11 OF TO 63 



I ut if a fall in prices 

 lace and rent i>y 33 per cent. : 



interest on mortgages would of course remain 

 unreduced. If ti 1 income dropped from 



/i, 800 to 1,200, this would mean, the burden 

 of (1 mainii ame, a reducti n of ; 



nc by 50 } <j liquidation 



ten 

 den distressed Irish land( 



e however never been able, till the 



W\ i Land Act, to procure the creation of 



:iaiicial organization for this purpose, although 



:i of the rate of interest from 5 p( 

 ^ per cent, would have reduced an obligation 

 i 600 to 360. 



The ancestors of the present Irish land 

 were planted in Ireland with a view to 

 ilizing the inhabitants, who laboured under 

 truly primitive economic conditions. We can- 

 not say that this task has been accomplished. 

 The thousands of small farmers who were 

 settled on Irish estates would have made the 

 expenditure of immense sums of ( 



owner of the property had desired to 



e each of them a fully equipped farm. The 



owner seldom possessed the capital required for 



s object. Thus the burden of equipping his 



farm fell upon the farmer, who performed his 



k in a manner which was far from technically 



perfect. The landlord levied rent from the 



land ; the farmer put all the capital into the 



d which was necessary to make it arable. 



