2 THE BOOK OF THE LANDED ESTATE. 



its natural productiveness on the value of the land is much less than it 

 would be in the case of land of the same kind more favourably situated. 

 Of this the Western States of America afford us examples ; for in that 

 part of the world there are wide districts where the cost of carrying a 

 bushel of corn to market exceeds the price which would be obtained for 

 the grain from the merchant. 



There are other causes which have a decided effect on the value of 

 landed property in this country; and although these are not, strictly 

 speaking, of an agricultural nature, still it is needful that some notice is 

 taken of them. 



The possession of landed property confers a certain position on the 

 proprietor which does not belong to property of other kinds, although 

 it may be that the latter is of even greater intrinsic value. But our 

 bounds are limited ; and as the extent of landed property brought into 

 the market is comparatively small, those who, having made money in 

 other pursuits, are desirous to become purchasers of land, pay more for 

 it than they would do if it lacked this condition. Then, we have to 

 take into account that land is a secure investment for capital, although 

 it may not, on the average, yield as large a percentage for the money 

 invested as other forms of commercial enterprise. This, too, has a 

 considerable effect on its value. It sometimes happens that an estate 

 is so mixed up with another, that when offered for sale, the owner of 

 the adjoining property, who has perhaps been accustomed to look upon 

 his neighbour's land as an eyesore, will give more for it than it is worth 

 to any other person. This last-named condition is, of course, purely 

 adventitious, and the additional value which it confers may be regarded 

 in some degree as fictitious ; but the prestige of landownership, com- 

 bined with the security of the investment, are tangible considerations, 

 and as such exercise an influence on the value of landed property. 



Landed property, like most other kinds of property, loses in value 

 when it is not skilfully attended to, and " practice with science" brought 

 to bear upon it for its improvement. A house allowed to remain in the 

 state that houses generally were fifty years ago, is of less money value 

 compared with that of one of equal size, but which has been fitted up 

 with all the modern improvements for comfort and convenience ; and 

 a manufacturing machine, which has not had modern improvements 

 applied to it, must be worthless compared with one which has these, just 

 because the improved house is more suitable for the wants of the time 

 than the other, and therefore lets at a higher rent, and the improved 

 machine is capable of producing a much higher profit to its proprietor 

 than the other. As in the case of a house or a machine, then, where 

 land is neglected and allowed to lie unimproved in the modern sense of 



