CHAPTER XXVI. 



THE VALUATION OF LANDED ESTATES. 



IN treating of this subject, I shall do so under the following heads : 



1. Modes of valuing a landed estate hy the rental, and by its 



capabilities. 



2. Climate as affecting the value of an estate. 



3. Judging of soils. 



4 The valuation of land taken by a railway company. 



5. The valuation of woods and plantations. 



6. The valuation of quarries. 



7. The valuation of shootings and fishings. 



SECTION 1. Modes of valuing a Landed Estate by the Rental, 

 and by its Capabilities. 



One system of valuing property in this country is to take the rental 

 as the basis, and calculate the value of it at so many years' rents ; and 

 another mode is to find the value of the property from its capabilities, 

 which must be done by one who has had experience, and is able to 

 judge correctly of land and buildings. 



I shall, in the first place, make a few remarks on the system of valu- 

 ing landed property by taking the rental, and valuing the property at so 

 many years' purchase. This is a very simple affair, and may be done by 

 any one. The chief point to ascertain in this case is, whether the 

 property is rented above or below its value ; and if it is found that 

 the rents are below the real value, then the valuer usually contents 

 himself with adding five or ten per cent to the so-many years' pur- 

 chase, as the case may be ; and if it is thought that the rental is 

 above the real value, or what may be termed rack-rented, then he 

 merely deducts so much per cent. Land-valuers mostly act on this 

 system, but it is a highly objectionable one ; they make a pretence 

 of valuing and judging the land by walking over the property, but 



