investment of surplus revenue from time to time, to provide a large sum for the privy purse of the Prince of Wales.

Shortly after the birth of his Royal Highness, your Majesty was graciously pleased to appoint the Prince of Wales' Council, who, with the aid and assistance of the Commissioners of Woods, administered the affairs of the duchy. His Royal Highness the Prince Consort presided over the council, and continued to watch over the conduct of the business. For twenty years we continued to enjoy the infinite advantage of his Royal Highness's superintendence of the varied business which came before us; and although we are conscious that, in addressing your Majesty, it is unnecessary to allude to the deep interest which his Royal Highness took in all that related to an improved administration of the duchy possessions, we should not do justice to our own feelings if we did not humbly ask leave to record on this occasion our sense of the irreparable loss which we sustained by his death. To his just mind and clear judgment, his quick perception of what is right, his singular discretion, his remarkable aptitude for the conduct of affairs, we never looked in vain for guidance and advice on any occasion of difficulty. The soundness of his opinions in all our deliberations was rendered more apparent by the toleration with which he listened and was always ready to defer to those of others. He never lost sight of the improvement of the condition of the tenant and the labourer, whilst anxiously seeking to restore the property of the duchy to a state of prosperity; and to him, we may truly say, it is mainly due that the Prince of Wales will now enter into possession of an estate greatly increased in value, and free from nearly all the disputes with neighbouring proprietors and others which at one time prevailed.

In the year 1845 the necessity of referring to the Commissioners of Woods being found to occasion inconvenience, their assistance ceased, and the sole management and responsibility from that time devolved upon the council, the Chief Commissioner of Woods, however, being always a member thereof until the year 1850, since which time one of the Lords of the Treasury, on being appointed keeper of the privy seal of his Royal Highness, has supplied the place of the Chief Commissioner of Woods. The principles of management, however, have continued uniformly the

same.

By an Act of Parliament passed in 1838, which was introduced under the sanction of your Majesty's Government, the duties payable upon the coinage of tin raised in Cornwall and Devon (which from the earliest period had formed an important part of the revenues of the Dukes of Cornwall, but which, as stated in the preamble of the Act, it was "expedient and for the benefit of trade" "should cease ") were abolished, and in lieu of them an annual sum of 16,2167. 15s., being the average net amount received in respect of these duties during ten years immediately preceding, was made payable, as part of the fixed revenue of the duchy, out of the consolidated fund of the United Kingdom.

In the same year, in accordance with the previous practice on each devolution of the Duchy of Cornwall, an Act authorizing the usual grants by lease or copy of court roll of the duchy possessions was passed, and by this Act an account of the receipts and disbursements of the duchy was ordered to be annually submitted to the lords commissioners of your Majesty's Treasury, with a view to its being presented to Parliament, which had not been previously done. And by an Act passed in the session of Parliament

held next after the birth of his Royal Highness the Prince of Wales, similar powers of leasing and granting by copy of court roll were given to the Prince, to be exercised during the minority of his Royal Highness under the direction of your Majesty.

Although a change in the mode of dealing with the duchy property was in contemplation at the periods when these leasing Acts were passed, it was not considered advisable to make any alteration in the powers which had been previously conferred by the legislature on successive owners of the duchy in this respect. The power therefore remained, and, unless altered by the authority of the Legislature, will continue to exist during his Royal Highness's tenure of the duchy, to make grants either in possession or reversion, dependent upon lives, and upon which fines may be taken and the revenues anticipated.

In the year 1844, after very anxious consideration, and acting upon the advice of the law officers of the crown and duchy, as well as of other lawyers of the highest eminence, the council authorized the introduction into Parliament of a bill for enfranchising the estates of the conventionary tenants within what are called the assessionable manors of the duchy in Cornwall. These estates had been previously held under grants, which were septennially renewed, and of which the tenants claimed, from custom and immemorial usage, a right of perpetual renewal. This opportunity was taken of ascertaining, through commissioners appointed by Parliament, and of defining and settling, under legislative authority, the boundaries of these estates, and the right of entry upon them for mineral workings, and other questions of great importance as regards the mineral property of the duchy, which, from lapse of time and other circumstances, had become involved in such obscurity as prevented the full development of this source of duchy revenue, and at the same time caused great inconvenience to the holders of adjacent property. The cost of this inquiry was borne by the duchy and the tenants in certain specified proportions. The duchy proportion, amounting to 26,272, was paid from the duchy capital, without any expense to his Royal Highness the Prince of Wales individually, further than the loss of the interest upon the amount so expended. The result has been very beneficial in conducing to the development of the mineral property of the duchy in Cornwall. The average annual receipts for the ten years immediately succeeding the birth of his Royal Highness were under 3000l.; whilst the annual average of the succeeding ten years, dating from the time when the effects of the settlement of the doubtful questions would come into operation, has amounted to upwards of 7000l. Advantage was also taken of this opportunity to fulfil a promise given by his late Majesty King William the Fourth, for quieting titles within the county of Cornwall after sixty years' possession, by placing the possessions of the duchy in that county in the same position with regard to the questioning of the subject's title as the possessions of the Crown were under what is called "the Nullum Tempus Act," passed in the ninth year of the reign of his Majesty King George the Third. This limitation was then confined to the county of Cornwall, but it has since, by an Act to which your Majesty's royal assent was given on the 23rd of July, 1860, been extended to the possessions of the duchy generally.

In the year 1844 another Act received the sanction of the Legislature, authorizing, during the minority of his Royal Highness, the alienation of lands forming part of the possessions of the duchy, and the investment of money arising therefrom in the purchase of other lands, to be annexed

the

to the duchy, in the same manner as the original possessions. This Act also authorized the Duke of Cornwall for the time being to make free grants to a limited extent of land for ecclesiastical and educational purposes, and conferred upon the Duke other powers connected with the management of the estates, and also contained provisions for carrying into effect certain changes which were then in contemplation in the constitution of the principal ministerial officers of the duchy, and which have been to some extent acted upon during the minority of his Royal Highness. Under the provisions of this Act the council have sanctioned sales and enfranchisements of portions of the duchy possessions, which have realized in the whole a sum of about 300,000l.; of which upwards of 40,000l. has arisen from sales made to railway and other public companies, including 28,000l. for the lord's interest in copyhold property within the manor of Kennington sold to the London and South-western and the Charing Cross Railway Companies. Other enfranchisements of copyhold property, effected by the copyholders themselves, have produced 26,0387., in addition to the 28,000%, making a total of 54,0387. within this manor alone.

After detailing certain sales, such as of the Berkhampstead estate, of the manor and common of Treverbyn, and of Langton Herring estates, the council stated the principles which have guided them in sanctioning sales, as follows:

These sales have for the most part been confined to outlying and detached portions of the duchy property which were inconveniently situated for management; but the council, as a general rule, have refrained from sanctioning the sales of reversionary interests where the estates were subject to beneficial grants which would have rendered a sale prejudicial to the inheritance of the duchy; the general existence of these grants has, in fact, precluded the council from deriving the full benefit of the aid which was contemplated by Parliament with a view to the consolidation of the duchy property, and from carrying into effect sales which, had the estates been in possession, might probably have been advantageously adopted. It may form a proper subject of consideration with his Royal Highness and his future advisers, whether it may not be desirable again to seek the aid of Parliament for giving effect to the system which was originally contemplated, but which the circumstances of the case have prevented being more than very partially carried out. In some special cases, and particularly with reference to house property at Shepton Mallet, the council have considered it desirable to sanction the sales of reversionary interests. The result of this, as regards the town of Shepton Mallet, has been very beneficial, and tended very much to its improvement, and it may deserve consideration whether, in the event of the requisite authority of Parliament being obtained, it may not be desirable to continue sales of this nature in this town, and also at Mere, in both of which places the duchy has a large extent of house property of an inferior class, and for the repair of which, on the expiration of the existing grants, a large outlay would be required. By the course pursued this outlay by the duchy has been rendered unnecessary, and the purchasers acquiring a permanent interest in their properties, have been induced themselves to carry out repairs and improvements to an extent which in Shepton Mallet has quite altered the appearance and character of the town, and will no doubt tend materially to increase the value of the duchy property in that locality.

In order to avoid as far as practicable the injury which these reversionary

sales would occasion to the inheritance of the duchy, the council have caused the purchase moneys, when received, to be invested in stock in reduced Three per Cent. Annuities, the dividends upon which have not been dealt with as forming part of the duchy revenues, but have been from time to time accumulated by reinvestment in the same stock, so as to form part of the capital. The full value of the property which has been the subject of these sales, if it had been in possession, may be taken at 36,000l., assuming that it had come into possession in good repair; the prices realized have amounted to 19,3387. 58. This amount has been invested in the purchase of 20,5371. 168. 5d. Reduced Three per Cent. Annuities, which, by means of the accumulation, has been increased to 26,663l. 58. 11d. of that stock. It has not been proposed to continue this accumulation beyond the period of his Royal Highness attaining his majority; but this will be a subject for the decision of his Royal Highness and his future

advisers.

The council then detailed the purchases to have consisted of the toll tin lease, lease of the manor of Shepton Mallet, and of the property of Hermitage.

With these exceptions the purchases which have been effected by the council out of the capital of the duchy funds have been of lands of inheritance, which have been permanently annexed to the duchy, and have become part of its inalienable possessions. These purchases have been chiefly of lands intermixed with or adjoining the duchy estates; and although it has been necessary in some instances to give apparently high prices for them, it is believed that in these cases the additional value thereby given to the adjoining duchy estates has fully justified the prices at which the purchases have been made.

The council have also, under the powers of this Act, sanctioned certain grants for ecclesiastical and educational purposes in connection with the duchy estates.

We do not propose on this occasion to trouble your Majesty with the details of the revenue and expenditure of the duchy during each year since the birth of his Royal Highness the Prince of Wales, as these have been fully stated in the accounts which, in accordance with the requirements of the Act of Parliament passed in the second year of your Majesty's reign, we have caused to be submitted annually to the lords commissioners of your Majesty's treasury, with a view to their being presented to Parliament as provided for by that Act; but it may be stated that after payment of the charges imposed by Act of Parliament upon the revenues, the superannuation allowances to retired officers, charitable donations, and the expenses of management, we have, up to the close of the year 1861, expended a sum of 41,593l. 98. 3d. in the repair and erection of farm buildings and cottages, and in drainage and other permanent improvements upon the property, and after providing for the payments which, under your Majesty's royal sanction, have been annually made to the treasurer of his Royal Highness, we have, pursuant to your Majesty's directions in this behalf, paid over to the Prince's trustees, for investment and accumulation as surplus revenue, from time to time, such money as was not required to be otherwise appropriated, amounting in the whole to a sum of 386,500l., which, with the accumulations, has produced, as we are informed, the following amounts in the Government funds, viz. :-In Consolidated Three per Cent. Annuities, 282,9691. 88. 11d., and in Reduced Three per Cent. Annuities, 289,106. 48. 1d., making together a sum of 572,0751. 138. of stock in those funds, and there is at the

present time a balance in the bankers' hands of 29,6467. 178. 8d., arising principally from rents now in course of collection. There is also a sum of 12,000l. Reduced Three per Cent. Annuities derived from a source hereinafter referred to, which the council have directed to be transferred to the Prince of Wales's trustees. In the year ending at Michaelmas 1838, being the first account for an entire year after your Majesty's accession, the gross revenue of the Duchy of Cornwall was 24,885., no part of which arose from fines on renewals which had then been abolished. The expenditure during this period was for the expenses of management 11,111, and for other outgoings 2,2381., making together, 13,3491., leaving a clear revenue of 11,536. The revenue has since gradually and steadily increased, although (except in the case of leases of house property within the manor of Kennington), the income formerly derived from fines on renewals of leases has been entirely abandoned. The gross revenue for the year ending on the 31st December, 1861, (which does not include the rental of the estates bought with the purchase money of the Berkhampsted property,) was 60,7351; the expenditure during this period being for the expense of management 6,865l.; and for other outgoings 7,2541., making together 14.1197., leaving a clear revenue of 46,616.

During the former of these periods the duchy mines in Cornwall were subject to five leases, on the granting of which fines had been taken, and the sum of 1741. entered in the account as mineral revenue, was made up of the reserved rents 50l., and of the proceeds from granite and China clay works 124. The lessees under these grants were not themselves generally the parties working the mines, but as such lessees they received the royalties from the adventurers. In the year 1840 these leases, with the exception of the tin grant, fell into hand, since which time the grants have been made direct from the duchy to the adventurers, and the full royalties received. In 1841 the revenue from this source was little more than nominal, but under the new arrangement it has largely increased, as appears from the averages before stated.

It may be right here to notice a subject which involved rather a large expenditure from the revenues of the duchy, occasioned by the abandonment of an important mine work within the manor of Tywarnhaile in Cornwall, which had been carried on for a considerable period under the name of the United Hills, afterwards called the Tywarnhaile mines, and had yielded a considerable income to the duchy, averaging upwards of 1,000l. a year. The adventurers having in 1847 resolved to discontinue the workings, it was represented to the council that unless they were continued, not only would the property in that and the adjoining mines, from the influx of water and other causes, be entirely lost, but a large body of miners would be suddenly thrown out of employment, and, with their families, exposed to great privation; as it was not found practicable at the time to obtain parties willing to prosecute the adventure, the council determined, with the view of saving the property from destruction, to continue the workings at the expense of the duchy for a time, in the hope that some parties would ultimately be found to take up the concern, which was represented as being one from which large returns might be anticipated. This was done for a period of about two years, and the amount expended by the council in the purchase of the machinery from the former adventurers and in carrying on the works was 48,1017. 78. 2d., the amount realized from the sale of ore amounting only to 19,3137. 10s. 5d., showing