gross rent of all the holdings on the estate, payable in the year ending
in November, 1885. Where a judicial rent has been fixed, it is the
judicial rent; where no judicial rent has been fixed, it is the rent to
be determined in the manner provided by the Bill.

To state this shortly, the Bill provides that an Irish landlord may
require the State Authority to pay him for his estate, in consols valued
at par, a capital sum equal to twenty times the amount of the annual sum
which he has actually put into his pocket out of the proceeds of the
estate. The determination of the statutory price is, so far as the
landlord is concerned, the cardinal point of the Bill, and in order
that no injustice may be done the landlord, an Imperial
Commission--called the Land Commission--is appointed by the Bill, whose
duty it is to fix the statutory price, and, where there is no judicial
rent, to determine the amount of rent which, in the character of gross
rental, is to form the basis of the statutory price. The Commission also
pay the purchase-money to the landlord, or distribute it amongst the
parties entitled, and generally the Commission act as intermediaries
between the landlord and the Irish State Authority, which has no power
of varying the terms to which the landlord is entitled under the Bill,
or of judging of the conditions which affect the statutory price. If the
landlord thinks the price fixed by the Land Commission, as the statutory
price inequitable, he may reject their offer and keep his estate.

Supposing, however, the landlord to be satisfied with the statutory
price offered by the Land Commission, the sale is concluded, and the
Land Commission make an order carrying the required sum of consols
(which is for convenience hereinafter called the purchase-money,
although it consists of stock and not of cash) to the account of the
estate in their books after deducting 1 per cent. for the cost of
investigation of title and distribution of the purchase-money, and upon
the purchase-money being thus credited to the estate, the landlord
ceases to have any interest in the estate, and the tenants, by virtue of
the order of the Land Commission, become owners in fee simple of their
holdings, subject to the payment to the Irish State Authority of an
annuity. The amount of the annuity is stated in the Bill. It is a sum
equal to L4 per cent. on a capital sum equal to twenty times the amount
of the gross rental of the holding. The illustra