tion given by Mr.
Gladstone in his speech will at once explain these apparently intricate
matters of finance. A landlord is entitled to the Hendon estate,
producing L1200 a year gross rental; to find the net rental, the Land
Commission deduct from this gross rental outgoings estimated at about 20
per cent., or L240 a year. This makes the net rental L960 a year, and
the price payable to the landlord is L19,200 (twenty years' purchase of
L960, or L960 multiplied by 20), which, as above stated, will be paid in
consols. The tenants will pay, as the maximum amount for their holdings,
L4 per cent. for forty-nine years on the capitalized value of twenty
years' purchase of the gross rent. This will amount to L960 instead of
L1,200, which they have hitherto paid; a saving of L240 a year will thus
be effected, from which, however, must be deducted the half rates to
which they will become liable, formerly paid by the landlord. This L4
per cent. charge payable by the tenants will continue for forty-nine
years, but at the end of that time each tenant will become a free owner
of his estate without any annual payment. Next, as to the position of
the State Authority. The State Authority receives L960 from the tenants;
it pays out of that sum L4 per cent., not upon the gross rental, but
upon the net rental capitalized, that is to say, L768 to the Imperial
Exchequer. The State Authority, therefore, receives,L960, and assuming
that the charge of collecting the rental is 2 per cent., that is to say,
L19 4_s._, the State Authority will, out of L960, have to disburse only
L787 4_s._, leaving it a gainer of L172 16_s._, or nearly 18 per cent.
The result then between the several parties is, the landlord receives
L19,200; the tenantry pay L240 a year less than they have hitherto paid,
and at the end of forty-nine years are exempt altogether from payment;
the gain of Irish State Authority is L172 16_s._ a year. Another mode of
putting the case shortly is as follows: The English Exchequer lends the
money to the Irish State Authority at 3-1/8 per cent. and an annuity of
4 per cent. paid during forty-nine years will, as has been stated above,
repay both principal and interest for every L100 lent at 3-1/8 per
cent. On the sale of an estate under the Bill, the landlord receives
twenty years' purchase; the tenant pays L4 per cent. on twenty years'
purchase of the gross rental; the Irish State Authority receives L4 per
cent. on the gross rental; the Engl