d policy of payment in stock, instead of in cash, is reverted to, and
the stock is a 3 per cent. stock.

(2) The tenant's annuity is raised from 31/4 to 31/2 per cent.

(3) The period of redemption is reduced from sixty-eight and a half
years to sixty-five and a half years. (4) The landlord's bonus is
allocated on a graduated scale, under which the higher the price the
land is sold at, the less is the bonus conferred. These changes, though
no doubt somewhat prejudicial to the prospects of Land Purchase, were
absolutely necessary, owing to a cause beyond human control--the
condition of the money-market.

(b) In regard to pending purchase agreements arrived at under the old
Act, no alteration is made in the terms of the bargains already
concluded between landlord and tenant; but changes are made in the
method of financing these agreed sales. Briefly, parties can obtain
priority in treatment among the enormous mass of cases awaiting the
decision of the Land Commission by agreeing to accept 2-3/4 per cent.
stock at a price not lower than 92 per cent, (which means, at present
prices, that the loss on flotation is split between the landlord and the
State), or, by waiting their turn, they can obtain half the price in
stock at 92, and half in cash. Payments elected to be made wholly in
cash come last of all. Bonus to be paid in cash as before.

Losses caused by the flotation of stock at a discount no longer fall
upon the Irish rates. Any loss not capable of being borne by the Ireland
Development Grant is to be borne by the Imperial Exchequer.

Other important clauses gave compulsory powers of purchase to the
Congested Districts Board, and, in the case of "congested estates" and
untenanted land outside the jurisdiction of the Board, to the Estates
Commissioners. Otherwise Purchase and Sale remained voluntary.

So much for the history of Land Purchase. How exactly do we stand at the
present moment?

In round numbers, nearly 24 millions have actually been advanced under
the old Acts prior to 1903, and up to March of this year (1911) a
further sum of 421/4 millions had actually been advanced under the Wyndham
Act of 1903 and the Birrell Act of 1909.[158]

That makes a total of 661/2 millions actually advanced to 165,133 tenants
up to March of 1911, covering the purchase of nearly 6 million acres of
land, or nearly a third of the total agricultural area of Ireland. The
tenants of the land are now quasi-freeholders, and will