4 THE BOOK OF THE LANDED ESTATE. 



and multiplying it by 32, on the same principle as in the other case, we 

 have 28,800 as its improved market value ; so that, by judiciously 

 laying out about 3000 on the improvement of a farm, the proprietor 

 added fully 15,000 to its commercial value. 



This, then, is a matter of the first importance to all landed proprie- 

 tors; for by judiciously laying out money on the improvement of their 

 property, they not only reap an immediate advantage in an increased 

 yearly rental, but also materially enhance the market value of their 

 estates. 



The following is another instance of the improved value of land from 

 a judicious outlay of money upon it, but of a different description from 

 the case already given : A small farm on an estate under my manage- 

 ment was, in 1862, let for the sum of 32 ; it extends to thirty-three 

 acres of arable land, five acres of meadow, and twenty-two acres of 

 rough pasture. The fences upon it were in a wretched state, and the 

 buildings were very bad, and not sufficient for the requirements of the 

 place. The land was also very poor and in a dirty condition. The 

 tenant left the farm a bankrupt. I took it into our own management 

 for two years, had the land thoroughly cleaned and put into good con- 

 dition, the buildings remodelled, and a few additions made. As stone 

 was plentiful on the farm, we replaced the old fences with strong and 

 substantial stone walls or dykes. The total outlay on these improve- 

 ments was 344 ; and the farm was then let to a good tenant at the 

 yearly rent of 65, being an increased rental of 33 per annum, or 

 double the old rent; which was at the rate of nearly 9J per cent upon the 

 outlay, and at the same time doubling the commercial value of the farm. 



A great deal more might be said illustrative of the importance of im- 

 provement as the means of enhancing the value of land, but the space 

 which I have allotted myself does not admit of it. Suffice it to say, 

 that whatever may be the present value of any piece of land, it is 

 capable of being made very much more valuable by the judicious out- 

 lay of money in improving it, so as to increase its productive qualities, 

 and hence its yearly rent as well as its prospective price in the market ; 

 unless, indeed, it is already cultivated and improved to the utmost 

 limits which modern "practice with science" will admit. 



SECTION 2. Estate Management generally considered. 



The management of landed property in such a way as to insure the 

 highest possible money returns from it, seems to be generally less 

 understood than any other business. In this country, land is seldom 



