, and makes 

 for himself the best terms he can. 



On small estates where an accurate knowledge of the 

 circumstances of every holding is possible, and where the 

 agent and tenant meet on equal terms as to their know- 

 ledge of the capabilities of the land, private contracts a 

 a fair and legitimate mode of dealing. 



But on large properties, under present circumstances, i 

 would be difficult to adopt this system with any ad van 

 to the proprietor, as the contracting parties could scarcely 

 be supposed to meet with equal knowledge as to the sub- 

 ject of their negotiation. 



But if landlords were provided with an accurate valua- 

 tion of theirwhole estate, made by a competent professional 

 person, with the data which such a document would fur- 

 nish, before them, private contracts might safely be mad 

 and the valuation modified by a consideration of circum- 

 stances which deteriorated or enhanced the actual value 

 of the land. 



IV. THE RESULTS OF INCOMPETENT VALUATIONS, 



Tt has been already said that a proper system of lane 

 valuation was not open to the objections against takii 



