Besides the charters which have at various times, for many centuries, been granted to companies, for the drainage of fens and marshes, and other lowlands, in modern times, great encouragement has been given by the British Government for the drainage and other improvement of high-lands. Not only have extensive powers been granted to companies, to proceed with their own means, to effect the objects in view, but the Government itself has advanced money, by way of loan, in aid of drainage and like improvements.
By the provisions of two acts of Parliament, no less than $20,000,000 have been loaned in aid of such improvements. These acts are generally known as Public Moneys Drainage Acts. There are already four chartered companies for the same general objects, doing an immense amount of business, on private funds.
It will be sufficient, perhaps, to state, in general terms, the mode of operation under these several acts.
Most lands in England are held under incumbrances of some kind. Many are entailed, as it is termed: that is to say, vested for life in certain persons, and then to go to others, the tenant for life having no power to sell the property. Often, the life estate is owned by one person, and the remainder by a stranger, or remote branch of the family, whom the life-tenant has no desire to benefit. In such cases, the tenant, or occupant, would be unwilling to make expensive improvements at his own cost, which might benefit himself but a few years, and then go into other hands.
On the other hand, the remainder-man would have no right to meddle with the property while the tenant-for-life was in possession; and it would be rare, that all those interested could agree to unite in efforts to increase the general value of the estate, by such improvements.
The great object in view was, then, to devise means, by which such estates, suffering for want of systematic, and often expensive, drainage operations, might be improved, and the cost of improvement be charged on the estate, so as to do no injustice to any party interested.
The plan finally adopted, is, to allow the tenant or occupant to have the improvement made, either by expending his private funds, or by borrowing of the Government or the private companies, and having the amount expended, made a charge on the land, to be paid, in annual payments, by the person who shall be in occupation each year. Under one of these acts, the term of payment is fixed at 22 years, and under a later act, at 50 years.
Thus, if A own a life-estate in lands, and B the remainder, and the estate needs draining, A may take such steps as to have the improvement made, by borrowing the money, and repaying it by yearly payments, in such sums as will pay the whole expenditure, with interest, in twenty-two or fifty years: and if A die before the expiration of the term, the succeeding occupants continue the payments until the whole is paid.
A borrows, for instance, $1,000, and expends it in draining the lands. It is made a charge, like a mortgage, on the land, to be paid in equal annual payments for fifty years. At six per cent., the annual payment will be but about $63.33, to pay the whole amount of debt and the interest, in fifty years. A pays this sum annually as long as he lives, and B then takes possession, and pays the annual installment.
If the tenant expend his own money, and die before the whole term expire, he may leave the unpaid balance as a legacy, or part of his own estate, to his heirs.