wages they earn, and the employment provided for local labourers, and the custom brought to local tradesmen, mean prosperity for the places where the work is carried on. There is a cheap kind of philanthropy which consists in abusing the speculative builder; but if he be not what is popularly known as a jerry-builder, his pursuit is no more reprehensible than that of the boat-builder or of the cotton spinner. Both these latter work to supply an existing or expected want; if there be over-production, it is the producers who suffer from, the public gain by, it. In the same way, if the speculative builder build more houses than are wanted in the locality he has chosen, rents must come down, and the public are the gainers. Not all speculative builders are rogues; moreover, most of them are tied down by very stringent clauses in the leases granted by the ground landlords, to erect sound and substantial buildings. But this, after all, is only an obiter dictum, suggested by the theme. The honesty or dishonesty of the builder lies beyond the sphere of my discourse, and does not affect the principle I advocate, and this principle is that, land being the source and comprisal of all the values constituting industry and commerce, and as such the original of all in which man can speculate, an investment in land is a dipping into the cornucopia of Nature itself, with the certainty of drawing therefrom, sooner or later, the anticipated prizes. We hear of gigantic fortunes made by successful commercial speculations, by lucky hits in mining enterprise, by striking "ile"; we find that those among the speculators, who are wise, invest their wealth in land, so as to rest it for ever on a safe basis; for trading ventures may fail, mines and "ile" give out; while the produce of land, especially if it shows itself in the shape of ground rents, is not only permanent but likely to increase, and the owner can in perfect security enjoy his otium cum dignitate, whilst his golden apples are ripening. The wealth of the greatest financier rests on an unstable foundation; political convulsions, monetary catastrophes may at any time give it a rude shock-as recent experience may teach us; but fortunes such as those of the Astors, the Westminsters and the Bedfords, seem above the attacks of fate, for these fortunes have their roots, so to speak, in the very soil of the globe itself. True, not every one can be or become the owner of a vast domain, but all the advantages and charms of one may be reproduced on a reduced scale in the small estate. The intending buyer of land, of course, is guided in his selection by the object he has in view in making his purchase. He may require He may require the land for his own occupation, either for pleasure or profit; he may buy it as an investment to be let on leases or otherwise, or to be turned into a building estate, yielding ground rents; or he may acquire it on speculation, with a view to a re-sale at an enhanced price in the near or distant future ; he may require a water-frontage, or easy access to a railway. In this selection, requiring considerable technical knowledge, the purchaser needs sound advice. It is the object of this book to give it him. And if acted on, no investor in land will have reason to regret his venture; for it is quite certain that, whilst the industry and commerce of this country are on the increase-and that they are so cannot be doubted-its wealth will increase, and consequently the demand for land for business and pleasure. We know that broad expanses of waste and totally unproductive land have, within the memory of almost the youngest among us, by the erection of factories been gradually covered with big towns. But whilst the demand grows, the supply cannot be increased, as that of almost commodity; and hence the land which remains disposable must from year to year, in the eager competition for it, command higher prices, and the large sums now obtained for it in favoured localities will gradually become the standard for most parts of the country; as we already find, to give an illustration, that the land around what a few years ago were poor fishing villages, now that they have become seaside resorts, is daily rising in value. I cannot conclude these remarks without expressing the hope that our legislators will, when the occasion arises, with firm decision stamp out the silly and wicked schemes of would-be spoliators, who, under the fine name of "nationalization of land," propose a wholesale robbery. As long as principles of justice and common sense prevail in this country, these schemes cannot succeed; but to propound them is an insult to Englishmen which should not be tolerated. C. W. HECKETHORN. CHAPTER XXXIII. IMPROVING FARMS A SAFE INVESTMENT. BY CHARLES E. CURTIS, F.S.I., F.S.S. Professor of Forest Economy, Field Engineering, and General Estate Management at the College of Agriculture, Downton, Salisbury; Member of the American Academy of Political and Social Science; Consulting Forester to the Right Honourable Lord O'Neill, Shanes Castle, Antrim, Ireland; Author of "Estate Management," 3rd edition (Field Office), "Practical Forestry" (Office of Land Agents' Record), "Principles of Forestry" (R.A. Society's Journal), "Valuation of Property (Corporeal and Incorporeal)," &c. We are too apt when speaking of land to overlook the fact that the term comprises something more than mere soil. We are apt to forget, too, that in this highly civilised country the term must be taken in its concrete. sense because it is impossible that land in its crude state can be found, except in a few solitary instances of wastes, which serve to prove the rule. To see and to be able to appreciate land in its crude or prairie state we must look beyond the circle of civilisation. Land may be said to consist of two parts, first, the land itself, which may be said again to consist of two parts, namely, the soil and the minerals beneath it; and secondly, what man has placed upon it by skill and investment of capital. The first is the natural, the second the artificial component part. It is in this country practically impossible to separate these, for the value of land depends upon the quality of the soil aided by artifice rather than upon its productive qualities alone. Nevertheless the quality of the soil apart from artificial assistance is the first element of value, and all who attempt to value land will first consider it. It must be clear that land naturally productive, that is, possessing those ingredients essential to plant-life, in abundance and in an available form, possesses something which cannot be lost and cannot, in the same degree, be added. Naturally fertile land will be always fertile; though man may to some extent exhaust it, he cannot completely rob it; whereas naturally barren land, aided by skill and expenditure of capital, may be rendered productive, but the elements of production may be readily lost. If we except drainage, which is only occasionally required, we shall find that rich and poor land require the same amount of expenditure in buildings, fences, roads, and so forth; and if, say, five per cent. is required upon the capital thus invested, the rent of the land itself will be found to vary greatly. It is conceivable that much of the poor land without buildings would command no rent at all under present agricultural conditions, whilst the richer land might let for a considerable sum. It is clear, therefore, that the inherent capabilities of the soil bear very directly upon the value of land. The landowner who improves good land by the erection of buildings, fences, and fixed machinery, or who makes roads, and plants for shelter, is investing his capital well, and with a certain prospect of a good return; but if the same investment is made upon poor land, there may be in times of agricultural prosperity a fair return, but in times of depression, the land may yield no interest in the shape of rent at all. This being the case, care is needed in the carrying out of permanent improvement, if it is to be done upon purely business principles. If for the purpose U |