58 Rent. 



For thirty years prior to 1815, the rise in the prices of farm 

 produce, was so uniform and so great, that every farmer who 

 held a lease on ordinary terms, and of the usual endurance, 

 realised great profits, and if he conducted himself with pro- 

 priety, became rich. Fifteen or twenty per cent, was^held to 

 be a very moderate profit in these times ; and many reaped 

 double or triple that amount. But a fatal reverse has been felt 

 since 1815, and more than the one-half of the stock or capital, 

 then held by farmers, has, on an average, been wrested from 

 them ; though, in many instances, considerable abatements of 

 rent have been given by a number of proprietors. 



In grazing farms the case is different, as they are attended 

 with less expense of labour, and produce articles of a more 

 luxurious description, for which a higher price is given ; and 

 as these farms are generally let on very short leases, the 

 rents are better adapted to existing circumstances, than they 

 can be on arable farms, where longer terms are usual. Hence, 

 in such farms, fifteen per cent, and upwards, is not un- 

 usual ( I93 ). Besides, the grazier is more of a merchant than 

 the mere arable farmer; is frequently buying as well as sell- 

 ing stock, and sometimes he makes money by judicious spe- 

 culations, though occasionally, from a sudden fall of stock, his 

 losses are likewise considerable. The grazier who breeds supe- 

 rior stock, and thence incurs great expense, is certainly well 

 entitled to more than common profit, for his skill and attention. 



It has been observed, however, that a farmer seldom makes 

 much money, unless he is most advantageously situated in 

 the neighbourhood of a great town, or unites with farming, 

 some other profitable employment. But those who have ca- 

 pital and ability, adequate to the management of more than 

 one concern, merit to be amply rewarded for their superior 

 skill and industry. 



*2. Mode of paying rents. In regard to the mode in which 

 rent should be paid, it is proper to consider, whether the whole, 

 or, at least, part of the rent, ought not to depend upon the 

 price of grain, not for the season, but on an average of a cer- 

 tain number of years, preceding that for which the rent is due. 

 By this plan, neither the landlord, nor the tenant, can suffer 

 from the fluctuating price of grain ( I94 ) ; whereas, without 

 some such arrangement, the tenant on the one hand, cannot 

 make a fair offer of rent, lest the price of grain should fall too 

 low ; nor on the other hand, can the landlord grant a lease of 

 considerable endurance, lest the price of grain should, in the 

 progress of time, rise much higher. It seems therefore to be for 

 the interest of both parties, that, on arable farms, a part of the 



