Ti IK AGRARIAN REFORM OF 1903. 109 



68ti: the value of a farm they took more 



account of factors not strictly agricultural than 

 was the case later on, when they were disposed 

 to t is on the basis of the agricultural 



productivity of the holding. 1 It: iain it 



v be said that they did not solve the 

 economic problems which the legislature had 

 set y even ignored certain regu 



is about which there was no doul us, 



Commission* juently took account of 



4 Occupation Int i.e. the right of an 



it to hold at a lower rent than 



could be accorded to a new tenant. This 



occupation interest, which had no foundation 



in law, was allowed for up to 15 per cent, of the 



rent. 1 Thus no really just division of surplus 



took place between landlord and tenant. The 



capital value of an Irish farm is represented by 



the land, which is the property of the landlord, 



1 the improvements, which belong to the 



In reckoning the net profits, the sum 



taken to start with was the amount realizable by 



( of the products. This gross profit was 



naturally diminished by the fall in prices. The 



whole loss of this fall was frequently laid upon 



the landlord. The interest on that part of the 



capital represented by the soil was lowered ; the 



interest on the improvements remained the same. 



The first judicial reduction brought down the 



1 Fry Commission, p. 18. 



1 lb.. \'. : i. 



