hy Loans from Government or Public Companies. 131 
beyond what the tenant, looking to his own interests only, would 
desire. 
In thus recording the views that prevail with many that have 
carefully considered the subject, it is right that we should resist 
to the utmost the evils that may arise from the extension of the 
term for repayment beyond a reasonable period, and before 
describing the powers of the several companies it may be well to 
state that the privilege of charging for an unlimited period has 
met with almost universal objection. 
As if to run from one extreme to another, the first Drainage 
Company's Act (the West of England Company's Act) obtained 
after the passing of the Public and Private Money Drainage 
Acts — which, as before stated, limited the period for repayment 
to twenty-two years — contained provisions enabling landowners 
to charge their estates in perpetuity,* i.e. to borrow money and 
charge their estates with the cost without the obligation of 
liquidating the principal. It is against this power, which is 
liable to much abuse, that the greatest objection has been raised. 
The next private Act obtained was that of the General Land 
Drainage and Improvement Company, 1849, by which powers 
were given to charge the cost of the more permanent improve- 
ments, such as drainage, clearing, and inclosing land for the term 
of fifty years, and for the erection of farmhouses and farm build- 
ings for the term of thirty-one years. The fifty years' term, 
however, has been but seldom adopted, and it may be here stated 
that not only do the Inclosure Commissioners, the principal 
Companies, including the General Land Drainage Company 
itself, and the capitalists advancing the money, prefer a shorter 
period, but that the majority of the landowners partake in the 
same feeling, though it is obvious alike to all, that a few years' 
extension may often operate favourably in securing better and 
more durable work, and in preventing too great a charge upon 
the tenantry. In such case only is it to be recommended, and it 
will be observed that in the prospectus of the General Land 
Drainage Company no refei'ence is made to their power to charge 
for fifty years. 
The two English Companies' Acts which have since been 
obtained — i.e. the Land Improvement Company's Act and the 
Land Loan and Enfranchisement Company's Act — do not con- 
* Mr. Brodie, the Secretary to the West of England Company, in his letter to 
the writer says, in speaking of the privilege referred to, " Consequently this 
Company's Act enables owners to improve their estates without any outlay to 
themselves, inasmuch as only the interest has to be paid ; and tenants willingly 
pay, as additional rent, 5 per cent, on the cost of improvements. All other Acts 
require the owners to liquidate the principal within a certain term of years, the 
annual payment being more than tenants are v>illiug to pay." 
K 2 
