Page:The Settled Estates Act, 1882.djvu/21

17 purchase of long leaseholds (the advisability of which seems doubtful), of mines and minerals, and any power or right for mining purposes convenient to be held with the land, in payment to any person absolutely entitled, such as persons entitled to portions—and what constitutes the two greatest innovations—(1) Investment in Government Stocks, and a few other substantial securities named in the Act, or authorised by the settlement as a permanent investment but so that such investments shall, for all purposes of disposition, transmission or devolution, be considered as land under the settlement; and (2) Application of the money to any improvement mentioned in the Act. These improvements comprise almost every operation which can increase the value of land for agricultural, mining, or building purposes, e.g., erection of labourers' cottages, farmhouses, draining, embanking, reclamation of waste lands, erection of mills, building of railways, canals, docks, making of markets, streets, roads, squares, gardens, &c., sinking trial pits for mines, and the reconstruction and repair of any of the above works. But in order to preserve, as far as possible, the rights of remaindermen, and this is where the measure should commend itself to Conservatives, there are elaborate provisions against improvident sales or leases, for setting aside and investing part of fines, mining rents, royalties, and proceeds of cut timber as capital; restrictions against selling the mansion-house, and demesnes therewith enjoyed, except with the consent of the trustees of the settlement or an order of the Court; regulations that, for purposes of investment, the moneys are to be invested by and in the name of the trustees of