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.
6.
999-years, which,
as
the world
may probably not last quite so long us 999 years, may be
considered
for
all practical purposes as little differing from an assignment in perpetuity.
Let it be supposed that Lots
this
No. 1, No. 2, and No 3, of the same reab worth, are put up for sale in at an upset rental of L. 20 a
a
a year.
Omanner,
Loh
No 1 possesses no particular value in the eyes of the purchasers
purchasers and sells to At at
the
No. 2
upeet rental factitious value in the
a
. possessing eyes of some, sells
to B at an advanced of £.10 a
the
a apear
ow
On ord
upset pental; and No. 3, being
sells to C at a further
highly prized,
advanc
of $.10 a
a year
: and suppose.
each purchaser to erect on
his lot buildings
Course)
precisely similar. Each expects of to realize for the money laid out on his ground the ordinary profits of capital, besides the sum paid to Government
long)
400
ers the demand
for ground pont; and as for houses bears such propection to the
supply
as
tó a
afford
6. this, he will be
and A and B will have made,
Patisfied, and A
an extraordinarily good speculation . But should the demand fall or the supply
increase, so that B
can
only jush realize
ordinary profit's in addition to the
rent, & must inevitably
gained,
1 ground
lose by
by the exact
3 formerly
with
amount of the excess that B for
and so it must come to pass
obtain common profits. B. when A can only obtains common Should, the demand continue to lessen or the
supply to increased,
tenant does not
altogether
C will find that his
pay
hine so much
us he pays the Government for
ground pent;
the
he will lose all interest
capital he has ceponded,
and sonce
- thing besides ; and his property being
under fuch circumstances
utterly
unsaleable, will be glad indeed; to make
le glad.
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