WILLIAMS' CASE.—3 BLAND. 279

cerned agree, that the Chancellor fix the value of the dower.
There had prevailed an idea pretty generally, that the value of
the dower, of a middle aged woman, was only one-eighth of the
whole value of the land; and parties sometimes, in this Court,
have agreed, that one-eighth of the net money arising from the
sale should belong to the widow. The aforesaid idea is evidently
borrowed from England, where the widow's dower is estimated
from the rents. For instance, land which would sell for £7,500,
rents for only £300, or four per cent.; well; as the widow is en-
titled to one-third of the rent, viz: to £100 per annum for life,
they calculate the present value of her annuity. If thirty years
of age, or under, she has an equal chance of living twenty-four
years; for this they set down twelve years certain, and then calcu-
late the present value of an annuity of £100 lor twelve years.
This they find about £937 10s. 0d.; calculating their rate of inte-
rest which is five per cent.; the said £937 10s. Od. is just one-eighth
part of £7,500.''

"But surely the incontrovertible principle is this; as the widow
is entitled to one-third of the land for life, when she consents,
that the land may be sold, she is entitled to the interest of one-
third of the money for life. Suppose then, the land sell for £3,000,
the interest is £180, one-third of which is £60; suppose her of such
an age, that is. not exceeding thirty, as to have an equal chance
of living twenty four years; set down twelve years certain, and
calculate the present value of an annuity for twelve years of £60
per annum. I calculate at compound interest of six per cent,
and the said value to be rather more than £500, which is one-
sixth of the whole money, £3,000. Had I calculated at simple
interest the value would have been still less: but compound inte-
rest surely is right. You wish to know the present value of £100
to be received twelve years hence; you find it to be £50, because
£50 at compound interest of six per cent, in twelve years amounts
to £100, and * even a little more. Calculate at simple inte-

rest and the value of £100 receivable twelve years hence, is 270
about £58 5s. 0d.; because £58 5s. Od. at simple interest of six per
cent, amounts, in twelve years to about £100. Suppose a man
accustomed to let money at interest, he can lawfully exact only
six per cent, and must not charge interest on interest. Who is
there that can afford to let money at interest, and dispose of his
surplus money in no other way, that would not be willing to re-
ceive twelve years hence the sum of £10,000 for £5,000 now lent?
It is evident, that at simple interest, unless punctually paid and
instantly let out, he cannot, in twelve years, convert his £5,000
into £10,000; at mere simple interest it amounts to only £8,600;
because £300 is the interest of £5,000, and £300 x 12 = 3,600 +
5,000 = £8,600."