999-years, which, as the world may probably not last quite so long as 999 years, may be considered for all practical purposes as little differing from an assignment in perpetuity. Let it be supposed that Lots No. 1, No. 2, and No. 3, of the same real worth, are put up for sale at an upset rental of £20 a year. Lot No. 1 possesses no particular value in the eyes of the purchasers and sells to A at the upset rental; No. 2, possessing factitious value in the eyes of some, sells to B at an advance of £10 a year; and No. 3, being highly prized, sells to C at a further advance of £10 a year: and suppose each purchaser to erect on his lot buildings precisely similar. Each expects to realize for the money laid out on his ground the ordinary profits of capital, besides the sum paid to Government for ground rent; and as the demand for houses bears such proportion to the supply as to afford this, he will be satisfied, and A and B will have made an extraordinarily good speculation. But should the demand fall or the supply increase, so that B can only just realize ordinary profits in addition to the rent, B must inevitably lose by the exact amount of the excess that B formerly gained, and so it must come to pass when A can only obtain common profits. Should the demand continue to lessen or the supply to increase, so that the tenant does not pay altogether as much as he pays the Government for ground rent, C will find that he will lose all interest on the capital he has expended, and something besides; and his property being under such circumstances utterly unsaleable, will be glad indeed to make a sacrifice.