L E A 
LEE 
LEG 
5 9 
by 150, ov 2455/. 2.?. 9r/. In many instances, 
the rent of tiie estate intended to be leased 
is charged vv.t’n some annual expence, such 
as a reserved or quit rent, the payment of 
an annuity, taxes, and the like : in such cases 
the number of years purchase found in the 
table ought to be multiplied by the difference 
only between such annual ex pence and the 
whole estimated rent of the estate; tint ; if a 
person possesses an unexpired term of sixty 
years in a lease, for which he pays 100/. per 
annum rent, but which is now worth 150/. 
per annum, the gross sum which he ought to 
receive for the grant of such lease, will be 
equal to the present value of 50'. per annum, 
for the given term; or 1 6, 1 6 1 4 (the number 
in the table corresponding with 60 years, at 
6 per cent.) multiplied by 50, which gives 
80 8/. Is. Ad. 
In order to find the annual rent corre- 
sponding to any given sum paid for a lease, 
divide the sum paid by the number of years 
purchase that are found against the given 
term in the table, and the quotient will be 
the annual rent required. Example : A 
person has given 1000/. for the lease of an 
estate for 16 years, what annual rent is equi- 
valent thereto in order to allow the pur- 
chaser 7 per cent, interest for his money? In 
the table against 16 years, and under 7 per 
cent, we shall find the number of years pur- 
chase to be 9-4466 : therefore 1000 divided 
by 9 4466 gives 105/. 17s. for, the annual 
rent required. 
The values in the table are calculated on 
the supposition that the payments of the se- 
veral rents of the estate are made yearly ; if 
however the payments are made half-yearly 
or quarterly, and the purchaser can put out 
his money at the same rate, so as to receive 
his interest half-yearly or quarterly, which 
may commonly be done; the values will, in 
such cases, be somewhat more than those 
given in the table. The difference, however, 
is not very great, but if the exact value is 
required, it may in many cases be 'obtained 
by attending to the following remarks, viz. 
that “ the value of a lease, the rent of which 
is payable bail-yearly, is equal to half the 
value of the same lease payable yearly, cal- 
culated at half ihe given rate of interest, qnd 
to continue double the number of years; and 
that the value of a lease the rent of which is 
payable quarterly, is equal to one quarter the 
value of the same lease payable yearly, cal- 
culated at a quarter of the given rate of in- 
terest, and to continue four times the num- 
ber of years.” 
It frequently happens that a long lease is 
not to be entered on or enjoyed till after the 
expiration of a short lease, or till the end of 
a 'riven number of years ; in such cases, de- 
duct the value of the short lease, or the value 
set against the given number of years in the 
table, from the value of the longer lease, and 
the difference will give the true present value 
of the longer lease. Example: What sum 
ou^ht to be given for the remainder of the 
lease of an estate for 56 years, after the next 
seven years, allowing the purchaser 6 per 
tt >nt. interest for his money, the clear rent 
being reckoned at 70/. per annum? In the 
table against 56 years, and under 6 per cent, 
we find 16.0288, and in the same column 
against 7 years we find 5.5823 ; the latter 
value subtracted from the former leaves 
•v 
10.4465, which multiplied by 70 gives 
731.255 or 731 /. 5 .?. \d. for the sum required. 
Leases are frequently granted during a 
life, or for a specified term of years subject 
to termination, if a given life or lives should 
fail or become extinct within such term; 
sometimes they depend on the longest of 
two or three lives, with liberty on the failure 
of one or more of the lives to nominate others 
on payment of a fine. The values of such 
leases are given in a very useful collection of 
tables for the purchasing and renewing of 
leases by F. Bail y , and may in most cases be 
found from the tables inserted under the 
article I. iff. Annuities. 
LEATHER. See Cutis, andTANNiNG. 
LEAVEN. See Fermentation. 
LECHtEA, a genus of the triandria tri- 
gynia class and order. T he calyx is three- 
leaved: petals, three-linear; capsules, three- 
celled, three-valved, seeds solitary. There 
are three species, herbaceous plants of Ame- 
rica and China. 
LECYTIIlS, a genus of the polyandria 
monogynia class and order. The calyx is 
six-leaved ; corolla, six-petalled ; nectarine, 
Ungulate, staminiferous ; pevic. circumcised, 
many-seeded. There are six species, trees 
or shrubs of Guiana. 
LEDGER, the principal book wherein 
merchants enter their accounts. See Book- 
keeping. 
LEDGES, in a ship, are small pieces of 
timber lying athwart from the waste-trees to 
the roof-trees : they serve to bear up the 
gratings or nettings over the half-deck. See 
Ship-building. 
LEDUM, marsh cistus, or wild rosemary; 
a genus of the monogynia order, in the de- 
candria class of plants; and in the natural 
method ranking under the 18 th order. In- 
comes. The calyx is quinquefid ; the co- 
rolla plain and quinquepartite; the capsule 
quinquelocular, and opening at the base. 
There are three species : The palustre with 
very narrow leaves, grows naturally upon 
bogs and mosses in many parts of Yorkshire, 
Cheshire, and Lancashire. T he flowers are 
produced in small clusters at the end of the 
branches, and are shaped like those of the 
strawberry-tree, but spread open w ider at 
top. These are of a reddish colour, and in 
the natural places of their growth are suc- 
ceeded by seed-vessels filled with small seeds 
which ripen in autumn. 
LEE, in the sea-language, a word of vari- 
ous significations, though it is generally 
understood to mean the part opposite to the 
wind. Thus lee-shore, is that shore against 
which the wind blows. Lee-latch, or have a 
care of the lee-latch, is, take care that the 
ship don’t go to the leeward, or too near the 
shore; a lee the helm, put it to the, leeward 
side of the ship ; to lie by the lee, or to come 
up to the lee, is to bring the ship so, that all 
her sails may lie flat against her masts and 
shrouds, and that the wind may come right 
upon her broadside. 
Lee-fang, is a rope reeved into the crin- 
gles of the courses, to hale in the bottom of 
the sail, that the bonnets may be laced on, 
or the sail taken in. 
Lee-way, is the angle that the rhumb- 
line upon which the ship endeavours to sail, 
makes with the rhumb upon which she really 
sails. See Navigation, 
LEEA, a genus of the class and order 
pentandna monogynia. The calyx is one- 
petalled; nect. on the side of the corolla, 
upright, five-cleft ; berry, five-seeded. There 
are three species, trees of the East Indies. 
LEECH. See Hirudo. 
LEEK. See Allium. 
LEER SI A, a genus of the class and order 
triandria digynia. Calyx none ; glume, 
two-valved, closed. There are three spe- 
cies, grasses of America. 
LEF T, a little court held within a ma- 
nor, and called the king’s court, on account 
that its authority to punish offences origi- 
nally belonged to the crown, whence it is de- 
rived to inferior persons. See Court. 
LEETCII-lin'es, small ropes made fast 
to the leetch of the topsails, to which they 
belong, and reeved into a block at the yard 
close by tire topsaii-ties. They serve to hale 
in the leetch of the sail when the topsails are 
to be taken in. 
LEGACY, a bequest of a sum of money, 
or any personal effects of a testator: and these 
are to be paid by his representative, after all 
the debts of the deceased are discharged, as 
lar as the assets will extend. 
All the goods and chattels of the deceased, 
are by law vested in the representative, who 
is bound to see whether there be left a suf- 
ficient fund to pay the debts of the testator^ 
and if it should prove inadequate, the pe- 
cuniary legacies must proportionately abate;, 
a specific legacy, however, is not to abate 
unless there be insufficient without it. 
It the legatee die before the testator, such 
will in general be termed a lapsed legacy, 
and fall into the general fund ; where how- 
ever, from the general import of the will, it 
can be collected that the testator intended 
such a vested legacy, it will in such case go 
to the representative of the deceased legatee. 
If a bequest be made to a person, if or 
when lie attains a certain age, the legacy 
will be lapsed, if he die before he attain°that 
age; but if such legacy may be made pay- 
able at that age, and the legatee die before 
that age, such legacy will be vested in his 
representative. 
If in the latter case, the testator devise 
interest to be paid in the mean time, it will 
nevertheless be a vested legacy. 
Where a legacy is bequeathed over to 
another, in case the first legatee die under 
a certain age, or the like, the legacy will be 
-payable immediately on the death" of the 
first legatee; and though such legacy be not 
bequeathed over, yet it it carry interest, the 
representative will become immediately en- 
titled to it. 
In case of a vested legacy due immediate- 
ly, and charged on land, or money in the 
funds which yields an immediate profit, inter- 
est shall be payable from the death of the 
testator; but if it be charged on the personal 
estate only of the testator, which cannot be 
collected in, it will carry interest only from 
the end of the year after the death of the tes- 
tator. 
If a bequest be for necessaries, and of small 
amount, the executor will be justified in 
advancing a part of the principal; but this 
should be done under very particular cir- 
cumspection, as the executor may be com- 
pelled to pay the full legacy on tlie infant’s 
’ attaining his majority, without deducting the- 
se, m previously advanced, 
8 
