1)7/ Loans from Government or Public Companies. 135 
" With this Company, as with the last, no preceding investiga- 
tion of title of any kind, &c., is required, nor is it necessary to 
make any inspection of the title-deeds ; so that no legal expenses 
arc incurred, and the only attendant charges are the fees to the 
Inclosure Commissioners and the actual payments made by the 
Company for stamps, advertisements, &c. These, however, with 
the Company's commission, are all included in the capital sum 
charged on the estate." 
Mr. Horace Broke, the secretary, writes as follows : — 
" The rate of rent-charge, of course, depends upon the state of 
the money market, besides being influenced to some extent by 
the amount of the outlay ; the insurance olKces from whom the 
loans are usually procured require about one-half per cent, more 
than the current rate on ordinary mortgages, on account of the 
advantage to the landowner of being able to pay off the debt by 
instalments, and also expect a still higher rate on loans of less 
than 2000?., because of the trouble of collecting and apportioning 
the half-yearly repayments, which increases in an inverse ratio to 
their amount. AH the charges created under the Company's 
Act, in cases where the loan has exceeded 2000Z., have been 
taken at 4J per cent., with two or three exceptions ; on smaller 
loans the rate has been somewhat higher. The following table 
shows the amount of annual rent-charge for repaying principal 
and interest at those rates, according to the amount of the loan 
and the number of years over which the charge has been spread :— 
Amount of Loan. 
Tenn of Years. 
Rate per Cent. 
£ s. (/. 
From 500J. to lOOOZ. .. 
22 
7 10 11 
1 » » ) 
25 
7 1 0 
J I J » 
31 
6 7 7 
From lOOOL to 2000Z. . . 
22 
7 7 6 
25 
6 17 6 
> > > 3 • • 
31 
6 3 11 
From 2000Z. upwards . . 
22 
7 4 2 
it 19 
25 
6 14 1 
» J 9 9 " 
31 
6 0 4 
" You are probably aware that under their Act this Company 
generally spread the repayment of the charge over the period 
of thirty-one years,* while the Lands Improvement Company 
* The Company have, in fact, the power to charge for 50 years in cases of 
land improvement, but they ha-ve seldom used it. In certain instances an exten- 
sion of term would be exceedingly beneficial to reversionary as well as present 
interests, and when a landowner in the prime of life applies his own personal 
money to the drainage of a property in which his interest ceases at his death, under 
Class II. of the Company's rules, there can be no reason why the full term of 
50 years should not be adopted. 
