140 
Lniul Drainafje and Improvement 
is to 1)0 repaid bj a torniinablo r(>nt-cliargc spread over a period 
not exceedinji" twenty-five years. The powers extend to Great 
Britain, Ireland, and the Channel Islands. The Company possess 
the important special power of making advances for the en- 
franchisement of copyholds, " repayable either in one sum, or 
by way of annuity, spread over fifteen years ; and as to church 
lands, such a number of years as may be agreed upon. This 
power, it is believed, will be extensively used by landowners 
who would hesitate to clog their estates with a mortgage debt, 
but who Avould not have the same objection to charge the 
enfranchised lands with an annuity which will cease after a cer- 
tain number of years, and leave the lands free. In many cases 
land so held might, by improvements (which would very likely 
never be undertaken while it remained unenfranchised), be at once 
made to produce an increased income, equal to, if not exceeding, 
the amount of the annuity. The method of procedure is simple 
and inexpensive, the costs being controlled by the Copyhold 
Commissioners and charged on the land. 
"The Company's leading object is the advance of money, but 
the Company's officers are ready in all cases to assist land- 
owners with advice and suggestions as to the best mode of 
carrying out improvements ; and the Company will, if desired, 
undertake the execution of the works." 
The terms of the Company are stated as follows : — 
" The Company's commission on advances for improvements 
is 5 per cent. ; special terms may be arranged in respect to large 
transactions. This, together with the preliminary expenses of 
the Inclosure Commissioners' Inspector, is added to the amount 
of the charge. No investigation of the landowner's title is neces- 
sary. The Company simply require to be assured, through their 
solicitors, that the applicant is the landowner within the meaning 
of the Act. The rate of annual rent-charge for twenty-five 
years, to repay capital and interest at the present time, ranges 
from 11. Is. per cent, per annum on small transactions, to CZ. 12s. 4c?. 
on larger amounts." 
The terms for the enfranchisement of copyhold are a com- 
mission of 5 per cent, on the sum advanced. The rent-charge is 
lis. Id. for 15 years to repay principal and interest. 
The features which distinguish these four Companies may be 
shortly stated to be as follows : — 
The West of England Company almost exclusively apply 
themselves and their funds to the execution of works by contract 
or on commission. 
The General Land Drainage and Improvement Company are 
equally engaged in the execution of works on commission, and 
