t an average price of over
L481; in Munster over 58,000 at an average of over L420; in Ulster over
84,000 at an average of over L226; whilst in Connaught only some 26,000
at an average of just under L200.

The reasons alleged in defence of the Act of 1909 failed to justify, or
even to explain, the changes it imposed. An explanation must be sought
in the real reasons, and they are not far to seek. The first was that
the old methods of litigation and delay, abjured by all parties in 1903,
were substituted for the new methods of speed and ease, because Mr.
Dillon so willed it; and the second, that the policy of abolishing dual
ownership, to which Mr. Redmond stood pledged, had to be ousted, again
at Mr. Dillon's dictation, to make way for the folly of creating new
tenancies, of symmetrical size, throughout all Ireland. The Treaty was
torn up because Mr. Dillon, acting as deputy for Mr. Birrell (whose main
argument for Home Rule is that it bores him to be Chief Secretary),
ordered Mr. Redmond to eat his words.

From this examination of the reasons for destroying the Act of 1903, the
true size and nature of the financial problem emerges. From the total of
some 490,000 holdings substantial reductions must be made in respect of
waste lands, grass lands, and accommodation plots, and, again, in view
of the limitation on the amount that may be advanced to one person. We
ought probably to deduct 20 per cent., but if, to be on the safe side,
we deduct only 15 per cent., 416,000 are left. These, however, include
some 80,000 sold before the Act of 1903, or under the Land Commissioners
as distinct from the Estates Commissioners. In respect of the 336,500
remaining, 257,474 agreements have been lodged under all categories in
the Acts of 1903 and 1909. Indeed, a larger number have been lodged, for
in most cases our information is only to March 31, 1911, leaving less
than 79,000 holdings that may still come into the market. This is an
outside figure, provided always that the policy of 1903 be adhered to,
viz. that advances are made to _occupiers_ and not to new men, except as
under the Act of that year (sect. 2 (I) _b_ and _d_, and sect. 75) in
rare cases, rigidly defined, of the sons of tenants and of evicted
tenants.

If the average price remains at the figure for the period March 31,
1908, to September 15, 1909--viz. L287--a further sum of L22,673,000 may
be required in excess of L84,099,818 already required under the Acts of
1903