In fact, depriving the license-holders of the expectation which they
now have, and making it absolutely unquestionable that the license is only for one year, is compensated for by a grant of a definite and fixed seven-year license, which will not be withdrawn within the seven years without payment based on the profits. To argue, as Mr. Balfour does, that it is
impossible to give equitable compensation in the shape of a seven years' lease is ridiculous. A landlord finds that on his estate a sort of custom, but not a legal custom, has grown up of renewing yearly lettings under such terms that the tenants fancy their lettings are in perpetuity, and have acted on that fancy. The landlord, in disabusing them of that idea, can surely say :—" Though you are only yearly tenants, you have been allowed to consider yourselves as holding by a securer tenure, and you have acted on this view. Therefore, as an act of compassion, I shall give you each a seven years' lease, which is a valuable property, as compensation for the loss of your expectation. After the expiration of that lease, however, you will all understand that your holdings are, in fact as in law, nothing but purely yearly tenancies."
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