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Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

CHAPTER 07
CAPITAL ASSET PRICING AND ARBITRAGE PRICING
THEORY

1. The required rate of return on a stock is related to the required rate of return on the
stock market via beta. Assuming the beta of Google remains constant, the increase in
the risk of the market will increase the required rate of return on the market, and thus
increase the required rate of return on Google.

2. An example of this scenario would be an investment in the SMB and HML. As of yet,
there are no vehicles (index funds or ETFs) to directly invest in SMB and HML. While
they may prove superior to the single index model, they are not yet practical, even for
professional investors.

3. a. False. According to CAPM, when beta is zero, the “excess” return should be zero.

b. False. CAPM implies that the investor will only require risk premium for systematic
risk. Investors are not rewarded for bearing higher risk if the volatility results from the
firm-specific risk, and thus, can be diversified.

c. False. We can construct a portfolio with the beta of .75 by investing .75 of the
investment budget in the market portfolio and the remainder in T-bills.

4. E(r) = rf + β [E(rM) – rf ] , rf = 4%, rM = 6%

$1 Discount Store: E(r) = 4% + 1.5  6% = 13%
Everything $5: E(r) = 4% + 1.0  6% = 10%

5. $1 Discount Store is overpriced; Everything $5 is underpriced.

6. a. 15%. Its expected return is exactly the same as the market return when beta is 1.0.

7. Statement a is most accurate.

The flaw in statement b is that beta represents only the systematic risk. If the firm-
specific risk is low enough, the stock of Kaskin, Inc. could still have less total risk than
that of Quinn, Inc.

Statement c is incorrect. Lower beta means the stock carries less systematic risk.

8. The APT may exist without the CAPM, but not the other way. Thus, statement a is
possible, but not b. The reason is that the APT accepts the principle of risk and return,

7-1
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distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

which is central to CAPM, without making any assumptions regarding individual

investors and their portfolios. However, these assumptions are necessary to CAPM.

9. E(rp) = rf + β [E(rM) – rf ] Given rf = 5% and E(rM)= 15%, we can calculate 

20% = 5% + (15% – 5%)   = 1.5

10. If the beta of the security doubles, then so will its risk premium. The current risk
premium for the stock is: (13% – 7%) = 6%, so the new risk premium would be 12%,
and the new discount rate for the security would be: 12% + 7% = 19%

If the stock pays a constant dividend in perpetuity, then we know from the original data
that the dividend (D) must satisfy the equation for a perpetuity:
Price = Dividend/Discount rate
40 = D/0.13  D = 40  0.13 = $5.20
At the new discount rate of 19%, the stock would be worth: $5.20/0.19 = $27.37
The increase in stock risk has lowered the value of the stock by 31.58%.

11. The cash flows for the project comprise a 10-year annuity of $10 million per year plus an
additional payment in the tenth year of $10 million (so that the total payment in the tenth
year is $20 million). The appropriate discount rate for the project is:
rf + β [E(rM) – rf ] = 9% + 1.7  (19% – 9%) = 26%
Using this discount rate:
10
10 10
NPV = –20 +  1.26
t =1
t
+
1.2610
= –20 + [10  Annuity factor (26%, 10 years)] + [10  PV factor (26%, 10 years)]
= 15.64
The internal rate of return on the project is 49.55%. The highest value that beta can take
before the hurdle rate exceeds the IRR is determined by:
49.55% = 9% + (19% – 9%)  β = 40.55/10 = 4.055

12.
a. The beta is the sensitivity of the stock's return to the market return, or, the
change in the stock return per unit change in the market return. We denote the
aggressive stock A and the defensive stock D, and then compute each stock's
beta by calculating the difference in its return across the two scenarios divided
by the difference in market return.
2 － 32
A = = 2.00
5 － 20

7-2
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distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

3.5 － 14
D = = 0.70
5 － 20

b. With the two scenarios equally likely, the expected rate of return is an average
of the two possible outcomes:
E(rA) = 0.5  (2% + 32%) = 17%

E(rD) = 0.5  (3.5% + 14%) = 8.75%

c. The SML is determined by the following: Expected return is the T-bill rate = 8%
when beta equals zero; beta for the market is 1.0; and the expected rate of return
for the market is:
0.5  (20% + 5%) = 12.5%
Thus, we graph the SML as following:
E(r)

SML

M
12.5%

D
D
8%

.7 1.0 2.0 

The equation for the security market line is: E(r) = 8% + β(12.5% – 8%)

d. The aggressive stock has a fair expected rate of return of:

E(rA) = 8% + 2.0  (12.5% – 8%) = 17%
The security analyst’s estimate of the expected rate of return is also 17%.
Thus the alpha for the aggressive stock is zero. Similarly, the required return
for the defensive stock is:
E(rD) = 8% + 0.7  (12.5% – 8%) = 11.15%
The security analyst’s estimate of the expected return for D is only 8.75%, and
hence:

7-3
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distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

αD = actual expected return – required return predicted by CAPM

= 8.75% – 11.15% = –2.4%
The points for each stock are plotted on the graph above.

e. The hurdle rate is determined by the project beta (i.e., 0.7), not by the firm’s
beta. The correct discount rate is therefore 11.15%, the fair rate of return on
stock D.

13. Not possible. Portfolio A has a higher beta than Portfolio B, but the expected return for
Portfolio A is lower.

14. Possible. If the CAPM is valid, the expected rate of return compensates only for
systematic (market) risk as measured by beta, rather than the standard deviation,
which includes nonsystematic risk. Thus, Portfolio A's lower expected rate of return
can be paired with a higher standard deviation, as long as Portfolio A's beta is lower
than that of Portfolio B.

15. Not possible. The reward-to-variability ratio for Portfolio A is better than that of the
market, which is not possible according to the CAPM, since the CAPM predicts that the
market portfolio is the most efficient portfolio. Using the numbers supplied:
16 − 10
SA = = 0.5
12
18 − 10
SM = = 0.33
24
These figures imply that Portfolio A provides a better risk-reward tradeoff than the
market portfolio.

16. Not possible. Portfolio A clearly dominates the market portfolio. It has a lower standard
deviation with a higher expected return.

17. Not possible. Given these data, the SML is: E(r) = 10% + β(18% – 10%)
A portfolio with beta of 1.5 should have an expected return of:
E(r) = 10% + 1.5  (18% – 10%) = 22%
The expected return for Portfolio A is 16% so that Portfolio A plots below the SML
(i.e., has an alpha of –6%), and hence is an overpriced portfolio. This is inconsistent
with the CAPM.

18. Not possible. The SML is the same as in Problem 18. Here, the required expected
return for Portfolio A is: 10% + (0.9  8%) = 17.2%
This is still higher than 16%. Portfolio A is overpriced, with alpha equal to: –1.2%

7-4
© 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or
distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

19. Possible. Portfolio A's ratio of risk premium to standard deviation is less attractive
than the market's. This situation is consistent with the CAPM. The market portfolio
should provide the highest reward-to-variability ratio.

20.
a.

Ford GM Toyota S&P

Beta 5 years 1.81 0.86 0.71 1.00
Beta first two years 2.01 1.05 0.47 3.78 SD
Beta last two years 1.97 0.69 0.49
SE of residual 12.01 8.34 5.14
SE beta 5 years 0.42 0.29 0.18
Intercept 5 years -0.93 -1.44 0.45
Intercept first two years -2.37 -1.82 1.80
Intercept last two years 0.81 -3.41 -1.91

b.
As a first pass, we note that large standard deviation of the beta estimates. None of
the subperiod estimates deviate from the overall period estimate by more than two
standard deviations. That is, the t-statistic of the deviation from the overall period is
not significant for any of the subperiod beta estimates. Looking beyond the
aforementioned observation, the differences can be attributed to different alpha
values during the subperiods. The case of Toyota is most revealing: The alpha
estimate for the first two years is positive and for the last two years negative (both
large). Following a good performance in the "normal" years prior to the crisis,
Toyota surprised investors with a negative performance, beyond what could be
expected from the index. This suggests that a beta of around 0.5 is more reliable.
The shift of the intercepts from positive to negative when the index moved to
largely negative returns, explains why the line is steeper when estimated for the
overall period. Draw a line in the positive quadrant for the index with a slope of 0.5
and positive intercept. Then draw a line with similar slope in the negative quadrant
of the index with a negative intercept. You can see that a line that reconciles the
observations for both quadrants will be steeper. The same logic explains part of the
behavior of subperiod betas for Ford and GM.

21. Since the stock's beta is equal to 1.0, its expected rate of return should be equal to that
of the market, that is, 18%.
D + P1 − P0
E(r) =
P0

9 + P1 − 100
0.18 =  P1 = $109
100

22. If beta is zero, the cash flow should be discounted at the risk-free rate, 8%:

7-5
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distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

PV = $1,000/0.08 = $12,500
If, however, beta is actually equal to 1, the investment should yield 18%, and the price
paid for the firm should be:
PV = $1,000/0.18 = $5,555.56
The difference ($6944.44) is the amount you will overpay if you erroneously assume
that beta is zero rather than 1.

23. Using the SML: 6% = 8% + β(18% – 8%)  β= –2/10 = –0.2

24. We denote the first investment advisor 1, who has r1 = 19% and 1 = 1.5, and the
second investment advisor 2, as r2 = 16% and 2 = 1.0. In order to determine which
investor was a better selector of individual stocks, we look at the abnormal return,
which is the ex-post alpha; that is, the abnormal return is the difference between the
actual return and that predicted by the SML.

a. Without information about the parameters of this equation (i.e., the risk-free rate
and the market rate of return), we cannot determine which investment adviser is
the better selector of individual stocks.

b. If rf = 6% and rM = 14%, then (using alpha for the abnormal return):

α1 = 19% – [6% + 1.5  (14% – 6%)] = 19% – 18% = 1%
α2 = 16% – [6% + 1.0  (14% – 6%)] = 16% – 14% = 2%
Here, the second investment adviser has the larger abnormal return and thus
appears to be the better selector of individual stocks. By making better
predictions, the second adviser appears to have tilted his portfolio toward under-
priced stocks.

c. If rf = 3% and rM = 15%, then:

α1 =19% – [3% + 1.5  (15% – 3%)] = 19% – 21% = –2%
α2 = 16% – [3%+ 1.0  (15% – 3%)] = 16% – 15% = 1%
Here, not only does the second investment adviser appear to be a better stock
selector, but the first adviser's selections appear valueless (or worse).

25.
a. Since the market portfolio, by definition, has a beta of 1.0, its expected rate of
return is 12%.

b. β = 0 means the stock has no systematic risk. Hence, the portfolio's expected
rate of return is the risk-free rate, 4%.

7-6
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distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

c. Using the SML, the fair rate of return for a stock with β = –0.5 is:
E(r) = 4% + (–0.5)  (12% – 4%) = 0.0%
The expected rate of return, using the expected price and dividend for next year:
E(r) = ($41 + $3)/$40 – 1 = 0.10 = 10%
Because the expected return exceeds the fair return, the stock must be under-
priced.

26. The data can be summarized as follows:

Standard
Expected Return Beta Deviation
Portfolio A 11% 0.8 10%
Portfolio B 14% 1.5 31%
S & P 500 12% 1 20%
T-bills 6% 0 0%

a. Using the SML, the expected rate of return for any portfolio P is:
E(rP) = rf + [E(rM) –rf ]
Substituting for portfolios A and B:
E(rA) = 6% + 0.8  (12% – 6%) = 10.8% < 11%
E(rB) = 6% + 1.5  (12% – 6%) = 15.0% > 14%
Hence, Portfolio A is desirable and Portfolio B is not.

b. The slope of the CAL supported by a portfolio P is given by:

E(rP) － rf
S=
P
Computing this slope for each of the three alternative portfolios, we have:
S (S&P 500) = (12% − 6%)/20% = 6/20
S (A) = (11% − ) = 5/10 > S(S&P 500)
S (B) = (14% − ) = 8/31 < S(S&P 500)
Hence, portfolio A would be a good substitute for the S&P 500.

27. Since the beta for Portfolio F is zero, the expected return for Portfolio F equals the
risk-free rate.

For Portfolio A, the ratio of risk premium to beta is: (10 − 4)/1 = 6
The ratio for Portfolio E is higher: (9 − 4)/(2/3) = 7.5

7-7
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distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

This implies that an arbitrage opportunity exists. For instance, by taking a long position
in Portfolio E and a short position in Portfolio F (that is, borrowing at the risk-free rate
and investing the proceeds in Portfolio E), we can create another portfolio which has
the same beta (1.0) but higher expected return than Portfolio A. For the beta of the new
portfolio to equal 1.0, the proportion (w) of funds invested in E must be: 3/2 = 1.5.

Contribution to Contribution to Excess

Portfolio Weight In Asset β Return
-1 Portfolio A -1 x βA = -1.0 -1.0 x (10%- 4%) = -6%
1.5 Portfolio E 1.5 x βE = 1.0 1.5 x (9% - 4%) = 7.5%
-0.5 Portfolio F -0.5 x 0 = 0 0
Investment = 0 βArbitrage = 0 α = 1.5%

As summarized above, taking a short position in portfolio A and a long position in the
new portfolio, we produce an arbitrage portfolio with zero investment (all proceeds
from the short sale of Portfolio A are invested in the new portfolio), zero risk (because
 =  and the portfolios are well diversified), and a positive return of 1.5%.

28. Substituting the portfolio returns and betas in the mean-beta relationship, we obtain two
equations in the unknowns, the risk-free rate (rf) and the factor return (F):

14.0% = rf + 1  (F – rf )

14.8% = rf + 1.1  (F – rf )
From the first equation we find that F = 14%. Substituting this value for F into the second
equation, we get:
14.8% = rf + 1.1  (14% – rf )  rf = 6%

29.
a. Shorting equal amounts of the 10 negative-alpha stocks and investing the proceeds
equally in the 10 positive-alpha stocks eliminates the market exposure and creates a
zero-investment portfolio. Using equation 7.5 and denoting the market factor as RM,
the expected dollar return is [noting that the expectation of residual risk (e) in
equation 7.8 is zero]:
$1,000,000  [0.03 + (1.0  RM)] – $1,000,000  [(–0.03) + (1.0  RM)]
= $1,000,000  0.06 = $60,000
The sensitivity of the payoff of this portfolio to the market factor is zero because the
exposures of the positive alpha and negative alpha stocks cancel out. (Notice that
the terms involving RM sum to zero.) Thus, the systematic component of total risk
also is zero. The variance of the analyst's profit is not zero, however, since this
portfolio is not well diversified.

7-8
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distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

For n = 20 stocks (i.e., long 10 stocks and short 10 stocks) the investor will have a
$100,000 position (either long or short) in each stock. Net market exposure is zero,
but firm-specific risk has not been fully diversified. The variance of dollar returns
from the positions in the 20 firms is:
20  [(100,000  0.30)2] = 18,000,000,000
The standard deviation of dollar returns is $134,164.

b. If n = 50 stocks (i.e., 25 long and 25 short), $40,000 is placed in each position,

and the variance of dollar returns is:
50  [(40,000  0.30)2] = 7,200,000,000
The standard deviation of dollar returns is $84,853.

Similarly, if n = 100 stocks (i.e., 50 long and 50 short), $20,000 is placed in

each position, and the variance of dollar returns is:
100  [(20,000  0.30)2] = 3,600,000,000
The standard deviation of dollar returns is $60,000.
Notice that when the number of stocks increases by a factor of 5 (from 20 to 100),
standard deviation falls by a factor of 5 = 2.236, from $134,164 to $60,000.

30. Any pattern of returns can be "explained" if we are free to choose an indefinitely large
number of explanatory factors. If a theory of asset pricing is to have value, it must
explain returns using a reasonably limited number of explanatory variables (i.e.,
systematic factors).

31. The APT factors must correlate with major sources of uncertainty, i.e., sources of
uncertainty that are of concern to many investors. Researchers should investigate
factors that correlate with uncertainty in consumption and investment opportunities.
GDP, the inflation rate, and interest rates are among the factors that can be expected to
determine risk premiums. In particular, industrial production (IP) is a good indicator of
changes in the business cycle. Thus, IP is a candidate for a factor that is highly
correlated with uncertainties related to investment and consumption opportunities in the
economy.

32. The revised estimate of the expected rate of return of the stock would be the old
estimate plus the sum of the unexpected changes in the factors times the sensitivity
coefficients, as follows:
Revised estimate = 14% + [(1  1%) + (0.4  1%)] = 15.4%

33. Equation 7.11 applies here:

E(rP) = rf + P1 [E(r1) − rf] + P2 [E(r2) – rf]

7-9
© 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or
distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

We need to find the risk premium for these two factors:

1 = [E(r1) − rf] and

2 = [E(r2) − rf]
To find these values, we solve the following two equations with two unknowns:
40% = 7% + 1.81 + 2.12
10% = 7% + 2.01 + (−.5)2
The solutions are: 1 = 4.47% and 2 = 11.86%
Thus, the expected return-beta relationship is:

E(rP) = 7% + 4.47P1 + 11.86P2

34. The first two factors (the return on a broad-based index and the level of interest rates)
are most promising with respect to the likely impact on Jennifer’s firm’s cost of capital.
These are both macro factors (as opposed to firm-specific factors) that cannot be
diversified away; consequently, we would expect that there is a risk premium
associated with these factors. On the other hand, the risk of changes in the price of
hogs, while important to some firms and industries, is likely to be diversifiable, and
therefore is not a promising factor in terms of its impact on the firm’s cost of capital.

35. Since the risk free rate is not given, we assume a risk free rate of 0%. The APT required
(i.e., equilibrium) rate of return on the stock based on rf and the factor betas is:
Required E(r) = 0 + (1  6) + (0.5  2) + (0.75  4) = 10%
According to the equation for the return on the stock, the actually expected return on
the stock is 6% (because the expected surprises on all factors are zero by definition).
Because the actually expected return based on risk is less than the equilibrium return,
we conclude that the stock is overpriced.

CFA 1
Answer:
a, c, and d are true; b is incorrect because the SML doesn’t require all investors to
invest in the market portfolio but provides a benchmark to evaluate investment
performance for both portfolios and individual assets.

CFA 2
Answer:
a. E(rX) = 5% + 0.8  (14% – 5%) = 12.2%

αX = 14% – 12.2% = 1.8%

E(rY) = 5% + 1.5  (14% – 5%) = 18.5%

αY = 17% – 18.5% = –1.5%

7-10
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distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a webs ite, in
whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

b.
i. For an investor who wants to add this stock to a well-diversified equity
portfolio, Kay should recommend Stock X because of its positive alpha,
while Stock Y has a negative alpha. In graphical terms, Stock X’s expected
return/risk profile plots above the SML, while Stock Y’s profile plots below
the SML. Also, depending on the individual risk preferences of Kay’s
clients, Stock X’s lower beta may have a beneficial impact on overall
portfolio risk.

ii. For an investor who wants to hold this stock as a single-stock portfolio, Kay
should recommend Stock Y, because it has higher forecasted return and
lower standard deviation than Stock X. Stock Y’s Sharpe ratio is:
(0.17 – 0.05)/0.25 = 0.48
Stock X’s Sharpe ratio is only:
(0.14 – 0.05)/0.36 = 0.25
The market index has an even more attractive Sharpe ratio:
(0.14 – 0.05)/0.15 = 0.60
However, given the choice between Stock X and Y, Y is superior. When a
stock is held in isolation, standard deviation is the relevant risk measure.
For assets held in isolation, beta as a measure of risk is irrelevant. Although
holding a single asset in isolation is not typically a recommended
investment strategy, some investors may hold what is essentially a single-
asset portfolio (e.g., the stock of their employer company). For such
investors, the relevance of standard deviation versus beta is an important
issue.

CFA 3
Answer:
a. McKay should borrow funds and invest those funds proportionally in
Murray’s existing portfolio (i.e., buy more risky assets on margin). In
addition to increased expected return, the alternative portfolio on the
capital market line (CML) will also have increased variability (risk), which
is caused by the higher proportion of risky assets in the total portfolio.

b. McKay should substitute low beta stocks for high beta stocks in order to
reduce the overall beta of York’s portfolio. By reducing the overall portfolio
beta, McKay will reduce the systematic risk of the portfolio and therefore
the portfolio’s volatility relative to the market. The security market line
(SML) suggests such action (moving down the SML), even though reducing
beta may result in a slight loss of portfolio efficiency unless full
diversification is maintained. York’s primary objective, however, is not to
maintain efficiency but to reduce risk exposure; reducing portfolio beta
meets that objective. Because York does not permit borrowing or lending,

7-11
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whole or part.
Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory

McKay cannot reduce risk by selling equities and using the proceeds to buy
risk free assets (i.e., by lending part of the portfolio).

CFA 4
Answer:
a. “Both the CAPM and APT require a mean-variance efficient market portfolio.”
This statement is incorrect. The CAPM requires the mean-variance efficient
portfolio, but APT does not.

b. “The CAPM assumes that one specific factor explains security returns but APT
does not.” This statement is correct.

CFA 5
Answer:
a. A security’s expected return as a function of its systematic risk ()

CFA 6
Answer:
d. The expect return on the market, rM:

E(r) = rf + [E(rM) –rf ] = rf + 1.0  [E(rM) –rf ] = E(rM)

CFA 7
Answer:
d. Insufficient data given. We need to know the risk-free rate.

CFA 8
Answer:
d. Insufficient data given. We need to know the risk-free rate.

CFA 9
Answer:
Under the CAPM, the only risk that investors are compensated for bearing is the risk
that cannot be diversified away (i.e., systematic risk). Because systematic risk
(measured by beta) is equal to 1.0 for each of the two portfolios, an investor would
expect the same rate of return from each portfolio. Moreover, since both portfolios are
well diversified, it does not matter whether the specific risk of the individual securities
is high or low. The firm-specific risk has been diversified away from both portfolios.

CFA 10
Answer:
b. Offer an arbitrage opportunity:

rf = 8% and E(rM) = 16%

7-12
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whole or part.
Other documents randomly have
different content
excellent slatestone with which that neighbourhood abounds, and by
importing coal and lime, in addition to such articles of commerce as
the adjacent country may require.
It is generally believed that the harbour might be rendered safe
and commodious for a sum much within the limits of private
expenditure. Ponderous articles might be raised to any required level
by the power of water wheels, and from the summit of the acclivity,
a flat plain extends to the distance of many miles inland; so that a
possibility at the least seems to exist, of Botreaux Castle becoming
the site of an extensive commerce.
The advowson of the living belongs jointly to Mr. Thomas John
Phillipps, representative through his great uncle of Miss Grace Amy,
and the representatives of her sister. The late incumbent was the
Rev. R. Winsloe, uncle to Mr. Phillipps.
The manor of Worthyvale was sold to Mr. Hugh Boscawen in the
early part of the last century, and was used as a hunting seat; it has
again been sold by one of his descendants, and it belonged some
years since to a gentleman of the name of Farnham.
The single stone laid over a stream, having some letters cut on its
lower surface, and which is believed to have marked the exact spot
where Arthur received his death wound, is nearly in front of the
house at Worthyvale.
This parish measures 2838 statute acres.
£. s. d.
Annual value of the Real Property, as returned to
Parliament in 1815 2089 0 0
Poor Rate in 1831 253 19 0
Population,—
in 1801, in 1811, in 1821, in 1831,
311 396 425 497
 giving an increase of 25½ per cent. in 30 years.
Present Rector, the Rev. Charles Woolcombe, presented in 1825
by the Rev. R. Winsloe.

GEOLOGY, BY DR. BOASE.

The geological structure of this parish is similar to that of

Lesnewith, except that at its northern extremity it contains pyritous
and carbonaceous rocks like those of Farrabury.
 ST. MINVER, or ST. MYNFER.

HALS.

Minver, or St. Mynfer, vicarage, is situate in the hundred of Trigg,

and hath upon the north and west the Irish sea cliff and Padstow
harbour, south Egleshayle, east St. Endellyan.
In the Domesday Book this parish was taxed by the name of Ros-
minver. In the Inquisition of the Bishops of Lincoln and Winchester,
into the value of Cornish benifices, 1294, Ecclesia de Mynfred, or
Mynfer, in decanatu de Minor Trigshire, was rated £7, vicar ejusdem
20s. In Wolsey’s Inquisition, 1521, £13. 10s. 1d. The patronage,
formerly in the Prior of Bodmin, who endowed it, now Prideaux, of
Netherton; the incumbent Lewellen; and the parish rated to the 4s.
per pound Land Tax, 1696, temp. William III. £385. 13s.
At Trevill-va, alias Trevellva, there is yet extant an ancient free
chapel for divine service, kept in good repair by the lord of this
place, furnished with an old English Bible, heretofore made use of in
this chapel.
This barton is the dwelling of William Silly, Esq. commissioner for
the peace temp. James II. and one of his corporation regulators. He
married Kekewich, of Trehawke; and had issue Hender Silly, his son
and heir, that died without issue; after her death he married Honour,
one of the coheirs of Carter, and hath issue by her also; his father
married Cotton (sister to Sir John Cotton, of Botreaux Castle). His
grandfather, John Silly, gent. attorney-at-law, of St. Wenn, married
Marks, of that place, where he got a great estate by the inferior
practice of the law, and altered his name and arms from Ceely to
Silly, for what reason I know not; in testimony whereof he and his
posterity ever since gave the arms of Ceely, viz. in a field Azure, a
chevron between three mullets Or.
King James the Second’s regulators of corporations in Cornwall,
were Humphrey Borlase, esq. of Treludrow, Sheriff, William Silly, esq.
aforesaid, William Cood, of Pensiple, esq. Mr. Edward Vincent, of
Truro, and Edward Noseworthy, esq.
Here Mr. Hals’ manuscript is deficient, and several subsequent
parishes are lost.

TONKIN.

Mr. Tonkin has merely copied a few of the introductory sentences

from Mr. Hals.

THE EDITOR.

The great tithes of this parish, and the presentation to the

vicarage, were parts of the possessions belonging to the priory of
Bodmin at the dissolution.
In the taxation of Pope Nicholas the rectory and vicarage are
assessed:
Ecclesia Sancte Minfrede Rec. £7 0 0
Vicar ejusdem 1 0 0
In the returns made to First Fruits officers for King Henry the
Eighth, of the Ecclesiastical and temporal property belonging to this
house, is this entry:
Mynfrey Decimæ Garbæ £14 13 6
The manor of Bodmin was bestowed by the King on the well-
known poet Mr. Thomas Sternhold, for his translation of The Psalms,
which may fairly be considered as a very adequate reward; but
almost all the ecclesiastical possessions were given to the
Prideauxes, and were finally sold about fifty years ago, soon after
the decease of the last representative of the Devonshire branch of
that family. Both the appropriated rectory and the vicarage were
purchased by the Rev. William Sandys.
Mr. Sandys distinguished himself at Oxford, and was in
consequence elected a Fellow of All Souls. He travelled through the
south of Europe with Mr. Francis Basset, afterwards Lord de
Dunstanville, and held the living of Illogan till Mr. John Basset, a
younger brother, received priest’s orders. He married Miss Mary
Praed, of Trevethow; and dying in 1816, he left the larger part of a
handsome fortune to Mr. William Warren, a sister’s son, who married
Miss Marshall, another sister’s daughter, and their son having taken
the name of Sandys, is now the possessor, and resides at St. Minver.
A presentation to the vicarage was given by Mr. Sandys to the
Rev. George Treweeke, the son of a third sister, who has also the
rectory of Illogan.
Mr. Sandys, in consequence of some incident or of some allusion
now forgotten, but not in diminution of the respect most justly due
to his talents and his learning, acquired the appellation of Cardinal,
perhaps from his having worn a scarlet dress at Rome, on some
public occasion.
A monument is placed in the church to Mrs. Sandys, with the
following inscription:
M. S.
Mariæ fil: sec: H. M. Praed de Trevethow in hoc Agro,
et Gul. Sandys, A.M. olim Col: Om: Anim: Oxon: Soc.
Deinde hujus Parochiæ Vicarii
Uxoris dilectissimæ.
to
Quæ ob. 4 die mens: Aprilis A.D. MDCCCIX ætatis LX.
Amoris ergo et desiderii
Maritus superstes heu! et mœrens
H. M. P. C.
 Mr. Lysons says that the manor of Penmear was given by the
Black Prince to Sir William Woodland, usher of his chamber, but that
it reverted again to the Duchy.
Trevernon, or Trewornan, belonged in the reign of king James the
First, to Thomas Clifford, D.D. It afterwards became the seat of the
Howes; from whom it passed, with an heiress, to the Darells. It is
now the residence of the Rev. Darell Stephens, their representative.
There is a monument to Thomas Darell, esq. who died in 1691.
Pentire Point in this parish is the boldest promontory on the
southern side of the Bristol Channel. The barton of which this
headland forms a part, belonged to a family of the same name, till it
passed with an heiress to Roscarrock, and from them by an heiress
to Tremayne; and it belongs at present to John Hearle Tremayne,
esq. of Heligon.
Trevelver, once a seat of the Arundells, belongs now to the family
of Yeo.
This parish is divided on the eastern side from St. Kew, by an
estuary dangerous to passengers, and where lives were not
unfrequently lost, till Mr. Sandys took the lead in constructing a
bridge across the ford, which he effected after much exertion, and at
a considerable expense to himself.
Although St. Minver is strictly one entire parish, yet there are two
ancient chapels still remaining with districts assigned to them, out of
which some of the parish officers are annually chosen.
The parish church, with its more appropriate division, is called
Highlands, and the remaining part annexed in some degree to the
chapels, is called Lowlands, subdivided into north and south. One of
the chapels, according to Mr. Lysons, is dedicated to St. Michael;
which, if the fact is so, must be a very unusual circumstance, as the
wings of the archangel appear to have associated his habits, in
popular opinion, with those of birds, which led him to delight in
elevated situations; the other chapel has for its patron St. Enodoc or
St. Gwinnodock.
One of these chapels happening to require repair about the
middle of the last century, the vestry or the parish officers sold the
bells to reimburse the expense, notwithstanding their being tenfold
consecrated by the inscription:

ALFREDUS REX.

It is perhaps too much to assume that they were given by the

Great Alfred, although his visits to St. Neot must have brought that
most illustrious of our kings into this neighbourhood.
The baptising of bells, and their dedication, have so much
prevailed, that these were in all probability cast long since the time
of Alfred; but his name should have been their protection, if other
protection were wanted than their consecrated use.
The following monkish lines not unfrequently appear on bells
made prior to the reformation:
Laudo Deum verum—Populum voco—Congrego clerum
Defunctos ploro—Fugo fulmina:—Festa decoro.
Great Tom of Oxford, (called Thomas Clusius) while it remained at
Oseney Abbey, and before it was re-cast for its present station in
1670, had this curious legend:
In Thomæ laude resono BIM BOM sine fraude.
It weighs 17,000 lbs.
St. Minver measures 6604 statute acres.
£. s. d.
Annual value of the Real Property, as returned to
Parliament in 1815 8,354 0 0
 Poor Rate in 1831 834 17 0
Population,—
in 1801, in 1811, in 1821, in 1831,
788 851 1028 1110

giving an increase of 41 per cent. in 30 years.

Present Vicar, the Rev. George Treweeke, also Rector of Illogan,
presented by William Sandys, esq. in 1817.

GEOLOGY, BY DR. BOASE.

The part of this parish which lies parallel with Endellion,

resembles it in geological composition; but one part of it extends
further north, and contains a compact rock of the same nature as
that of Trevose Head in St. Merryn.
 MORVA.

HALS.

The manuscript relating to this parish is lost.

TONKIN.

Morva is situated in the hundred of Penwith, and is bounded to

the west by St. Just, to the north by the sea, to the east by Zennor,
to the south by Sancred and Maddern. It is a daughter church to
Madderne, the vicar of which performs divine service, and preacheth
in the morning on the first Sunday in every month. The said vicar
hath the small tithes.
Morva signifies Locus Maritimus, a place near the sea, as this
parish is. The name is sometimes written Morveth, implying much
the same sense.
The chief place, and almost the only one of note in this little
parish, is Tregamynyon, that is, the stony dwelling, which was for
several generations in the family of Lanyon, and the residence of a
younger branch thereof ever since the 30th of Queen Elizabeth; for
in Trinity term the 31st year of her reign was a fine passed at
Westminster between William Lanyon, gent. and Richard Lanyon,
esq. and John Lanyon, gent. of three messuages, ten acres of
meadow, sixty acres of pasture, one hundred and fifty acres of furze,
one water-mill, &c. in Tregamynyon. Here his posterity flourished in
good repute till the reign of Queen Anne, when John Lanyon, of this
place, gent. and John Lanyon, jun. his son and heir, joined in the
sale of this estate to John Borlase, of Pendeen, esq. who is the
present possessor thereof. The said John Lanyon, jun. married to his
wife Frances Brydges, sister to James Lord Chandos, and aunt to the
Duke of that name, who is since dead without issue, being well
stricken in years when he married, and twice a widower before. John
Lanyon, the father, married —— Borlase, of Pendeen. His
grandfather was commonly called the Golden Lanyon, as having
gotten great riches by tin, which he divided among his numerous
issue; but before I quit this place I must relate for the benefit of my
readers what Mr. Lanyon, sen. told me respecting the covering of his
house, as it may be of great use to persons building in high and
exposed places. That not being able to keep his house here in good
repair, it being rifled and uncovered by every storm, he at last
resolved to plaster it with lime and hair on the lathes within, where
the stones are fastened; after which he had not the least stripping of
his healing for thirty years. This same thing was tried with the same
success by Mr. Hector Trelevant, of St. Agnes; and it is, I verily
believe, a certain and cheap prevention of damage.

THE MANOR OF CARVOLGHE, OR CORVAEGHE.

This manor was one of those forfeited by Francis Tregian, esq.

(See Probus).
It appears by an inquisition taken in the fifth year of King Charles
the First, that the manor then belonged to Ezekiel Grosse, of
Comborne, gent.

THE EDITOR.

The church of this parish has been recently new built with the
assistance of the parliamentary grant. Its situation near the sea adds
much probability to Mr. Tonkin’s interpretation of the name. The
great tithes are appended to those of Maddern, and belonged to the
family of Nichols, now Le Grice.
This parish has to boast of an ancient military work, more curious
perhaps than any other in the west of England. It consists of two
inclosures nearly circular; the inner 174 feet in diameter, the inner
wall 12 feet thick, and still remaining from 10 to 12 feet high;
outside this is a vacant space 30 feet wide, and then the second
wall, having a diameter of almost 230 feet, and built like the other,
but less solid and not so high. The stones are all laid after the
Cyclopian manner, unhewn and without cement; yet, by great labour
and repeated trials, so adjusted as to form a close, even, and
apparently smooth front. All round the interior surface of the inner
wall are traces of rooms resembling in their situation modern
casemates, and near it appear the simple remains of an ancient
town. A description and plan of this most interesting ruin called
Castle Chiowne, or Chioune, contracted into Choon, which is well
known to mean the house in a croft, have been given by Doctor
Borlase, in his Antiquities, p. 346 of the 2d edition. There is also a
description by Mr. Britton in the second volume of the Beauties of
England and Wales; and a very accurate plan and section, with a full
description, may be found in the Archæologia published in 1829,
volume the 22d, p. 300, by William Cotton, esq. M.A.
It is to be hoped that the proprietors of the soil will take care to
prevent any further destruction of this most ancient and curious
fortress, by effectually prohibiting a practice which has disfigured
even Rome itself, that of recklessly removing the materials for
domestic purposes.
At about 500 yards to the south-west of the Castle, is a cromleigh
noticed by Doctor Borlase, p. 232.
Morva also contains, either in the whole or in part, the most
romantic granite hill of the western formation. Carn Galva is entirely
covered with blocks of the largest size; and being deep in the granite
district, they have escaped that destruction of natural grandeur
which inevitably accompany the useful or beautifying improvements
effected by the hands of men.
Morva measures 1060 statute acres.
£. s. d.
 Annual value of the Real Property, as returned to
Parliament in 1815 775 0 0
Poor Rate in 1831 18 1 0
Population,—
in 1801, in 1811, in 1821, in 1831,
282 273 325 377

giving an increase of 33½ per cent. in 30 years.

GEOLOGY, BY DR. BOASE.

This parish is entirely situated on granite, which presents the

same varieties as the granite of Madron, of which indeed it is a
continuation, the granite of both parishes belonging to one and the
same mass.
 MORVAL.

HALS.

The manuscript relating to this parish is lost.

TONKIN.

Morval lies in the hundred of West, and has to the westward the
rivers Looe and Duloe, to the north St. Kayne and Leskeard, to the
east St. German’s, and to the south St. Martin’s.
In the year 1291, the 20th of Edward the First, (if, at least, I am
right in taking this to be the church there called Capella de Lamana,)
it was valued at £1. 10s. being then appropriated to the Priory of St.
German’s.
Morval, a vicarage, stands in the King’s Book at £6. 14s. 9d.
The name of this parish signifies the Sea Valley, it being written
anciently Morevale; not that I would from thence insinuate that the
sea came up formerly to this place, though the same be not
impossible. But as Morval may be interpreted the Mory or Fenny
Valley, I rather take that to be the right.

THE EDITOR.

It is with much diffidence that I venture to approach the subject

of etymologies, but it seems at least to be clear that Mr. Tonkin is
mistaken. Val or Vale is not Cornish for a valley, but an inclosure.
More, in its original signification is great, large, vast, whence
figuratively it has acquired the substantive meaning of a widely
extended tract of land; as the Sea is in English, called the Deep. I
conjecture, therefore, that Morval may be The Enclosed Sea, in
reference to the Loch, which gives names to the towns of East and
West Looe; or, if the substantive and adjective are inverted, and
More resumes its primitive sense, it may be The Large Inclosure.
Mr. Bond states, in his History of Looe, and of the neighbourhood,
that the principal seat in this parish, and a place of the same name
in Cumberland, belonged to Sir Hugh de Morville, “a foul disgrace to
knighthood’s fair degree,” one of those villains who murdered Becket
at the altar in Canterbury Cathedral; but the honour of Cornwall is
not stained by the assassin’s birth. The manor of Morval passed in
early times to the family of Glynn.
Mr. Bond has also preserved a very curious memorial of the
lawless and unsettled state of Cornwall, and probably of all England,
during the contests for plunder, glossed over by the fiction of
adverse rights between two branches of the Plantagenets.
In the year 1471, John Glynn, esq. was barbarously murdered at
Higher Wringworthy, in this parish, by several ruffians, employed by
Thomas Clements, whom he had superseded in the office of Under-
steward of the Duchy. In the preceding year he had been assaulted
and grievously wounded in the face by the retainers of Clements as
he was holding the King’s Court at Leskeard, and thrown into
Leskeard prison, where he signed a compulsory obligation not to
prosecute. Some months preceding the murder, the retainers of
Clements went to Morval, and plundered the house and premises of
goods and chattels to the value of two hundred pounds and
upwards, as then estimated. All this appears from the petition of
Jane Glynn, the widow, to Parliament, which sets forth, that she
could have no redress for these terrible outrages in the county of
Cornwall, by reason of the general dread of the malice of Clements
and his lawless gang; she prayed, therefore, that her appeal might
be tried in London by a Cornish jury; and that, in default of Clements
appearing to take his trial, he might be dealt with as convicted and
attainted. Her petition was granted.
 The words of Jane Glynn’s petition to Parliament are:
“The said Thomas Flete &c. then and there, at four of the
clock in the morning, him feloniously and horribly slew and
murdered, and clove his head in four parts, and gave him ten
deadly wounds in his body; and when he was dead they cut
off one of his legs and one of his arms, and his head from his
body, to make him sure; and over that, then and there his
purse and twenty-two pounds of money numbered, and a
signet of gold, a great signet of silver in the same purse
contained, a double cloke of muster-de-viles, a sword, and a
dagger, to the value of six marks, of the goods and chattels of
the said John Glynn, feloniously from him they robbed, took,
and bore away.”
The following enumeration of the particulars, as contained in the
schedule annexed to Jane Glynn’s petition, may perhaps be thought
interesting, as giving some idea of the furniture and stock of a
gentleman’s mansion in the reign of Edward the Fourth.
“Fourteen oxen, ten kien, a bull, eight hors, sixty bolokis,
four hundred shepe, ten swine, six flikkes of bacon, three
hundred weight of woll, three brasynpannes, everych
containing sixty gallon, ten pair of blankets, twelve pair of
sheets, four matres, three fether beddes, ten coverletys,
twelve pillowes of feders, four long gounes, six short gounes,
four women gounes, two drought beddes, a hanging for a
chamber, three bankenders, twelve quyssions of tapsterwork,
four cuppes of silver, three dozen of peauter vessell, two
basons counterfet of latyn, two other basons of latyn, two
dozen of sylver spoons, a saltsaler of sylver, two basons of
peauter, two saltsalers of peauter, three pipes of Gascoyn
wine, a hoggeshede of swete wyne, two pipes of sider, four
hoggeshedes of bere, four hundred galons of ale, three
folding tabules, two feyre long London tabules, four peyre of
trestell, a pipefull of salt beef, a hundred of milwell and lyng
drye, a quartern of mersau’te lynge, a hundred weight of
 talowe, forty pounds of candell, two hundred hopes, ten
barrell, fyve large pypes, eight keves, ten pots of brasse,
fourteen pannes of brasse, four pettys of yron, four andyeris,
two knedyng fates, a hundred galons of oyle, six galons of
grese, three hundred pounds of hoppes, two hundred bushell
of malt, forty bushell of barly, sixty bushell of oyts, four
harwyis, ten oxen tices, two plowes, ten yokk, ten London
stolys, four pruse coffers, and three London coffers within the
same conteyned, four standing cuppes covered, whereof one
gilt, dyvers evidences and muniments concernyng the
possession of the said John Glynn.” See also Mr. Lysons.
In the very early part of the sixteenth century, Richard Coade,
esq. married Thomasine, daughter and heiress of John Glynn, with
whom he acquired Morval, and in this family the manor continued till
Anne, the daughter and heir of John Coade, carried it by her
marriage to John Buller, second son of Francis Buller, of Shillingham.
Their grandson, John-Francis Buller, married Rebecca, daughter and
coheir of Bishop Trelawny; and on the death of his relation James
Buller, of Shillingham, he succeeded to the family estate, very greatly
increased by a marriage with the heiress of Grosse, a family from
Norfolk, which settled first at Leskeard and afterwards resided in the
parish of Camborne and Trescobays in Budock.
James Buller, son of John-Francis Buller and Rebecca Trelawny,
represented the county in Parliament, and died in 1765.
Mr. Buller married twice, and left Morval, with a considerable
portion of his estate, to John, the eldest son of his second marriage
with Jane Bathurst, daughter of Allen Bathurst, esq. created one of
the twelve Peers by Queen Anne in 1711, and an Earl sixty-one
years afterwards by King George the Third, in 1772. Their second
son, Francis, became one of the Judges of the King’s Bench; and a
third son, Edward, having married a Miss Hoskin, of Looe, lived and
died at Port Looe, in the parish of Tallend. Their eldest daughter,
Jane, married Sir William Lemon, during fifty years member for the
county of Cornwall.
 The eldest son of his first marriage settled at Downs, near
Crediton in Devonshire, a property that he acquired by his marriage
with Elizabeth, daughter of William Gould, of that place, which is
now the residence of his grandson James-Wentworth Buller.
Mr. John Buller resided at Morval, represented Exeter, Launceston,
and West Looe in Parliament; and married Ann Lemon, only sister of
Sir William Lemon. He has left a numerous family, and is succeeded
by his eldest son, John Buller, this year (1835) Sheriff of the county.
Arms of Buller: Sable, on a cross Argent, pierced of the Field, four
eagles displayed of the First.
Coode: Argent, a chevron Gules, between three moorcocks Sable.
Glynn: Argent, three salmon-spears Sable.
Grosse: Quarterly Argent and Azure, on a bend Sable three
martlets Or.
The manor house at Morval is situated in a beautiful valley
surrounded with trees; and it exhibits a good specimen of a
gentleman’s residence of about two centuries old. The whole place
has been very much improved within the last thirty years.
The seat next of importance in this parish is Bray. And Mr. Bond
says of it, “Bray, Bre, Brea, in Cornish signify a hill; and this place is
situated on the side of Bindown Hill. Bray commands very beautiful
prospects.”
The manor of Bray, then held under the Vyvyans, as of their
manor of Treviderow, was in the reign of Charles the Second in the
family of Heles, who were succeeded by the Mayows, of which
family was Dr. John Mayow, an eminent physician in the reign of
Charles the Second, who contributed some papers on Respiration,
and other subjects, to the Philosophical Transactions. Bray is now
the property and occasional residence of Philip-Wynill Mayow, esq.
 Another account which I have met with states, that Philip Mayow,
of Looe, purchased in the sixth of Elizabeth (anno 1504) the manor
of Bree or Bray, in the parish of Morval, of Christopher Copplestone,
of Warleigh, esq. These accounts, therefore, vary; and which is right
I cannot ascertain.
This Philip Mayow, of Looe, is buried in St. Martin’s church, and
has the following epitaph:

Here lyeth the body of Philippe Mayowe, of

East Looe, Gentleman, who deceased this lyfe the
27th day of August in the year 1590, being then
of the age of 72 years.

Here under this great carved stone

Is Phillippe Maiow entombde,
Who in his life for merchandice
Was through this land renown’d;
His trade was great, his dealins just,
The poor did feel his bountie,
Great cost he put for sea and land,
In buildyng verye plentie.

Dr. John Mayow, mentioned by Mr. Bond, and who has been
noticed under St. Martin’s, must have been a very extraordinary
man, worthy of being ranked with the first chemists or philosophers
of any age.
In the forty-first number of the publications made by the Royal
Society previous to the regular series of the Philosophical
Transactions, anno 1668, p. 833, will be found an account of two
works by John Mayow, LL.D. and M.D. Tractatus duo. Prior de
Respiratione, Alter de Rachitide (the rickets); see also the
Abridgment, vol. i. p. 295, where the authors say in a note, “As an
account of the life and opinions of Dr. Mayow was published only a
few years ago by a physician now living, we deem it unnecessary to
insert in this place a biographical notice of this distinguished chemist
and physiologist. We shall only remark, that in his writings are to be
found the primordia of some of the most important theories and
experiments of modern chemical philosophers.”
The physician alluded to was Thomas Beddoes, of Pembroke
College, Oxford, and afterwards of Clifton, near Bristol, whose life
has been given to the public by Dr. John Edmonds Stock, in one vol.
4to, printed for Murray in 1811; and his pamphlet is entitled,
“Chemical Experiments and Opinions extracted from a Work
published in the Last Century. Printed at the Clarendon Press,
Oxford, 1790.”
Doctor Beddoes here bestows on Mayow the praise he most justly
merits, and to be praised by Doctor Beddoes is laudari a laudato
viro. Few persons ever displayed more genius or power of invention;
and to him we mainly owe the preparation of Humphry Davy for his
splendid philosophical career, after a most fortunate introduction by
the Editor of this Work.
Anthony Wood gives the following particulars of Mayow:
“John Mayow descended from a genteel family of his
name, living at Bree in Cornwall; was born in the parish of St.
Dunstan in the West in Fleet-street, London, admitted scholar
of Wadham College the 27th of September 1661, aged
sixteen years; chosen Probationary Fellow of All Souls College
soon after, and upon the recommendations of Henry
Coventry, esq. one of the Secretaries of State; where, though
he had a legist’s place, and took the degrees in the civil law,
yet he studied physic, and became noted for his practice
therein, especially in the summer time in the city of Bath; but
better known by these books, which show the pregnancy of
his parts.
De Respiratione, Tractatus Unus. Oxon. 1668-69, 8vo.
De Rachitide, Tractatus Unus.—Ibid.
De Sale Nitro et Spiritu Nitro Acerbo.—Oxon. 1674, in a
large octavo.
De Respiratione Fœtus in Utero et Ovo.—Ibid.
 De Motu Musculari et Spiritibus Animalibus.—Ibid.
And all the five were printed again at the Hague in 1681.
“He paid his last debt of nature in an apothecary’s house in
York-street, near Covent-garden (having been married a little
before, not altogether to his content) in the month of
September 1679, and was buried in the Church of St. Paul,
Covent-garden.”

Mr. Bond adds, with respect to this parish, that Polgover,

sometime a seat of the Mayows, still belonging to that family; and
Lydcott (about a mile from thence) a seat of the family of Hill, now
the property of Mr. Braddon, are both farm houses.
A manor, or reputed manor, called Wringworthy, belongs to the
Copleys of Bake.
The only place of trade in this parish is a small village, situated at
the spot where the Looe River ceases to be navigable for barges at
high water. There are several kilns for burning lime, which is used to
a great extent throughout all the neighbourhood as a manure; but
the modern name of Sand Place indicates a recent origin. Here the
canal to Leskeard terminates.
The church is in the same beautiful vale as the manor house. It
contains several monuments in memory of individuals belonging to
the families of Mayow, Kendall, Coode, &c.
The great tithes belonged to the priory of St. German’s; and in
the Valor Ecclesiasticus in the time of King Henry the Eighth,
preserved in the First Fruits Office, they are rated,
Morvall, decimæ garbæ - £10.
The great tithes now belong to Mr. Buller.
The presentation to the vicarage is in the Crown; and the present
Vicar is the Rev. Stephen Puddicombe, presented by Lord Chancellor
Eldon in 1803.
Bindon is the prominent feature in all this country. It commands a
most extensive prospect over Plymouth, and to the range of the
Dartmoor hills; in the other direction the view extends to the high
lands near St. Austell, southward it is bounded by the horizon of the
sea, and it almost reaches St. George’s Channel to the north. The
elevation cannot be less than eight or nine hundred feet; yet strange
to say, the road from Looe to Leskeard still continues to pass very
nearly over the summit of this hill.
Morval measures 2925 statute acres.
£. s. d.
Annual value of the Real Property, as returned to
Parliament in 1815 3910 0 0
Poor Rate in 1831 415 10 0
Population,—
in 1801, in 1811, in 1821, in 1831,
533 574 615 644

giving an increase of 21 per cent. in 30 years.

THE GEOLOGY, BY DOCTOR BOASE.

The rocks of this parish all belong to the calcareous series, and
are similar to those of the adjoining parish of Duloe.
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