WollM 



IRISH A(iKAKI.\ 103 



17*000 in Argentine or Chinese bonds he 

 Id receiv< y /goo a year on secui 



not m i that of Irish property and 



involving its :i the peril of being boy- 



:nurdercd. But the- lainllor. rily 



nterest ; he must invest the proceeds of 

 e securities, i.e., in investments 

 which will only brin^ in a return of 3 to 3$ per 

 i. 1 Now, ^17,000 at 3^ per cent, will yield 

 only 559 ; the landlord loses therefore nearly 

 300 a year. If the pn s encumbered he 



;it better off. If he has to pay 5,000 

 of the purchase money to his creditor, there 

 remains to him 12,000; his income will then be 

 o. But if he has been paying 5 per cent. 

 rest on the debt his former net income 

 was only 650 his loss of income is therefore 

 only 230. In consequence of the high rate of 

 mortgage interest in Ireland, it is precisely the 

 encumbered landlord who is least injuriously 

 affected by a sale. In any case however 

 ile nearly always means a greater or less 

 loss to the owner. Many a landlord who would 

 glad ve sold has seen himself obliged 



these grounds to retain possession of his 

 owners sold except the very 

 c not seriously affected by a reduc- 

 tion in their income, and those who were o\ 

 the ears in debt. This financial effect of the 



1 Fotircll, pp. 52-6, where also a list of trust securities 

 given. 



