THE LANDLORD'S CAPITAL. 121 



tween listlessness on one side, and enterprise on the 

 other, is seen so obviously in the condition of his estate 

 that it is the interest of the country generally that the 

 application of the landowner's capital to the land should 

 also he in every way encouraged. The landowner in this 

 country is to very large extent a mere tenant for life, and 

 his insecurity is of the very same kind as that of a tenant 

 at will. The successor named, in any such case, in a deed 

 of settlement may he his own son, but the interests of the 

 others of his family having to be considered, he has 

 often been induced to treat the estate with niggard 

 economy in order to accumulate for them. In order that 

 he too may be encouraged to the enterprising discharge 

 of his duty (to the estate and country) as an occupant 

 of the land, his outlays are to a certain extent 

 also made sure to him. He is not indeed allowed, after 

 any settlement of the land, to charge upon the incoming 

 tenant, his successor, the whole improvement apart from 

 the inherent capabilities of the land, or the increased 

 market value which he has effected, but he is allowed to 

 charge his estate for a term of years with the cost of his 

 improvements, raising money for the purpose by means 

 of an annuity to the lender for the term of years agreed 

 upon. In this way the tenant for life is enabled to 

 discharge his duty to the property without neglecting the 

 interests of his family. The charge does not come directly 

 out of his pocket, but is defrayed year by year for a term 

 of years whether he should survive or not, by a charge 

 upon the land. 



It is plain, however, that the interests of his successor 

 also need to be protected. And the Lands Improve- 

 ment Acts of recent years, which have introduced this 



