The Sun.
London, England, 1837-03-13 00:00:00

CHURCH RATES BILL.

Return to an Order of the House of Commons, dated March
10, 1837, fora copy of the answers given by Mr. Finlaison,
Actuary of the National Debt Office, to questions on the
subject of Ecclesiastical Leases ; with a further memorandum
on the subject. Also a Note on Ecclesiastical Leases, by Mr.
Drinkwater Bethune.
( Confidential)
Sir—l am directed to request your written opinion on the
following questions on the subject of ecclesiastical leases, for
the information of the Chancellor of the Exchequer.
The fines received on renewals of leases by the Bishops,
Chapters, and Dignitaries in cathedral and collegiate churches
are stated in the Report of the Commissioners appointed to
inquire into ecclesiastical revenues at
£74,812 received by the Archbishops and Bishops
164,059
21,760

£260,631
It is also known that, of the Bishops' outstanding leases,
1,336 are granted for terms of years,
2,5b9
for lives.

You are requested, upon the best consideration you can
give to the subject, to state your opinion ion the two following
points _ .

Ist. What, according to your experience and the best in-
formation you have procured on the subject, is the
usual rate of interest on which such fines arc calculated?
2dly. From these data, and from any other information
you may possess, what is your estimate of the probable
rental of the Church lands, and the reversionary inte-
rest of the Church therein ?
You will have the goodness to send your answer to rne, un-
der cover to the Chancellor of the Exchequer.
I have the honour to be, Sir, your obedient servant,
John Finlaison, Esq. ARTHUR HELPS.

National Debt Office.
ANSWERS BY MR. FINLAISON, ACTUARY OF THE NATIONAL

DEBT OFFICE, ON THE SUBJECT OF ECCESIASTICAL LEASES.

.
Question I.—What, according to your experience, and the
best information you can procure on the subject, is the usual
rate of interest on which such fines are calculated ?

Answer.—l have no doubt that, upon the average, seven
per cent. is below the rate of interest allowed to tenants of
church leases on renewals. A material distinction exists in
this respect between leases for years and leases for lives ; also
in the rates allowed by Bishops and by Deans and Chapters ;
levt n per cent., or two years' purchase, for renewing from
full teen to twenty-one years, may be safely owned as below
the average.
Question 2.—From these data, and any other information
you may possess, what is your estimate of the probable rental
of the Church lands, and the reversionary interest of the
Church therein ?

Answer.—l have formed such an estimate from examining
the particulars of a great number of leases in various parts of
England, and applying the results of that examination to the
whole, I have satisfied myself that the following results cannot
very much from the truth :
Ist. The sum of 260,6311., assumed as the total amount of fines,
consist of 109,9601. received from renewal of leases 00 years.
150,671

£260,631
2d. The fines received from renewal of leases for years are in
respect of lands of which the rental is not less than £370,081
So the lands now under lease for three lives are of
the annual value of not less than..
Those in lease for two lives..
Ditto one life

880,973
155,818
197,874

Making a total rental of £1,514,646

The value of the reversions of the Church in this rental,
interest being assumed at 4 per cent., is—
In the estate for years £4,917,201
Ditto lives

£12,617,443

The interest of which, at 4/. per cent., is equal to a
perpetual annuity of
DeduLl the yearly income now received in:the shape
of fines

Perpetual surplus income
JOHN FINLAISON, Actuary of the National Debt,
and Government Calculator.
FURTI(ER MEMORANDUM FROM THE ACTUARY OF THE NATIONAL