vassalage tenures, and arose from the alienations made at different times from the large fiefs or grants. The stipulated burdens or acknowledgments being duly discharged, these holdings do not operate against the advance of improvement, as they are not extinguishable by the death of either party; but the former case operates directly against any improvements which would immediately increase the fine imposed. This mode of leasing prevails mostly on the lands belonging to ecclesiastical establishments, and is yet followed, owing mostly, it would appear, to the peculiar situation in which the lessors are placed: it is hurtful in a great degree. The endurance of leases in ancient times is not correctly known: 40 years has been mentioned, and even 100; but such terms are now ineligible, owing to the great alterations in the system of cultivation, the improvements that are constantly taking place, and the fluctuations that occur in all human

affairs. Two modes of letting land now principally prevail; a holding for one year, extinguishable at the end of the year, by a notice of six months being given to that effect by either party; and by a lease for a certain term of years mentioned in the agreement.

The relative superiority of holding by lease or by a yearly tenancy has been much disputed; but all the arguments pro and con. may be brought within a very small compass; for it is contrary to human nature to suppose that any person will expend his capital in improving the property of another, without having a prospect or a security of himself or his heirs deriving the benefit. Many examples, no doubt, exist, of a long tenancy and of excellent cultivation under a holding by the year; but these form exceptions only, and depend wholly on the good will or caprice of the owners of the land. The granter of a yearly holding may be every thing that can be wished, but the

next possessor is unknown; and if any expenditure has been made by the farmer, and a removal takes place, and if no agreement has been made, or no customary usage exists as to allowances in such cases, the value of the improvements is lost to him. And the fact is certain, that leases have done more for the advancement of agriculture than any other transaction on record. Cases may occur where it may be necessary to withhold them, and to shorten the duration; but where sufficient skill and capital exist, as is now most generally the case, there can be no just reason for withholding or weakening in that point the stimulus of selfinterest, the most powerful of all the springs of human actions. The most approved practice has now fixed the period of 10 to 25 years as the most suitable for the duration of a lease, in allowing the farmer a sufficient time for making improvements, and for remuneration, and also avoiding, by a longer extension, the appearance of alien

ating the property, and thus depriving the

owner of any advantages a change of circumstances may produce. In the modern acceptation of the word, "rent" is understood to mean that part of the produce of a farm, or its value, which the farmer can afford to give to the proprietor, after paying the expenses of cultivation, and being paid interest on his capital, and for his own occupation. It has been long ago made payable in a certain quantity of the current coin of the realm, and lately a quantity of the staple produce has been agreed upon, but which is convertible into money by an average price. Notice of this transaction will be taken in a subsequent chapter.

In ascertaining the value of leasehold property, there must be considered the peculiar nature and conditions of the lease, and the difference between the lease-rent and the full or actual rental value; as all sorts of leases where the rent payable is not equal to the just or true rental value at the

period of their being sold, lessen the value of the land, and are obviously an encumbrance in every point of view. The most approved mode of managing the business is, after ascertaining the difference between the lease-rent and the full rental value, encumbered with the same outgoings and repairs as the lease-rent, to multiply it by the number of years that are unexpired, deducting the product in full from the value of the land free from such encumbrance; and from the product thus found, to further deduct half the interest thereof during the said number of years, together with that of one half-year over, where the rent is payable half-yearly, and one year where it is payable annually; as all that a purchaser of this kind of property has a right to expect, is that of receiving the full rent for his land during the continuance of such lease or agreement.

Thus if the difference occasioned by the lease be 157., and supposing 10 years of the lease to run, the product would be