Account of Iiirprovemeiits on Linsladc Farm. 
343 
the salary of the bailiff, has been 8163/. 16s. 8c?. The receipts 
during the same time have been 3079/. 9s. 7d. And the value of 
the stock on the 1st of November, 1842, was 3177/- 16s., making 
a total of receipts and stock of 6257Z. 5s. Id., and constituting an 
excess of disbursements over receipts of 1906/. lis. !(/.* 
The result therefore is that, on the 1st of November, 1842, 
there had been expended upon the farm, beyond the value of the 
stock and crops, the sum of 1906/. lis. \d. This expenditure, 
however, was incurred with a view to the ultimate improvement 
of the farm, and to its increased value as property, and neither 
could nor ought to have been incurred by any tenant except 
under the security of a twenty-one years' lease, in which event it 
would have been a provident investment of capital. 
In order to ascertain the actual position of the property conse- 
quent upon this expenditure, the farm was in the month of July last 
valued by an able and experienced surveyor, himself the tenant of 
a large farm in the immediate neighbourhood, and who, during 
the whole course of improvement, has been a witness to it, and 
from continued and personal observation is enabled to testify as 
to the correctness of the above statement. The annual value 
which he has placed upon the farm is . . . o£'344 0 0 
f A small portion let off 12 0 0 
fThree cottages and gardens 110 0 
cf367 0 0 
Several applications have of late been made by most respect- 
able persons to become tenants of the farm, and there is no 
doubt whatever but that it may be readily let at the above rent, 
or even at an advanced sum for a twenty-one years' lease; and if 
that be so, the result is, that an annual increased rental of 117/. 
has been obtained by the outlay of 1906/. lis. \d., in other words, 
that land has been purchased (for permanently increasing the 
value of existing land is tantamount to the purchase of an addi- 
tional quantity) at a price which will yield rather more than 6/. per 
cent, per annum upon the capital invested. 
* Stock is taken regularly on the 1st of November in every year, 
everything is then valued as if at that precise period a tenant were to suc- 
ceed taking off stock and crops. The very reduced price of all farm pro- 
duce made a difference of nearly 20 per cent, upon the value of the stock 
and crops in November, 1842, and also in the subsequent estimated rental. 
t These two portions are included in the original rent of 250/. 
