442 = 176 
Farm Capital. 
Action of En- 
closure Com- 
missioners. 
Repayment of 
loans by land- 
owners. 
Benefit to the 
public. 
which will arise from such outlay. The Commissioners being 
satisfied upon these points, issue a sanctioning order provisionally 
charging the estate with the cost of the work. The improvements 
can then be proceeded with, the Commissioners requiring to be 
informed by the landowner or the Company when any of the 
buildings are in skeleton, i.e., before the timber-work and roof are 
enclosed in order that their inspector may see them in that state, 
if necessary. This rule, however, is relaxed under certain con- 
ditions. Upon the Commissioners being apprised that the works 
are finished, the inspector again visits, and reports whether they 
have been properly carried out in accordance with the plans 
and specifications, and if the work generally has been executed in 
a satisfactory manner. In that event the Commissioners certify 
the execution to the Company, and the amount expended is paid 
over to the landowner, and an absolute or final order of charge 
is executed by the Commissioners. This order may include all 
expenses incident to the transaction, which are generally calcu- 
lated to amount to about 7 or 7^ per cent., including the Com- 
pany's commission of 5 per cent, for the use of their Act, and for 
carrying through the arrangements with the Inclosure Commis- 
sioners. The Company undertakes to carry through these details 
with the Commissioners, and to provide the necessary capital 
sum expended on the works and in expenses, in return for an 
annuity or charge for 25 or 31 years. The present terms are 
from 6^. 10s. 8{Z. to 6/. 14s. Id. per cent, for 25 years, and from 
hi. 16s. %d. to 6/. 7s. 7c?. per cent, per annum for 31 years, based 
on a scale of simple interest, varying from 4^ to 4J per cent., 
the balance being a sinking-fund sufficient to replace the prin- 
cipal sum, if re-invested half-yearly at the same rate of simple 
interest, in 25 or 31 years. 
The operations of the Companies are conducted upon purcl)' 
commercial principles, and their rates for loans depend upon the 
market value of money. The total amount which has been 
expended under the supervision of the Inclosure Commissioners 
is 11,527,865/. Os. M. up to 1876. 
No special legislation during the present century has been pro- 
ductive of more benefit to the public and individuals than these 
Acts. Through this channel the above large amount of money has 
been devoted to improvements which, as a rule, could not other- 
wise have been undertaken, and has produced a return in valut 
of produce greatly in excess of the actual percentage charged b) 
the Companies, whilst the freeholds at the expiration of the tern: 
will enjoy the full benefit of the improvements, unencumberec 
by any charge. The Inclosure Commissioners, as guardians o 
the freehold, have shown a wise and prudent yet liberal dis- 
cretion in the exercise of the important and valuable powei 
entrusted to them. 
