Blackwood's Edinburgh Magazine, Vol. 63, No. 388, February 1848Various
History
Blackwood's Edinburgh Magazine, Vol. 63, No. 388, February 1848
Various
England -- Periodicals; Scotland -- Periodicals
We have been accustomed of late to fluctuations of property, but it
would be difficult to find in any other list of prices such instances of
ruinous declension. The above were cases of private sale; let us now
look to the estates which were sold by execution in the country, and we
shall find a still greater decadence. In the following list, which is
that of 1846, the Kitty estate, disposed of in 1840, appears again.
Kitty Estate, £3,000 £60,000
Nismes, 5,000 55,000
Vryheid’s Lust, 6,000 55,000
Let those persons who think that the planters were amply compensated by
the sum of £20,000,000 at the time of emancipation, consider the above
figures carefully: and they may arrive at a different conclusion. Let us
adopt the argument of the Planter, and take the case of the Kitty
estate, of the original value of £60,000. Suppose that upon this estate
there had been £18,000 of debt, and a clear vested remanent interest to
the proprietor of £42,000. Let us further suppose that the property had
not changed hands until 1846, when it was brought to sale, and the
result will be, that the compensation money, estimated at £15,000, and
the price which the estate fetched in the public market, would barely
have sufficed to buy off the mortgage, and the proprietor’s £42,000
would have utterly disappeared!
We are enabled from a private source to carry out the history of one of
these Demarara estates. “We bought it,” says our correspondent, “or
rather we took it over as a bad debt for our mortgage (upwards of
£12,000) for £5,000. Of course no person would have had any thing to do
with it but under the circumstances stated. And to show you that
property is now of no value, we may mention that we took an estate over,
valued in the year 1825 at £60,000, as a bad debt; and though the estate
has been advertised for sale or lease, we cannot get an offer of any
kind, and have accordingly determined and sent out orders to abandon it.
The works are in first-rate order, and every thing complete; therefore
you may judge of the sacrifice; which, however, is only imaginary, as
the cultivation of this estate, since 1842, has cost us £13,000 more
than the produce has yielded. This does not include interest, but the
actual wages and expenditure to make crops which have sold for £13,000
less than they cost us to produce. I could enumerate many others, but
one is as good as a thousand. The situation of some of the estates is
much in their favour, and this was another reason that induced us to
take the one alluded to on any terms.
Public-domain text, read in full here on John Shaqi.
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