His lordship assumes it as a principle, that a landlord and a tenant arc capable of forming a tolerably just esti mate of the value of the land iu question, for a short period of years, such as it is customary to grant leases for in Scotland ; say 2I years : and having agreed upon these terms, which, for the present, we shall call 100/. rent, the tenant expresses a wish to have his lease ex tended to a longer period. To this the proprietor ob jects, on the principle that it is not possible to form a precise estimate of what value the ground may be at the end of that period. He has already seen that ground for the last 21 years has increased much more in value than any person at the beginning of that period could easily have conceived it would have done, and therefore he cannot think of extending the lease for a longer pe riod, as a similar rise of value may be expected to take place in future. This reasoning appears to be well founded, and therefore to give the landlord a reasonable gratification, he proposes that it should be stipulated, that if the tenant should agree to give a certain rise of rent at the end of that period, suppose 20/., the landlord should consent that the lease should run on for another period of 21 years; unless in the cases to be hereafter mentioned.
But as it may happen that this 201. now stipulated to he paid at so distant a period, may be more than the far mer will find he is able to pay, an option shall be given to him to resign his lease, if he should find that this is the case, by giving the landlord legal notice one year at least before the expiry of the lease ; but if that notice be omitted, it shall be understood that the tenant is bound to hold the lease for the second 21 years, at the rent specified in the contract. And if the landlord does not give the tenant wanting within one month after that pe riod, it shall be understood, that he too is hound to ac cept of the stipulated additional rent for the 21 years that are to succeed.
It may, how ever, also happen, that the sum specified in the lease may be a rent considerably below the then present value of the farm ; or the proprietor may have very strong reasons for wishing to resume the posses sion of that land, or to obtain an adequate rent for it ; a power therefore should be given to him in either case to resume the lands, if he should so incline. But as a great part of that present value may be owing to the exertions of the farmer, who has laid out money upon the farm, in the hopes of enjoying it for a pf.riod of 21 years, it would be unjust to deprive him of his Item lit vv ithum giving hint a valuable compensation for that improved value. On this account it should be stipulated, drat in
ease the proprietor at this tone resume s the farm, he shall become bound to pay to tic tenant ? EN yea] pur chase of the additional rent he had agreed to pay ; in the example above stated, woofer be 21)1q.
But the land may be worth still than the '2(i01. rise mentioned in the lease, and the tenala may be con tent to pay more, say 10/., rather than remove ; and he makes offer accordingly to du so. In that case the land lord should be bound, either to accept that and,tional otkr, or to pay TEN years' purchase of that also; and so on for every other oiler the tenant shall make before he agrees to remove front the farm.
In this way the landlord is always certain that he can never be precluded front obtaining the FULL value his land, whatever circumstances may arise. And if the tenant shall prove disagreeable, so that he would w ash rather to put another in his place upon the same terms. it never can be any hardship upon the landlord to pay the stipulated sum ; because it would be the same thing to him as if lie bought a new estate at TEN years' purcha:a free of taxes : a thing not to he expected. It is indeed true, that it would be more advantageous for him to allot the present tenant to continue ; therefore this alternativ r will be always accepted of, unless in very extraordinary cases, as it ever ought to be ; and thus the tenant's mind is impressed with a conviction that lie will con tinue in his possession; a conviction that ought ever to prevail, because it stimulates to industry in the highest degree.
And as the tenant is thus certain, that, at the very worst, his family must be entitled to draw a reasonable remuneration for the exertions of his industry, he can never find the smallest tendency to relax in his endea vours.
By stipulating in the original lease in the same man ner, that at the end of the second 21 years, the lease shall be continued for 21 years more ; and so on at the end of the third, and fourth, and any farther number of periods of 21 years, on agreeing to pay a specified rise of rent ; reserving to each party the same privileges as above described, the lease might be continued to per petuity, without either party ever being in danger of having an undue advantage over the other. The tenant will always be certain of having a preference given him over every other person, and will of course go on with unceasing exertions to better his land, which will of ne cessity tend to augment the income of the proprietor much more than could have happened under any other system of management.