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Why should an infant who is interested in land be better off than one who is interested in personalty?
Take a moderate estate of £30,000 of settled land and £7,000 personalty.
The yield from personalty is very much larger than the yield from realty, because the land of this country is only of a limited size.
In 1894 an attempt was made to put the same duty on personalty and realty, but relief was given in the case of settled property.
It is unequal as between the same classes of property, and it is utterly unequal as between realty and personalty.
The real grievance is, and always has been, the difference between realty and personalty.
The purpose of the clause is to apply the perpetuity rule to possibilities of reverter and analogous interests in personalty.
Why should not that apply to personalty as well?
You cannot treat land, where the value depends upon the unity being maintained, on the same basis as property which is personalty.
Some trifle of personalty in some conceivable circumstances would go to the wife under a will; therefore there would not be an intestacy.
That seems a great difference indeed in comparing mere personalty and realty in this country.
On the other hand, if you do know he is a bankrupt it is sufficient to deprive you of a good title, whether personalty or freehold.
Unless we increase the burden upon land, equally with other property, it means that we must increase the burdens still further upon personalty and other sources of income.
I do not think that any satisfactory basis of a division of public burdens between those borne by real property and by personalty, respectively, has ever been arrived at.
Nor can a single individual ever be able, in a constituency of five members, to make his personalty and his policy adequately known to those to whom he is appealing.
