62 THE IRISH AGRARIAN PROBLEM. 



and not the owner himself, could negotiate such 

 a sale. The " Settled Estates Act 11 of 1882 

 enables the owner to sell his estate, but ru 

 obliged to invest the proceeds in the sa 

 restricted manner, in the form of securities 

 tied-up for the wards. As trustee securities 

 only yield from 3 to 3^ per cent, interest at 

 most in England, a sale always means restric- 

 tion to a rate of interest at 3^ per cent. 



The third and most important point is the 

 encumbered condition of many Irish estates. 

 For decades the owners have lived beyond their 

 means ; they have carried forward as assets 

 arrears of rent which could not be collected ; 

 and, as the law of primogeniture was in force, 

 they have made settlements for life on other 

 members of the family. The result was a 

 heavy burdening of estates with mortgages. 

 These mortgages are partly in the hands of 

 members of the family ; but also partly in pos- 

 session of insurance companies, lawyers, &c. 

 The big Irish corporations, and especially 

 ecclesiastical associations, have a considerable 

 portion of their capital invested in mortgages of 

 this kind. The first mortgages are generally 

 excellent investments, for they are absolutely 

 secure. As, however, a system of bonds and 

 a mobilised mortgage system in general does not 

 exist, there is no good market for such mortgages, 

 and the rate of interest is very high 5 to 6 per 

 cent, is by no means rare. The incumbrance of 

 an income of 1,800 with a settlement of 600 



