In the first place, that would be inconvenient to old friends, and even unjust to them; in the second place, it would reduce his income most materially.

Suppose we say, not for absolute exactness, but for the sake of present contrast, that capital well invested in business brings in ten per cent.

The same capital invested in land brings in, say, three per cent.

nominally; but is it as much in reality if you deduct those expensive improvements upon which tenants insist nowadays, and the five per cents, and ten per cents, allowed off the rent in bad years?
At all events, it is certain that landlords, as a class, are investing more and more every year in business, which looks as if they did not consider land itself sufficiently remunerative.

In addition, when you have bought your estate, should you subsequently wish to realise, the difficulties and delays are very trying.
You cannot go down to your broker and say, 'Sell me a thousand acres this morning.' Capital in land is locked up.
Mr .-- --, having been trained in traditions of ready money and easy transfer, does not like this prospect.