I.—sa

2

fore the rents, which in many cases were high, were only given on the prospective value. But though the improvements are supposed to be secured to the tenants, not one-tenth will be, and on revaluation the nine-tenths will go to swell the value on which the rent is assessed, as the " improvements " in sight are a mere trifle of the actual improvements resulting from years of labour and the expenditure of capital (probably equalling three or four times the original value of the land) necessary to convert the bush and swamp wilderness into meadow land; from roading by means of rates and special loans, all paid by the tenant, no subsidy being received as in the case of Crown lands ; from the building of factories, &c, all of which directly raise the value, and all of

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