THE VALUATION OF LANDED ESTATES. 319 



The quality of the soil and subsoil is one of the chief points to be taken 

 into consideration in valuing landed property, as where this is satis- 

 factory there is a good foundation for improvement ; but where such 

 is not the case, then improvements cannot be carried out so profitably. 

 The geological features of the estate should be considered. The soils on 

 some geological formations are better and naturally more fertile than 

 others, and therefore this should be brought to bear upon the value of 

 the estate. Sometimes it occurs that although an estate may be in bad 

 condition, and the surface may not be very prepossessing, yet, from its 

 geological formation, it may be capable of very great amelioration at a 

 small outlay. The improvements that may be produced on some forma- 

 tions by draining, subsoiling, and trenching, are often immense ; and, on 

 the other hand, they may be of such a nature such as a stiff clay soil 

 that it will be a very expensive operation to improve them by drainage 

 or trenching. In fact, when a valuer takes into view the capabilities of 

 an estate, he must at the same time consider the expense of developing 

 them, as, generally speaking, " capabilities mean money." 



SECTION 2. Climate as affecting the Vahw of an Estate. 



In the first section of this chapter I have stated that the climate of 

 the district must be taken into consideration in valuing a landed estate. 

 Intelligent farmers always consider the climate when they are judging 

 of a farm. When I treat of climate, I mean that of a limited district, or 

 what may be termed local climate. The climate of an estate is much 

 influenced by the nature of the property itself whether it may be level 

 or hilly, or whether the land is dry or otherwise, or if there should be 

 any considerable extent of swampy portions comprised within its limits. 

 Properties situated near to the sea- coast have generally a more equal 

 temperature and milder climate ; and in Great Britain the climate of the 

 west coast is usually milder than that of the east. Generally speaking, 

 estates situated near to the sea-coast experience a more genial winter 

 and a less sultry summer than those at a distance from it. In fact, the 

 difference between the average degree of cold in the winter, and the 

 average degree of heat in the summer, on sea-coast estates, is much less 

 than that of estates situated inland. 



Where there is a large extent of flat country without anything 

 to check the force of the winds and storms, these are allowed to 

 sweep over its whole breadth, cooling its surface, and often doing 

 damage to standing crops. Hills and high-lying tracts of country 

 generally receive a heavier rainfall than lo*w-lying and flat districts ; 



