326 THE BOOK OF THE LANDED ESTATE. 



support per acre in the year, taking this at a fair market value, de- 

 ducting the expenses of rearing the stock, attendance on them, and 

 interest on the capital expended, and the result should be the rental 

 of the land. On this subject Mr Stephens states, in the ' Book of the 

 Farm : ' " Experience has taught practical men to come to a conclusion 

 at once, as to the capability of every soil, in the condition they view it ; 

 and it is this criterion of the maturity of their judgment that stamps an 

 intrinsic value on their advice. They estimate the acreable amount of 

 grain which the land will produce, and the quantity of stock it will sup- 

 port, in the condition they see it ; and, calculating these at the current 

 prices, the total value of the produce is ascertained, and the rent deter- 

 mined which the farm can afford to pay. Although they estimate the 

 rent of the land in its existing condition, they judge, besides, whether the 

 land is capable of producing more by better farming, and give the rent 

 a latitude in the offer to be" made. Upon this last uncertain element, 

 however, many rents have been offered beyond the intrinsic value of the 

 land." 



The condition of the fences should also be examined, to ascertain whe- 

 ther they are permanent or not. 



The farmhouses, cottages, and buildings also require inspection in 

 walking over farms, to ascertain their condition and accommodation. 



As a general rule, in this country at the present time freehold land 

 can be bought at from thirty to thirty-four years' purchase paying 

 interest on the purchase-money at from three to four per cent.' 



Freehold houses can be bought at from eighteen to twenty-two years' 

 purchase paying interest on the purchase-money at from five to eight 

 per cent. 



The value of leasehold property depends upon the number of years of 

 the lease which remain uuexpired, and also upon the description of the 

 property. Generally speaking, leasehold property can be bought for from 

 ten to fifteen years' purchase, giving a percentage of from six to ten per 

 cent, according to the circumstances which I have stated. 



In the valuation of estates, sometimes old maps and statements have 

 to be consulted, where the acreage is given under some other standard 

 than the statute acre ; therefore it is necessary to know what the differ- 

 ent acres in this country are, although now the statute or imperial acre 

 is the only legal measure, and that which is generally used. The follow- 

 ing is a statement of the different acres : 



Square Yards. 



Imperial acre, 4840 



Scotch acre, 6104.1281 



Irish acre, . . . . . . . 7840 



