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ON LEASES, CORN RENTS, &c. AND ON DRAINING AND REPAIRS OF IMAD8 BEING DONE BY LANDLORDS. 1. Z«MM.—Hefore a person can reasonably expect a lease, he must show cause why it should be granted, and this cause must be beneficial to the lessor to be a reasonable cause. 2. If the person applying for the lease were to exchange circumstances with the person applied to, would he grant a lease (and so for a considerable period put the control and disposal of his eatate in a great degree out pC his power), with. out a beneficial cousideration, that is, a consideration beyond that ordinarily expected and reserved on-an annual letting ? 3. Stich consideration may be given either by an increased rent payable from the commencement of the lease beyond the value of the land at the time of letting, estimated on the mean value of it for the term demised, on the supposition that cer- tain improvements wilt be effected by the tem*nt, the landlord at the expiration of the term (having received the full iqean value in the interim), allowing for improvements effected solely by the tenant such sum as any remaining unexhausted are worth on a fair computation; or it may be given, as is more ordinarily the case, by the tenant taking the land at iu present worth in its unimproved state, and deriving exclusive- ly the whole benefit of improvements during the term, the benefit remaining unexhausted at the expiration of the term being given up to the landlord as the fair consideration for granting it. 4 In building leases this is exemplified where the jwwent value of the land is charged as a ground rent,and at the end of the lease the house remains for the landlord without the improvement arising from the building having then to be, bought by the lessor. 5. It is absurd to suppose that any one woald grant a leaSe -without deriving thenceforth, or in prospect at the expiration of the lease, some advantage to -himself beyond what be would derive from an annual letting of land, and whoever in-I stils into the farmers' minds that they are to expect leases at' the present value of the land, and at the expiration of them; to be paid for all unexhausted improvement*, M 80 true friend of theirs, but the reverse, raising hopes and expectations which common sense may tell them will never be realised. 6. The tength of the term should depend on the improve- ments covenanted to be effected by the tenant. 7. Landlords having only a life interest in their estates may still grant leases for a term of years, provided they should to long live, and in case of their dying before the end of the term, the tenant may be protected by covenants on the land- lord's part to reimburse him for such loss as may happen in consequence. f 8. Bad landlords are far more uncommon than bad tenants. 9. Landlords' characters, with respect to the treatment of their tenants, are thoroughly discussed and knOwn to and by all the farmers in their neighbourhood. 10. Tenants' characters are not so known to the neighbour- ing landlords. 11. Landlord intiost to their tenants that which they can. not deprive them of, nor cheat them about in any. way,«. e. their land. H. Tenants have it in their power to cheat their landlords of their rents, and to leave the land worse than they found it. la. The present laws are notoriously in favour of the tenant' in estimating damages, and with a penniless tenant it is better to submit to the first loss, as the old proverb has it, instead of incurring further loss by seeking legal redress; so that every wey the tenant may be said to have the advantage over the landlord on these points. 14. Land is ordinarily said to be worth 30 yd&rsp parcbMe this, when it lets for 30s. per acre, is £46, the value of the landlord's capital. I 15. This land is farmed by a tenant whose capital is, say tO per aere at the utmost. 16. It is an old saying that land ought to produce three rents, one for expenses, one-for the landlord, and one for the tenant. 17 P"nciP'e the landlord, as stated above, would get £ 3 6j. 8d. per cent, interest, from which the 6s. 8d. must be deducted fnr repairs, leaving clear aC3 per cent.; the tenant roeanwbHe clearing £ 15 per cent., which 30*. would be on ftO as above that iI, he would get five times as much as the landlord in proportion to their respective capital. 18. Anything laid out by the tenant in permanent improve- ments be., ought to be able to regain from increased produce arising t herefrom .together with a fair rate of interest for the capital required to effect these improvements; but having had a term grante*! sufficients* enable him to regain principal and interest h« has no right io expect that the landlord should pay him.hu^capital a second time. 19. Ten per cent, is probably a fair r*t* of interest on money so Mid out by tenants, and a sufficient inducement to B investment of their extra capital in improvements. For *•« of proper accounts, it seems difficult at present to My bow long it would take for such improvements to repay prmctpaLand with any degree :of accuracy. 2t *'1* thon t by many person* that land which really neeas draiDmg wilT repay principal and interest as above in three yean crops, whether this berrue'or not, it is evident that af draining becdau* better understood* and tiles or pipes chetper, and at the satne time equally efitosai as the old ex- pensi ve method, if not more 800 a shorter-period than the one .00 re<l^|'e< whatever that msy tiroly bc« will.suffice. el: vows Jfesfr.rhis ia li more difficult question, particu- e: Mf «raas, half arable, or nearly so. 23..When farmers, if ever they do, Ml take the trouble to book their expenses and profits like mercantile men, data will be furnished on which to calculate with some degree of accuracy the relative bearings of prices, crops, seasons, and the expense* of different modes of culture and feeding stqck Set., on their profits. 24. At present, for want of keeping proper accounts, farmers in general do not know, as mercantile men do, the cheapest mode of raising their productions. 25. A landlord ought not to suffer for the ignorauce of his tenant. 20. A day's difference in sowing, reaping, tnewiug, or cart- ing home grain or hsy. may, and often does, make a great difference to the value of the crop, but as these are all at the discretion of the tenant alone. if he err in judgment, want of diligence, or foresight. H is unfair to expect in abatement of rent. For example in tMt, m many places < Barley was a. short crop, while on tbeot her side ofthe hedge, it was as good as ever known; the one tenant having sown early, the other late; and the same with turnips. Those who bad good crops realised, in conaequence, beyond an ordinary profit, whilst Icbole who had bad ones Suffered si loss ot dimicuuion of the ordinary profit. 27. When a manufacturer rents his manufactory he pays a fixed rent for it" and. takes bis chance for his speculations being profitable or otherwise, with which his landlord has nothing to do, nor as to the market price of his manufacturea, be they higher or lower .than when the premises were let; all which, risks are properly taketa by theienant. [' 98, If a manufacturer thinks he can make more by altering and improving the buildings, he asks and obtains a term of years at the present value of the buildings but at tbe end of the term he sets up no claim to "be paid for unexhausted im- provements, which would be absurd, having had ample time to repay himself principal and intereet, wateM his fancied im- provements did not answer, and in this case common sense he no one to blame but hiutself, and he would never dream of seeking iro n his landlord a reimbursement of money wasted in idle speculations. 29. The fluctuation in the price of grain, &c., may arise from various causes. High prices may arise either from scarcity, or from the people being futty suiployed,in general at good wages, and so more able to ba, bread, meat. &c or one pmduction may rise in value from tbe failure of aoiuV other, as It present, th> price of grain being enhauced by tbe failure of the Potato crop. In cither of the latter case* it is evident that the grower of Wheat; for- instance, must gain beyond an average profit; but in the former case it is probable that he may not realis: an average profit, so that the price of grain* alone can never be a just criterion of rent. Still it a.nd an average of years must be, in a ereat degree the basis of rent. As I remarked in a former communication which appeared in. your (JQøtU a short time ago, the Scotch meet this difficulty by making one half of the rent to depend on tbe VUIM of tbe land, calculating on average prices of, say seven years up to the time of letting, and the other half to wary according to the average price of grain in the past year, computing as nearly as may be to the time of paying the rent, and fixing a maximum and minimum with reference to the fixed reserved rent, or rather to the price, of grain on wh<ch the fixed rent was based.. 30. A considerable portion of the produce of every farm is consumed by the tenanr, his family, his labourers, his stock etc., and so far as this portion is concerned, including the value of the dwelling-house as a residence, it makes no monetary difference to him whether, in the market, its value be much or little. This, added to the foregoing reasons, scams to put the equity of releavinC the rent iu part fixed beyond a diubt. the fluctuation of the remainder being probablv as near an approach to am equitable adjustment as the pieseut scan.yiuofr.n.tioa on agricultural statistics will admit of. Farmers in estimating their prv>fiu are apt to overlook • v if* dpu(lMf-house( bread, meat, be«r, poultry, I «IIK, butter, cheese, baco*, are farnUited to them by the farm, which otherwise tbey would have had to buy or pay rent for these items ought to go to the credit of the farm a. regards all the family, except the labourers and the dairy maid, and when the latter is not altogether eipployed in the dairy. her keep and wages should be divided between the household and farming expenses, in proportion to which occupied most of her time. 32. It may seem frivolous to enter into these minuti*, but it is the want of this particularity in apportioaing expenses, that causes farmers not to know where their expenses lie, nor whence their profits arue, and I am glad to see that the Royal Agricultural Society of Rngland has turned its attention to this point, and offered a prize for the best method of keeuiae farmina accounts. r 6 33. On Draining and Repairs of Roads—It has, of Ute. been frequently argued, that landlords ought to do these, in- stead of the tenants. With regard to the latter they may be said to do it in the most essential point of view already, i. e pay for it, because, in calculating the worth of a fart t let or to take, this n considered, and the rent fixed lower in con- sequence, m every instance, it being well known that, before taking a farm, every one inquires what rates, tithes, and tMe..re to be paid by him, and gives less rent that lie other- wise would; in consideration of having to pay these, !to that, in fact, these are all now borne by the landlord, nud it must be evident to any impartial and unprejudiced observer, that it is better for both parties that this custom should rrrnaiu be- cause a tenant being always on the spot, and having caru "VIO horses, Ac., can effcct repairs of roads at far less cost than a landlord, particularly when the latter it non-residem, or doea not keep cans, horses, or bot, whieh is frequently una- voidably the case; besides which, when the tenant dis the repairs, he is aatur&My more careful to avoid emu tig up roads in wet seasons &c.; ..ad with regard to the former, it is well enough, by way of guarding against want of skill, capital, or spirit in the tenant, for the Iandlord to reserve the power of draining, and charging a remunerating interest, by which I JDean ODe that will be equal to the ordinary iaterest f' m°ney, and such addition M will refund the principal by 'he time the benefit is exhausted, and the operation required to be done over again: for example, suppose draining to last thirty years, and then to want renewing, I should say .even per cent. would be a fair charge foi interest on the capital ex. pended in it by the landlord, as he would be a loser by taking less, and this would probably leave a considerable benefit to the tenant, which, bowever, he would have no plaim to, and which therefore, would be equal to an abatement of rent, as, jn strict justice, the landlord could not be expected to lay out bu money for the tenant's benefit solely, without any beneficial consideration, and it is evident that none woald arise to the former, unless be got something more than the ordinary rate of interest in addition to a return of his principal as above and I may here remark that I have before stated ten per cent. in addition to the return of his capital to be a fair inducement for a tenant to drain, whereas tbe above is only about four per cent. to the landlord, the remainder being for repayment for the principal; but as disputes or questions may arise respecting the times when the landlord may choose to enter on the work, or the cost of its. execution, both of which may generally be tløoe better, chfpef and more to his own convenience, by the tenant, if he possess the skill and capital he ought to possess, I I am inclined to think that this is also better left to the tenant and a proper term granted him in tbe land to eaable him to reimburse himself, as suggested in the foregoing remarks. As, you have inserted several articles on tenants' rights, wherein the writers .have quite overlooked landlord's rights, I have endeavoured to hold the balance Dt"re eveuly between the partiese-Corrapandent of the Gardener j Chronicle. r A HINT ON RAILWAY BUSINESS. Pyno party can^ver be pertain of either haying or selling the stock which he wanu. Take an every, -day case. A party wishes to buy or sell a certain stock. He gives his broker a limit which most. in a great measure, be chosen at random, seeing that until the several members assemble and compare notes, it is impossible to hit the mark eu*n- has fixed his price a" shilling top high, or a shilling too low, he loses the market, and the consequence »may, before next exchange, be a loss of SOs. per share. Such cases we have seen once and again.. On the other hand, a broker imay come to the room with aa order to bay or aell at a pnee which many parties out of doors would gladly ac- eept, but the first intimation they have of the matter is the quMMton of tbe list after business is over. Besides these reasons which tie <m the Wry surface of the case, there are many others of a more serious nature, which need not here k •Pfc,fied» M they will readily »«ggest themselves to most who have been in the habit of dealing with brokers. It is £ • neceMarjr JtO do more than allude to this part of the subject, as every man's own experience will supply sufficient illnstration. Pot. instance, one of tbe rules at present is not ooty that the public :Shall not be admitted to the room, but that no member shall reveal any thing thai passes therein, or the name of any broker who buys pr sells any particular stock. °t;u Pr,cf *t which such stock is by him bought "or sold.' What possible necessity eatL exist for such sefcrecy it is bard to aay, though to a speculator the subject may afford soiae scope for imagination. Its object* however, can oafy-bs sur- mised. Tbe members, if questioned on the poin^witi wll you that it prevenU bad feeling^ U»a £ .wiihoutjt their business could' not be done po satisfactorily. But without stopping to inquire what ean or cannot be clone Autfer the present ar rangement, we will proceed at onse io.su#ge*t a ^,ter*u plan which we have to propose ianepey^ J**trie™ Wheme, but that on which business in.the ^ock# is daily transacted ia Paris, and which in this country '• ft the public sale ef almost all articles, except stocks, which are precisely those which require it most. Let tte brokers assemble in a large hall.with; op«« doors, wfcero.sbelr.eonstituenu may have free a?cess, under jufcaWp :r*sfatten*, t« «e*, if they t'aink, fit, tKfcfr orders execoted, or, it they choose, to give ihem on the spot. By such a plan it is not intended to dispense with the services of broken—a fuadaoio&tftl ptls bsiivg that every tran- intervention 6 Thi™ whaiever 8h*» take place through"their intervention. This arrangement, mentioued above, is the nlan weliy the Parisiali Exchange, and there It is found to work well for all parties. The brokers assemble in a space njline lo keep .(f ,ke peranum ^2 of jobb. ™™ h, principle is carried into effect at thTsales of wool. tea, &c "t hiwne, and surely, if it is necessary in the caae of these latter articles, much more is it desirable in stocks, where the fluctu- ations are so much more serious. It may be asked why this equitable and above-board mode of doing business has not been already introduced into this country ? For this neelect the public have only to thank their own supineness. The question, however, has been already agitated in more qaar- ters than one, and we have reason to know that measures are now in progress, which will probably result in our own city taking the lead in introducing a better state of thines.— Bdin. burgh Advertiser. 6 RETURN OF RAILWAY DEPOSITS. DOt b.e denied that 'here ia considerable donh? e" v publlc mind on tbis subject, the donbu respecting the probability of even the smallest valuf of I.0mm'tt<Sea .0ptf*tin« 8re«tly against the if an. nf »K ln the We believe that few nr, deeds agreement pledged the promoters to proceed to parliament this session, the over-eager haste of the subscribers having supplied that deficiency in their own imagination. Where such has been the case there is, of course, no legal claim on committees to return the deposits immediately; and there would also be no little difficulty in proviDg to the satisfaction of a court of law what lapse of time r involved their forcible repayment. This, it must be confessed, conveys little consolation to the doubting, and perhaps will add greatly to the wavering multitude who wish to make an immediate riddance of what they now esteem as a bad bar- gain. A conscientious discharge of our duty, however, com- pels us to speak the truth, and to lay the case in all its naked- ness before the public. Where honor fails to control the actions of a committee, they may procrastinate from one ses- sion to another, for, unfortunately, there is nothing in the lAW, notwithstanding the meddling and amending it has received at Inr.H » «0ve"?m1en.t> compel a provisional committee lkelr constUaeDts- rhe statute does not K ACT OF PARLIAMENT has been obtained. But there are other and more potent remedial means in the hands of subscribers. Ally one may c,n a qui y a party »hose name has appeared in the list of the rrW^fB eommUtee- \nd {here cotrpel him to state all be knows of the concern wuh which he has connected himself- and if one act of dishonesty can be proved against it or against its officers in regard to it, then the property of anv member of the committee may be attached, and made liable for all claim. against it. A bill in Chancery would compel a full and clear account of all receipts and expenditure to be given, which, although more expensive than it ought to be, would be a mere trifle to a united body of shareholders deter- mined on a reckoning with managers who might delay fulfil- ling their trust. One by one, one and all of the committee may be thus brought up and examined, and their property confiscated and it would be strange indeed if any scheme might not thus be made to realise 20s, in the pound to its subscribers. There need be little fear, however, of any such proceeding taking place. Men of property are generally men of honour—or men at least who have some reputation to lose -and they well know the cheapest and the best way to escape exposure is to be honest. It is their interest to be so. There may. therefore, be much delay, causiug heart-burnings and ill-will, which had much better be avoided, but there will be few, if any, ultimate defalcations. This is taking matters at their worst. But there is a better and brighter side to the ptcture. The period for application to parliament once fairly over, we doubt not to witness cordial explanations and meet- ings of promoters and subscribers—of candid avowals on the one part, and unhesitating reliance on the other. By its mode of proceeding parliament will make its hands quite sufficiently full of business this session with the schemes already adver- tised for its investigation, and any greater number would have but added to the expense, and increased the risk of all To those deferred till next year there is, therefore, awarded abun. dant time to mature their plans, and obtain increase ot sup- port from the localities through which the respective projects pass. That independent course of action which has hitherto kept us from pandering to the success of individual schemes prevents us saying more—our duty to our readers has pre- vented us saying less.—Bradshaiv's Railway Gazette. THE RAILWAY INTEREST. The Times of Monday week published an analysis em- bracing all chc Railway Companies in Great Britain and Ireland registered to the 31st October, 184,5. From this elaborate compilation we borrow the following summary RAILWAYS COMPLETED. £ Un account of these the shareholders have paid up 48,043 563 The shareholders have borrowed on debentur-s, loan notes, and mortgages 22 637 31 J- 47 companies completed. 70 6d0 877 RAILWAYS IN COOHSK OF CONSTRUCTION, AND FOR WHICH ACTS OF PARLIAMENT HAVE B £ EN OB T IN !•: I). On account of these the shareholders have paiJ up 6,423,155 And to complete the same according to the essi- mates, will have to pay the further subscribed sum of 44,927,170 Parliament having In all cases given the power to borrow one-third more, this will probably be further increased by the sum of 16,000,000 118 lines and branches in course of execution 67,350,325 RAILWAYS PROJECTED. Of 218 of these the amount of deposit stated in the prospectus is five per cent. and a per centage for expenses. A large proportion of this class received their deposits before the resolution of the Lords was passed, and others since, amounting to £ 11 171 727 To comply with the resolution of the Lords, a further payment of il3 per cent. must be made, amounting if) a )out. 9,595,46to 4^2 a deposit of ten per cen!. is required, which many of them have received the whole, if paid, will amount to 38,369,109. 648 have not registered their prospectuses 1,261 Companies. Total of deposits required. £ 59,136,300 Being ten per cent. on £56:?,-J.03,OOO, and five per cent, for parliamentary expenses. CAPITAL INVESTED. Capital actually paid up and invested in railways completed £ 48,043,563 Capital paid upon railways in course of execution and sanctioned by Parliament 6,432,155 Capital required to pay the deposits cu new pro- jects 59,136,300 Total capital invested. 113,612,018 LIABILITIES OF SHAREHOLDERS. Borrowed on the security of railways completed 22,637,614 Incurred in respect of railways in course of exe- cution 60,927,170 To carry out the new projects, deducting the amount of deposits paid or required to be paid 506,882 706 Total liabilities 590,417.490

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