obviously would affect, in course of time, the prices of the cereals in England, it seems to me that an act of injustice to this class of property was perpetrated when the Corn-Laws were repealed, and when no counterbalancing compensation was given, or provision made in the Act to meet any future diminution of this property _below par_, which diminution may be traced to the operations of this Act. This national property should be carefully safeguarded, especially against landlords, who, in the majority, are the law-makers. REDEMPTION OF TITHE-RENT CHARGE. The force of this observation is keenly felt when the property is put up for sale. It will be difficult to frame a Redemption Act, for one party will calculate the price at _par value_; another party, at the current annual value, which is now so much below par. And it is uncertain when the upward turn in the average annual value will occur, and when it does occur, it will be very small and slow. This is what makes the redemption question so difficult to deal with. In the Tithe Act of 1891, the provision for redeeming the tithe-rent charge is omitted and postponed. In framing a Redemption Bill, everything will turn on the meaning attached to the word _value_. Two values will be the salient points for discussion: (1) _Present market value_ of the tithe-rent charge; and (2) _a fair value_. The most opposite opinions will be found to prevail on these two vital points. Let us take £100 of the “commuted value,” and put it in the market for sale. The present value (1891) of the £100 is £73 3_s._ 3¾_d._ Present purchaser will reason thus: Depreciation, £24; rates and other charges, £20 = £100 - 44 = £56. Having arrived at this amount, the next important question the purchaser will ask himself, How many years’ purchase shall I give? Some will say twenty, but a reasonable man will say twenty-five, and will offer 56 × 25 = £1,400 for the £100 of the “commuted value.” Again, there is a powerful body, and among them the Ecclesiastical Commissioners, who would probably not sell at £1,400. They would start from _par value_ and only allow a deduction for rates and other charges, _i.e._, £ 100 - 20 = £80, and would not sell for less than twenty-five years’ purchase on this value, _i.e._, £80 x 25 = £2,000. These are the salient facts with which the framers of any Redemption Bill will have to deal. There may be a _modus vivendi_ arrived at by “splitting the difference,” and selling £100 say for £1,800, and other amounts in the same proportion. The Bill will never pass except both parties will agree to a _modus vivendi_, as above sketched out. But in my opinion, the price should not be less than £2,000. The following statement is taken from the Tithe Commissioners’ Report, dated 4th July, 1887.