a strike against annuities, and the
only cause which could conceivably ever suggest such a strike would be
the irritation provoked by a persistent refusal to grant Home Rule. Even
that possibility I regard as out of the question, because there is a
sanctity attaching to annuities which it would be hard to impair. Still,
to speak broadly, it is true that Home Rule will improve a security
already good, and that Home Rule, with financial independence, will make
it absolutely impregnable.

Let me sum up.

More than half the agricultural land of Ireland is sold to the tenants,
or agreed to be sold. Eleven million acres out of 183/4 million acres have
changed hands, or will soon change hands; 315,623 out of 554,060
occupiers now pay annuities or interest in lieu of rent, to the amount
of nearly 4 million pounds. In regard to value, out of a total value of
208 millions for the whole agricultural land of Ireland, 661/2 millions
have actually been advanced for purchase, 461/2 millions are due to be
advanced under signed agreements; and, on the extreme estimate of the
Land Commission, based on the supposition that all the remaining land
will ultimately be sold, 95 millions more will have to be advanced.
Total future liability on the extreme estimate, 1411/2 millions; or, if we
take the more moderate and reasonable figure I suggested, 1211/2 millions.

Now, two conditions must be laid down--

1. Purchase ought to continue.

2. Cheap Imperial credit is necessary for it.

These conditions ought not to entail, beyond a strictly limited point,
the continued control of Purchase by the Imperial Government. That step,
as I suggested at p. 221, might involve Imperial control over (1) the
Congested Districts Board; (2) the whole work of the Land Commission,
outside Purchase, and all Irish land legislation; (3) the Irish police;
because the power of distraint for annuities, the last resource of the
creditor Government, rests, of course, with the arm of the law.

Any one of these consequences, as I have urged, would be inconsistent
with responsible government in Ireland.

What are the objections to Irish control over Purchase, with its
corollary, Irish payment of the running costs of Purchase? Two distinct
interests have to be considered: (1) That of the British taxpayer; (2)
that of the landlord.

1. If we carry out the plan I have advocated, the British taxpayer, as
soon as he ceases to contribute to the diminishing sub