by Loans from Government or Public Companies. 12y 
Tho advantagos of a lenj^thened term over a short one arc not 
so readily stat(>d, though tliey all merge into the one important 
(juestion of whether the tenantry can afford to pay the annual 
charge for repayment. There are a great many estates requiring 
improvement, probably a majority, which are under disability 
of entail or settlement, or are held by clergymen and others for 
life, who are unable to provide money for improvements and 
cannot afford to suffer any diminution of income. Such owners 
will not voluntarily concur in any proceeding involving them in 
the payment of an annuity larger than they can gain from their 
tenants in the shape of increased rents. It is in such cases that 
a lengthened term tells with great advantage, inasmuch as money 
borrowed for and repaid within the different periods authorised 
by the several Acts if reduced to figures results in the following 
annual charges (when money is to be obtained at 4A- per 
cent) : — 
£. s. (/. 
22 years 7 5 0 per cent. 
25 „ 6 U 0 „ 
31 „ 6 0 0 „ 
50 „ 5 0 0 „ 
Some few of the more wealthy landowners, who apply their 
own money to improvements, are content with even a less return 
than the lowest of these rates ; and as long as the works are as 
durable as well-executed drainage, 4 per cent, in the improvement 
of freehold land is a more profitable return for money expended 
than 3 per cent, in the purchase of additional land. 
But this view of the case does not apply to landowners who 
have not spare money at command, or having capital desire to 
employ it in other ways, though v/illing to improve their 
property for the benefit of their successors as well as themselves 
and tenants. 
To such persons the questions which first present themselves 
are — upon what terms can money be borrowed and repaid by 
instalments? and what annual charge or increase of rent is it 
right to put on the land for the required improvements ? 
The first question will be answered by the figures just given ; 
and with respect to the second, it is pretty generally admitted 
that, although some lands will bear a much greater charge 
than others, an increase of rent varying from 5 to 10 per cent, 
on the outlay is what may fairly be expected from drainage 
improvements. Something between 6 and 7 per cent, will re- 
present the average rate of increased rent which has been charged. 
In other improvements there are many questions of a special 
nature involved which do not allow of such an easy treatment. 
In the erecting of new farm buildings, for instance, the consider- 
YOL. IV. — S. S. K 
