TRANSACTIONS OF SECTION M. 779 
The landlord is credited, for the purpose of division of profits, with the 
agricultural value of the land, and the tenant is credited with a nominal capital 
representing the capitalised value of his skill and services. 
In estimating the amount of tenant’s capitalised value, it is assumed that, if 
the partners each provide half the cash capital, the tenant’s share of profits in 
return for his services should be equal to the landlord’s in return for his Jand 
and for such services as he may be able to render to the partnership. 
If, therefore, the land is valued at, say, 4,500/., the tenant would also be 
credited with 4,500/. as representing the capitalised value of his services. 
If the capital required were 1,500/., and, in the first instance, the whole of 
it were supplied by the landlord, the landlord would be credited with 4,500/. 
plus 1,500/., equals 6,000/., as against the tenant’s 4,500/., and would, therefore, 
receive four-sevenths as against three-sevenths of the divisible profits. 
In estimating profits, all expenses for repairs, tithes, taxes, and insurance, 
&c., are charged to the partnership. 
The tenant is given the right to invest from time to time up to the total 
amount of the cash capital, thus buying out the landlord’s capital interest, 
other than his interest in the land. The landlord would then receive three- 
sevenths of the profits, and his money back, while the tenant would receive the 
remaining four-sevenths of the profits. 
Where the landlord was willing to sell the freehold, he might be bought 
out altogether. 
A form of partnership agreement to carry out these proposals has been pre- 
pared by Mr. T. G. Spyers, barrister-at-law, of Lincoln’s Inn. 
To secure to both parties the benefits of landlord and tenant legislation, and 
to meet the difficulties of ‘ limited ownership’ in the case of tenants for life, it 
is provided that the landlord first grants the tenant an ordinary agricultural 
lease—either for a long term or from year to year—and that the parties then 
enter into partnership, bringing in their respective interests in the lease as 
partnership assets. The fixed rent secured in the lease is remitted by agree- 
ment during the partnership. 
On the death of either partner, the partnership is dissolved and the assets 
divided, but the lease is only determined by the death of the tenant. 
In the case of a long lease, the tenant may be under obligation to give an 
option to the landlord’s successor (on the death of the landlord) to enter into 
partnership on the same terms. 
Comparing the proposed partnership tenancy with the present system of 
tenure, the partnership system should tend as follows :— 
(1). To make agriculture an industry comparable with other industries. 
(2). To encourage commercial methods, the keeping of proper accounts, and 
more scientific methods. 
(3). To give to agriculture the advantage of better credit and cheaper money, 
by the association of the landlord’s credit with that of the farmer. 
(4). To encourage landlords or other capitalists to invest in agriculture. 
(5). To enable properly trained farmers to start farming without capital of 
their own, and to give them an opportunity to invest their savings in their 
farms. 
(6). To facilitate systematic profit-sharing with labourers on farms. 
(7). To give landlords a business interest in their farms and so place them 
_ in the position to secure co-operation between farmers, to obtain information and 
technical advice, and generally to use their intelligence and influence for the 
good of the industry. 
APPENDIX. 
Tuts INDENTURE is made the day of 1913, between 
of in the County of (hereinafter called the Landlord) of the 
one part and of in the County of (Farmer) 
(hereinafter called the Tenant) of the other part wHeREAS this Indenture is 
supplemental to an Indenture of Lease (hereinafter referred to as the Lease) 
of even date with and made between the same parties and in the same order as 
the parties to this Indenture aND wHeEREAS the Landlord is desirous of assisting 
the Tenant to cultivate the farm and premises (hereinafter referred to as the 
Farm) comprised in and demised by the lease in the best and most efficient 
