1843 54 4
1819 72 3 1844 51 3
------ ------
Average 87 3 Average 56 5

Tooke on Prices, ii. 389, and Lords' Report on Burdens on Real
Property, App. No. 26.

II. In the second place, and this is a most important circumstance, the
burdens which have been mentioned all fall as a burden on the landowner,
how much soever his property may be charged with mortgages, jointures,
or other real burdens. These must all be paid in full by himself alone,
how small soever be the fraction of the nominal income of his estate
which remains to him after discharging the annual amount of its real
burdens. There is no right to deduct poor's rates, land tax, or other
burdens affecting land, from mortgages, or even jointure holders, unless
they are expressly declared liable to such, which is very seldom the
case. These annual charges must all be paid _clear_ to the creditor,
without any deduction, except that of the income tax, which the debtor
is allowed to retain by the Act imposing it. But this consideration is
of vital importance to the landholders when the amount of their
mortgages and other real burdens is taken into consideration. Their
annual amount has been estimated by very competent judges at
_two-thirds_ of the income derived from land, although, as there is no
general record in England for real burdens, their amount cannot at
present be accurately ascertained. But take it, in order to be within
the mark, at _three-fifths_ of the real rental, as ascertained by the
income tax returns, these show, as already stated, an income of
L85,000,000 annually derived from land. Take three-fifths, or
L51,000,000 of this sum as absorbed annually by mortgagers and
annuitants holding real and preferable securities over land, and there
will remain L34,000,000 annually to the holders of land and houses. Now
on this L34,000,000 the real burdens above mentioned, amounting to
L12,900,000 a-year, are fastened. If to these be added the income tax
paid by the land, amounting, by the income tax returns, to L2,112,000,
the clear income derived by landholders from the real property of
England, with the _direct_ taxes paid by them, will stand thus--

Clear Income as above L34,000,000
Deduct direct taxes levied
exclusively on land, L12,900,000
Income tax paid
by land, 2,100,000
--------- 15,000,000