The Express.
London, England, 1850-08-20 00:00:00

Vbe Court.

OSBORNE. Avower 19.
TM Qum' and Prism in Osborne park. Albeit walked early this
amiss
The Trines at Walesoke Primus Royal and younger
ihreabere of the Royal Family, task their aseastaraed earwal
ly
walks and drives.
Then was no addition yesterday to the royal dinner party.

HER ►IAJESTY'B EXCURSION TO OSTEND.
rOlTll3lloltTli, MOND4T.—The ♦ioterb aad Albert, royal
yacht, amampaaled by the !Fairy, meat cat of ►arbour MI
serabg at 6.30. area pesteeded to Cowes Roads, when) they
aethered. The weather bolsi somewhat unpropitious, with
very equally winds from the 8. W., her Majesty has sot yet
(6p.m.) embarked; but should it moderate it is expected
her Majesty will do so early in the morning. The Vivid,
stuam•vessel, arrived this oaoraiog as the royal yachts were
going oat of ►arbour, for the purpose of secompanying her
Majesty on her exisorsiou. Tee Stromboli, steamsloop,
width lift this port on Thursday, awaits the royal squadron
is the Deems.

The Doke of Cambridge left town yesterday mora-
ine fee Plamewydd, Amerces, wham the Duchess of Cam-
bridge mid the Panes.. Mary sad the Hereditary Creed
Doke and Grand Reams of bletklenberg are at
preeent otayiep. His Royal Mohnen was attended by
Baron Reesoberk.
Lord and Lady John Russell left town yesterday
morning for Carlisle, en ►oete to Glasgow and the north.
Earl Granville has kit town for the Continent.
Despatches from the Governor of Canal, and also
firma the Governors of the West Lithe colonies, were received
yesterday at t►e Colosial•cffice.
Dispatehes were asat cif hist evening from the
Colonial-alto for the Governors of Ceylon and Hoag-Kong.

THE EPISCOPAL AND CAPITULAR
REVENUES COMMISSIONERS.
The commissioners appointed for the porpote of
it raring into episcopal and capitular estates and incomes I
in England and Wales, have presented their second report.
It states : In our first report we stated that we had en- '
&secured to apply to the mason, house property, and
mines belonging to the chords, priaeiplse anal moue to
those therein recommended with regard to the manage.
ment of forms and lands, but that in 000mquence of the
difficulties which presented themselves we deemed it esp.
Meat to reserve the question as to the management of
those kinds of property for further conaideratioo. We bare
state applied ourselves specially to this branch of our in-
quiry, and we now submit to your Majesty the following
ebst evetions and suggestions thereon :
MANORS AIM MANORIAL LANDS.-Manors are frequently '
Winded in leases for lives and yeas; the lessee', who in
sem parts of Elegised, especially the southern and western
eountsee, are styled "lords airmen," keeping the courts, and
having vested in them all the tights and privileges of the
lords Marino the continuance of their leases. Many manors '
also belonlitog to the thumb are " hand," the bishop or
other digorary. as the ems may b., retaining the lordship.
Of the mation.l lands some are eopyholde for lives and some
of inheritance, and ere gabfest to the payment to the lords '
of quit rents and tines (either arbitrary or certain) on re.
newal,death, tor alienatios, end are liable in same eases to '
&riots also ; all the lands bete g held by copy of court roll,
and dealt with mending to the custom oc the manor in
which they are locally situate. We do not feel ourselves
justified in recommending the same indulgence to he allowed
to the lemon of manors as we have advised with respect
to other moo es belonging to the church, such leases.
haring, in our opiates, no chi:: a on account of capital
espene.ed or improvements effected 'upon the proper' y.
We tidal', therefore, that leases of manors, especially those
is the bands of lords farness, theraid not be renewed, but
that sash leases should either be run out, or the manors sold,
anterdiag to the judgment of the central board, es might
seem to them most expedient for the interests of the church.
Exceptions should however be nude, ant the kiwis should
be marled to renewal in cues where the manors are held
is esnaexion with minim or &sneak lands, which should
be dealt with upon the same principles as are reran
mended in our farmer report with respect to largos and lends.
We thick also that the capyhoid end eustoniery ten-ire or
manorial lands should be as soca ss poemble extinguished ;
the eopeholds for lives toeing in scmn cases, at the discre-
tion of the central board, treated es leas-holds for lives, and
in other eases, together with the eopyholde of inheritance,
enfranchised; all monies to be received by way of purchase
money or for enfranceieement being invested as • evised in
our former reply.. We farther recommend, that in ell
future enfeanehirements of enpybelds for lives, the practice
of exchanging the lives before enfranchisement should
either be discontinued or, otherwise, that the fines taken fur
mach exchanges should be treated se capital, and invested.
Hotsi PROPERTY AND BEILDINo LAND.-The hum
proper' Wowing to the dignitaries of the church appears,
ra genelly .peaking, to be let upon leases for twenty en-,
thirty, or forty years, or for three lives, and some is let at
Ireek rent. There is also much ostotable house property and
building laid let for lona terms of sears, either under spe-
cial gets of parliament, or tee Les.inz Act relined to in our
former report. The entounts of the fines paid on the re.
&wale of the leases vary in different dines's. With respect to
the forty years' leases, ordinarily renewed every fourteen
years, the fines are is seers places only thrmoinertees of a
year's Savable milk, and in other pleas use year's value, or
a year and a hall's value. In this last can the fine is nut far
from the true value of the toasty terra of fourteen
I years for which it is pail. We propose to apply to these
renewable leases of houses thesane principle which we have
proposed in our first report with respect to losses of farms
and lands, bat with the modifications wrack appear
to as to be r quint' by the teture of the pre-
party. We suggest that in consideration of an Wi-
den& annual rent, to be paid by the knee. the
right of perpetual renewal ie• the existing rate of fine bo
secured to the lessee, sod that new valuations should take
place, not at each period of renewal, but .very twenty. first
year. The addilional annual rent should be determined as
!tallow, : -1. The value of the dry term of the lessee (i. e. kis
term without any right or expectation of renewal) should be
esoertalned. 2. The value of the tame with the right of per-
petual renewal at the usual rate of fine should likewise be
estimated. 3. The lease should be cheesed with an addi-
tional rent calculated on hall the difference of these values.
Considering that this additional rent will be • well secured
rent, five per cent. on the 'tome m:ntioned half difference
will be sufficient. In illustrating this recommendation by
examples it should be borne in mind that the fee simple of
house property seldom exceeds 18 2 3 years' purchase, yield-
ing an interest of six per cent., end accordingly in the
followirg examples the value of pullet or reversionary
interests in the property is estimated at the like rate of in-
tenet, though in practice a higher rate of interest would
probably he allowed in the calculations.
Exempla 1 -Lease originally 40 yearn, renewable every
14. The existing lease is assumed to have 26 yeas to nue,
and ecniequently the fine would now be payable. The
annual value, 1001.; the fire, 1501. ; the annual payment
equivalent to the tine, 141. 45., the I value bane& :
cielly enjoyed by the Imes 1001, less 141 4s. -851. 16e. ;
the yaks of the dry term (28 years) of the lease 1,3001
the value of the lessee's term, with the right of perpetual
renewal, 16 2.3 rd years' purchase of his beneficial interest
of 113 e., 1,4301. The difference of these values 1301.;
halt that difference, 651. Five per cent. on this 31. 65.,
the additional annual rent to be paid by the lessee.
Example 2.-The sane circumstances are assumed as in
'sample 1, but the fine only one year's purchase, or 1001.;
consequently the annual payment equivalent to the fine,
91. 9a. ; the annual value benefirialle enjoyed by the lessee
equals 1001. less 91.95., making 901.11 a ; the value of the
dry term (26 years) of the lessee, 1,3001. ; the value of the
lessee's term, with the right of perpetual renewal, 16 sad
two-thirde years' purchase of his ben. tidal interest of
901. 11.., 1,6091 3e. 41. ; the difference, 2091. 3s. 4d.; belt
the difference, 1041.65. Bd. ; flee per eent. on this, 61.45.
Example 3.-The ease circumstances as in Example I ,
but the line only three wieners of a year's purehermi, 1...,
751. Consequently the 1 payment equivalent to the
fine, 71. 25.; the annual value bent &golly enjoyed by the
lessee, 921. 18s. ; the value of the dry term (28 years) of the
111•1041, 1,3001. ; the matte of the lessee's term with the right
of perpetual roiewal, 161-921. 186., 1,6481. The dif-
ference, 2481. ; half the difference, 1241. ; Five per cent. ow
this, 61, 41.
Example 4.-The mos hers amused is that of a loses
originally for 30 yeses, renewable every 10; the existing leak
him 20 pin to run; the annual value, as before, 1001 ; the floe,
1501.; the annual payment equivalent to the fine 181 10a.;
the annual value beneficially enjoyed by the lessee, 811. 106.;
the value of the dry term (20 years) of the lessee, 1,1461.;
the vela' of the lossine's term with right of renewal,
1.3501.6 e. Different*, 2061.6 e. ; ball the difference, 1031. 3a.
Five per oast. on this, 61. 3s.
Example b.-The lease originally 21 years, renewable
every 7. The evisting term has 14 years to run ; the annual
vales, 100 t.; the fine.l6ol. • the annual payment equivakat
to the flue, 261. ; the annual value beneficially enjoyed by
the liaise, 751. • the value of the lama's dry term (14
years), 9291.; the vale. et the lessee's term with right of
perpetual renewal, 1,2501.; the differense, 3211. • half the
differesse, 1601. 10s. ; See per cent. on this, which would be
the additional canal rent payable by the Immo, 81.
Wei should propose that on these arrangements power
should be given to commute the fine, either wholly or ze
part, into rent, either immediate or deferred, and also to ap•
poetics the Saes sad rents, so as to provide for any &Wier
oggegements in the nature of sub teases effectingthe

hat respect to house peoperty let ea heves for lises—la
• first instance, the right of perpetual sewswal at the pre-
seat rata of fine may be conferred is the lessee in caesium-
We elm additional annual rent, to be aseartained as is the
inseames those oiled; and, substquently, the Wow for
Uses tw be essiviwted into renewable
to years in the
mode Wen by us with respect to lows of Isms
sad bah. illntiremas to think that some of the home
church, especially that held at task rent of
=quality, may be advantageossly sold or eschaspd.
le maw ears this sieheistiog leases night be converted into
haus far bag terse of years, without right of moral, by
W glebes& of a sufaciest number of yeas' for that purpose,
sad eyes tut by the lame, either at seem at intervals,
of tion equivalent te the talus et she lines which
be wail pay seder the past grits suestesiva
nemesis data. that term TM central based should have
=he these peopeete. the leasees' eel hoses' laureate
bees fires assetaferd se above sesstiesed. We do
set piques OM the IlieSeseggestlea elasuld be applied
te isms .11 laud lot as hoses granted
mike mesa tb• Aso, as to whisk we heirs
lied's,. Sr sessisslisd. Essigdos *odd also be made