440=i74 
Farm Capital. 
taste in some localities for its possession merely as land, which 
appears to be wanting, or at all events very faintly present, in 
other cases. At the present time the net income from land 
applicable only to farming-purposes, varies from 2 up to 4^ per 
cent. The causes operating to produce this wide divergence, in 
value are usually the presence or absence of wealthy individuals 
seeking to accumulate large estates for residential or domain 
purposes. Some localities are specially accepted by land-buyers, 
whilst estates in other districts can only be sold upon terms 
equivalent to those which first-class Railway Debentures or 
Mortgages afford to purchasers, viz. from 3^ to 4 per cent. 
Doubtless there is an ever-accruing increment in the capital 
value of land by the daily accumulation of wealth, and its 
theoretical tendency is to increase the number of years' purchase 
of net income upon which freehold or capital value is arrived 
at, or, on the other hand, to reduce the net percentage as an 
investment. An impression prevails among many thoughtful 
minds, that future legislation under a possibly more democratic 
representation may be influenced by the idea, whether well or 
ill founded, that land does not bear its proportion of taxation;* 
and that, as it lies readily open to the tax-gatherer, so it is more 
likely than personal property to be affected in this direction. 
Kent. Rent. — The rent of land is that surplus of money which on 
an average of years, may be expected to remain alter paying 
the fixed and fluctuating charges, such as tithe-rent charge, rates, 
and taxes, the cost of labour, seeds, manure, replacement of \vit 
and dead stock, tradesmen's bills, interest on capital invested, 
and such remuneration for his services as a farmer may thinli 
himself entitled to, or be content to receive. Looking at tht 
elasticity of the greater proportion of the paj ments by a farmer 
and the varying capacity of men to administer and supervise 
the changing combinations occurring in farming, the sanguim 
expectations of one tenant, and the doubts of another, it i: 
obvious that wide divergences may exist in the disposition t(| 
pay more or less rent, and in the capacity to produce, aftCi 
satisfying the requirements enumerated above, what may b' 
accepted as an average amount available for rent. Such agree, 
ment is, however, arrived at ; and, as a rule, the rent of land ovej 
a district may be accepted as being almost uniform, except sij 
far as the natural quality of the land to yield more or les. 
produce is concerned. In England the tithe-rent charge, parO| 
chial rates and taxes (except land-tax and landlord's propertyl 
tax), are usually paid, in addition to rent, by the tenant. This 
however, is scarcely material, as, if paid by the landlord, th 
value to the tenant and consequently the amount of rent i 
* Oil this point, SCO the preceding Article. — Edit. 
