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150%.; and supposing the payments to be made yearly, the interest to be deducted. would be the half of 75l., the interest of 150l. for 10 years at 5 per cent. with the half of 71. 10s. one year's interest, making together 417. 5s., which deducted from 1501. leaves 1087. 15s. the clear sum to be deducted as an encumbrance. The tenant pays what the lease stipulates; and if the seller were to make up the remainder at the end of every 6 or 12 months, the purchaser would receive the full rent, the same as if no encumbrance had existed. Thus the seller the first year would hold the whole of 150l. in his hands, the interest of

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The present value of a lease of 100%. let 10. under value, and for 10 years, is as follows:

Present value of 17. annuity for 10 years

at 5 per cent. by De Moivre's tables Multiplied by 107.

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£ 7.721735

10

Present value

77.217350

Being an annuity of 107. for 10 years, on the supposition of raising 101. yearly from the farm above the stipulated lease rent.

TIMES OF ENTRY.

II.

-ADVANTAGES AND DIS

ADVANTAGES.

DIFFERENT periods of the year have been adopted in entering on the possession of land, none of which are exempt from the objections that appear to be inseparable from all human arrangements. No time of the year can be mentioned without corresponding advantages and disadvantages, and this being the case, it only remains to choose the least evil, as we may suppose that experience in such matters has by this time fixed on the most suitable and most proper. The 1st of January is by some preferred on account of its commencing the year, and the 2d of February, or Candlemas-day, is the most ancient, and yet a very common time of entry to land, and the 13th of May to the houses and yards. These periods

are inconvenient, on account of being separate, and in not allowing the in-coming tenant the full use of the buildings at the busy time of the year. In cases of removing from a distance, the inconvenience of having property divided at two places for the space of three months is severely felt. The 25th of March, or Lady-day, is a more convenient time for entering to the lands and buildings together. Both these terms of entry do not afford a sufficient opportunity to the in-coming tenant of ploughing and preparing the land for the ensuing crops; but liberty is usually reserved of accommodation for a team of horses for that purpose; but this provision, though of great benefit, is far from being equal to the work that falls to be performed. Lady-day is the more suitable, as the winter is then over, and the green crops will be all consumed, and the straw of the previous crops will be made into manure. It also suits for sowing the oat and barley crops. The

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13th of May is a very general time of entry to the lands and houses together, with right of accommodation for one team to get on with the winter ploughing and other necessary work. The Michaelmas entry to lands and houses together takes place in September, and Martinmas on 22d November, and afford the in-coming farmer the full benefit of the winter preparation, but subject him on the other hand to a heavy valuation for the work of the previous sum

mer.

The most common terms of entry are Lady-day and Michaelmas, though in many places Candlemas is also used, and Mayday is principally adopted in the northern parts of the kingdom. The most opposite customs prevail in districts but a very little distance removed from each other. In some places dung and straw are not paid for, but are left free for the use of the incoming tenant, and hay may be removed, and sometimes not. In a few cases, hay

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