ESTIMATED VALUES OF LANDS. 225 



and third, the further gradual increase of crops, in subsequent 

 time. Probably the first class of items alone would balance the 

 increased expense of labour; if not, the addition of the second 

 (the clover) certainly would be enough. And if that be doubted, 

 the subsequent annual increase upon the first doubling of the crops 

 (which only is estimated above) will not only furnish a fund to 

 meet any such deficiency, but also will greatly, and beyond any 

 calculation here attempted, augment the whole profit of marling, 

 and consequently the intrinsic value of the land to the proprietor. 



I admit the practical difficulty of applying this rule for estimat- 

 ing the value of land, or of its improvement, however certain may 

 be its theoretical truth. It is not possible to fix on the precise 

 clear annual profit of any farm to its owner and cultivator ; and 

 any error made in these premises is increased sixteen and two-third 

 times in the estimate of value founded on them. Still we may ap- 

 proximate the truth most nearly by using this guide. The early 

 increase of crops from marling will, in most cases, be a full equal 

 increase of clear profit, (for the subsequent improvement and the 

 additional offal will surely pay for the increase of labour) ; and it 

 is not very difiicult to fix a value for that actual increase of crop, 

 and thereby to estimate the value of the improvement, as newly 

 created farming capital.* 



This mode of valuing land, under a different form, is univer- 

 sally received as correct in England. Cultivation there is carried 

 on almost entirely by tenants ; and the annual, rent which any 

 farm brings, on a long lease, fixes beyond question what is its an- 

 nual clear profit to the owner. The price, or value of land, is 

 generally estimated at so many " years' purchase," which means as 

 many years' rent as will return the purchaser's money. There, the 

 interest of money being lower, increases the value of land accord- 

 ing to this mode of estimation ; and it is generally sold as high as 

 twenty years' purchase. My estimate is less favourable for raising 

 the value of our lands, as it fixes them at sixteen and two-thirds 

 years' purchase, according to our higher rate of interest on money. 



But though this rule for estimating the true value of land, and 

 of the improvements made by marling, may be unquestionable in 

 theory, still a practical objection will be presented by the well 

 known fact that the income and profits of farmers are not usually 

 increased in proportion to such supposed values of improvements, 

 nor is there found such a vast disproportion, as this rule of estimat- 

 ing values would show, between the profits of the tillers of poor 

 and of rich lands. These positions are admitted to be generally 



* No degree of uncertainty in the application, however, detracts from the 

 truth of this rule. For if the annual average net profit derived from marl- 

 ing be considered as an unknown quantity, (x), it is not therefore the less 

 certain that x X 16f = the increased intrinsic value of the land. 



