Bedfordshire Archives Service Catalogue
  • Reference
    R3/4517
  • Title
    Letter Reads- Lord Spencer's opinion on letting farms on 21-year leases; effect of corn law. Lord Leicester's tenants, who have 4 years unexpired of present leases, have proposed small advance of rent if he will give them new 21 year leases. Duke sceptical. In 1835-6 when the Bedfordshire farms were let, the rents fixed by me were on the opinion that such rents would be paid with wheat @ 6s. per bushel, barley 4s., mutton 6d. 1b. & wool 14d. On this calculation barley & wool were high, but my opinion was that a low price of wheat (the staff of life) admits the consumers to enjoy more of the comforts of life; and the less a man has to pay for bread, the more beer he will drink and the better coat he will put on his back; & that wages do not rise with prices to enable the consumers (for the labourers, from their numbers, are the great ones) to buy the same quantity of each, & therefore they fall short in their comforts. Wheat advanced to 8/6 bush. 41.66% Barley 4/6 12.5% Mutton 7d. 16.666% Wool about 10% 80.832 Divide by 4, giving an average increase in value of 20.18.0% on the produce of the land in 7 years. 1835-1841/2; in round numbers 20%. Now although produce has increased in value 20% I do not mean to say there is to be a general rise all over the estate; always exceptions; In 1835 I valued great farm, Maulden, @ 600; Overman hired it at 560; I now propose to put it at 600 & add 20% making his rent for next 7 years. 720. Ridgmont Park farm let under peculiar cirs. @ 350. I thought it worth 400 then; add 20% = 480; but Ridgmont is heavy for poor & I am sorry to say has increased more than I expected; so I recommend 470 for 7 years. These 2 farms may be taken as specimen of way in which all estate should periodically be revised; but to say that the remainder of the estate will bear the same advance as these two would be misleading. There are so many local circs. to be kept in view. The tenants have had a good 7 years; if the next 7 years not so good, they have no reason to complain.
  • Date free text
    4 March 1842
  • Production date
    From: 1842 To: 1842
  • Level of description
    item
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