370 
The Making of the Land in England. 
sum expended to 218,446/. Now, supposing this sum had, as 
it accumulated, been hoarded instead of expended on this estate, 
and was to be now brought to light and placed out at interest 
of 4 per cent., an income of no less than 8738Z. a year 
would be the clear result, or 1400/. a year more than the 
present gross income of the whole improved estate in 1886, 
after adding to the rental of 7130/., 200Z. for the mansion, 
making in all 7330/. 
Supposing, which is believed to be the case, the outlay 
in question has been spread over the eighty-six years of this 
century,' the estate may be debited with an annual charge in 
respect of one half of 218,446/. for eighty-six years,. equal at 
4 per cent, to 4369/. a year. Had this outlay never been made 
by the owner, it is not to be believed that the estate would have 
been unproductive. On the contrary, with security of tenure at 
a low rent, tenants would have been found to execute some 
improvements and renewals or repairs at their own cost. With 
a system of building leases even cottages might have been thus 
erected, as it is understood has been the case on one or more 
large estates. The owner might possibly have felt called upon 
to renew or rebuild the farm houses, to execute the arterial 
drainage of the fen land, and to take upon himself the enclosure 
of the open field parish, the repair of the churches, and the finding 
of some material. The estate is included in five parishes, and 
consists of 141 acres wood, 4557 acres arable, 1589 acres pasture, 
800 acres fen land under plough. The highland cost 6/. an 
acre to under-drain, the tiles being made on the estate. The 
woodland produces no net return. 
The estate of the Earl of Leicester, K.G., at Holkham in 
Norfolk, furnishes another striking illustration in support of the 
contention that value is due to outlay, and that some of the most 
splendid exhibitions of fertility and agricultural wealth are 
traceable, not to natural circumstances, but rather to the con- 
tinuous systematic applications of skill and of extraneous capital 
on the soil. 
In the following statement the Park and Domain, w^th the 
mansion and buildings pertaining to it, are excluded ; as well 
as the Marsh farm of 459 acres. 
The atnoiint expended by the late Earl of Leicester 
on buildings and reiMirs from ITT'j to 1842 was £536,992 
By the present Earl of Leicester for biiildinjis and 
repairs, pates and fences, and under-draining, 
from 1842 to April 1st, 1883, was .. £344,994) 
For purchase of land 145,224f *^"»^^» 
'lotal 
£1,027,210 
