Perpetual Leases.

Now, how did the perpetual lease system appear from his (Mr. Withy's) point of view? It fell short in three points upon which he would touch. First of all, there was the question of re-valuations. The intention here was a good one, but the re-valuations were fixed at periods too distant. The first would take place at the end of 30 years, and the next after 21 years more had run. This was not frequent enough; for the market would rise very much too fast to allow the adjust-meats provided for to keep pace with it.