t, with another 1/2 per cent. sinking fund. The advances to the
tenants, which are limited to L5,000 or, in exceptional circumstances,
L7,000, are made in cash by the Land Commissioners, of whom three,
serving as the Estates Commissioners, are expressly responsible for the
working of the Act. A Treasury loan at 2-3/4 per cent. provides the
necessary funds. Under the Act the issue of this Stock was limited to
five million pounds a year for the first three years, but in January,
1905, this was changed to a sum of six million. By adding to the 2-3/4
per cent. interest which the tenants pay on the loan the further sum of
1/2 per cent. which they contribute to sinking fund for repayment, we
arrive at 3-1/4 per cent. which they have to pay for sixty-eight and a
half years to obtain the fee-simple of their land. The security which
Mr. Wyndham produced for the repayment of interest was the credit of the
Irish peasantry, of whom, out of more than seventy thousand purchasers
owing an eighth of a million to the State under previous Purchase Acts,
only two had incurred bad debts, which, as being irrecoverable, had
fallen on the taxpayer. As a further safeguard the payment is secured by
the annual grants-in-aid paid by the Treasury to the County Councils,
which can be withheld on default to pay interest on purchase advances.
In order to facilitate sales the system of "zones," which has been so
much canvassed, was devised. Under it the Estates Commissioners are
bound to make advances of purchase-money in all cases in which the total
annuity paid by the tenant ranges from 10 to 40 per cent. less than the
rent which he has hitherto paid. If it be a first term rent the
reduction must be at least 20 and not more than 40 per cent. less, and
if it be a second term rent there must be a reduction of not less than
10 and not more than 30 per cent. It will be, perhaps, clearer if put in
this way. If a first term rent amounts to L100, then the
tenant-purchaser has to pay at least L60, and at most L80, as annuity,
while if the L100 represent second term rent the yearly payment varies
from a minimum of L70 to a maximum of L90.

If purchases are proposed outside the zones, in which, that is to say,
the annuity proposed is under 10 or over 40 per cent. of the judicial
rent, the estate must, before sales are effected, be surveyed by the
Estates Commissioners in order that they may see whether the security is
sound, and whether the equitable rights of