day, but the growth of more than one generation. Now this man, as has been
remarked, has a taste for country life--that is to say, he is an
enthusiast over horses--not betting, but horses in their best form. He
likes to ride and drive about, to shoot, and fish, and hunt. There is
nothing despicable in this, but, after the manner of men, of course he
must find an excuse.

He found it in the children when they were young--two boys and one girl.
It was better for them to have country air, to ride about the country
lanes, and over the hills. The atmosphere altogether was more healthy,
more manly than in the suburbs of a city. The excuse is a good one. Now
come the means; two plans are open to him. He can buy an estate, or he can
rent a large farm, or rather series of farms. If he purchases a fine
estate he must withdraw his capital from business. 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