acreage of the college estates in 1890 seems to be really
6,142 a. Iг. 5p. This total is shown in the following table
(Table I), where the distribution of the acreage among the various
estates is exhibited, together with the counties in which they are
respectively situated, their corrected acreage in 1872 (at the time
of the Universities Commission), their acreage in 1876-77, in 1881
(a date when many of the fresh surveys of the estates made about
this time had been completed), and lastly in 1890. The table is
followed by another (Table II) showing the rental of the college
lands for successive years, according to estates, from 1876-77 to 1890.
The different estates are in each case indicated by numbers :-

:

245 270

1,534 14 2

142 15 4

1,618 3 6
125 13 4

245
270
1,770 15
94 10 3

6

245 270 1,646 8 118

2 10

1,521 8 10 1,479 8 10 1,456 8 10 1,424 13 10 1,299 19 11,251 11 10 1,251 303 8

I 10

2 10

2 10

245

2.10

In 1886 the year of account was changed from Michaelmas to Midsummer.
Year reckoned to Michaelmas.

4 Let with tithe for 18. a year to vicar.

Additional land purchased.

e Two years' rent.

e Let to the provost at a quit rent of 67. until 1883. g Year to Lady Day.

A Right of shooting let for this rent, which runs to Lady Day.

i Let on lease until 1888.

3 8,478 7 5 8,047 16
160

130

7,686 6 3 7,536 17 10 7,499 12 145

7,831 6 3 7,666 17 10 7,629 12 2

2

130

IV.-General Result of the Depression.

The first of these tables shows, as will be seen, an increase in the acreage of the college estates from 6,068 a. 1г. 1p. in 1876-77 to 6,142 a. Ir. 5p. in 1890, while the second table exhibits a diminution in rental from 10,472l. 58. 6d. to 7,629l. 128. 2d. during the same period. The broad result, therefore, of the agricultural de

pression has been a fall of 27 per cent. in the rental, with an increase in the acreage. But the full effects of the depression can only be accurately gauged by a more detailed examination of the separate estates; and, before this detailed examination is made, it will be instructive to compare the division of the acreage according to the nature of the tenure at the two periods :

The same classification is applied to the different estates in the following tables :

From these tables it is evident that the amount of land let at rack rent has increased, and that let under beneficial leases and in angmentation of benefices has diminished; and such a change would, in the natural sequence of events, have been followed by an increase in the rental; for the annual reserved rent, as it is called, under the system of beneficial leases represents a lower sum than the rack rent, and a fine is paid on the renewal of the lease expressly as a premium for the enjoyment of the tenure at a rental which is comparatively low, and land let with the avowed intention of augmenting the value of a living is not likely to be let at a rack rent. Both these points are, in fact, illustrated by Table II. The estate numbered 1 in that table forms the rectorial glebe of the parish in which it is situated. It consists of some cottages and some farm buildings, and until 1886 was let by the college as rectors to the vicar of the parish at a rental of 50l. per annum. On his decease, and the presentation of a new vicar, the college took this glebe into its own hands, and the present rental is 621. The estate, again, numbered 14 is situated near Bath, and consists partly of one large farm, partly of two small farms and a number of market gardens and cottages, and partly of residential houses. The rental of the estate increased by mo than 100l. between 1876 and 1890, although the acreag diminished by a sale in 1878; but the explanation is +-Jugh

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extent to be found in the fact that some of the property, which was formerly let under beneficial lease, is now let at rack rent.

V.-The Beneficial Leasehold System.

In this connection a curious example of the manner in which a prophecy may seem to be proved false by the subsequent course of events, but may have been in reality justified, may be discovered by referring to the anticipations formed at the time of the Universities Commission of 1872. A return of the property of the college was made on 1st January, 1872, and the annual income accruing from the college estates was thus stated

:

This total did not include a sum of 50l. derived from the property numbered 1 in the tables previously given, or a sum of 127. arising from the property numbered 9; and the addition of these two sums would increase the total to 9,666l. 8s. 3d. It was stated also in the return that deductions had been made for "fixed "charges paid by the college," though not for "repairs, insurance, collection, or income tax." An estimate was then attempted of the "prospective increase of income," and such an increase was considered to be probable in the case of the estates let on beneficial leases, and, to a small extent, also with regard to the copyholds for lives. แ Assuming," the return stated, "that none of the beneficial "leases are renewed, the estimated increase of income derivable "from the falling in of these leases, and the increase of the reserved "rents will be:

On or before the 31st December, 1875, about..

£ s.

d.

35 12

During the five years ending 31st December, 1880, about.... 474 15

The return also stated that the 5,019 acres of corporate property, which were Total... Total... rack rent, were let at an average rent of 17. 128. 10d. an acre. The fixed for which deduction was made, included land tax, tithe, and quit rents.