Till- A(iK. \KI.\N K ,3. 137 



a year for the f\- e years. If the issue is 



par, then the Treasury must pay more 

 J per cent and there is therefore a dei 

 in the intrrvst paid by the tenants, as this 

 amounts to only 2f per cent. This d< 



Je up out of a fund of / 185,000 yearly, 



narked for Irish purposr 

 Repayment is made by the tenants by a yearly 

 contribution to sinking fund, amounting to ^ per 

 cent. The tenant's total yearly payments there- 

 fore amount to 3^ per cent. By this low rate of 

 nd payments the period of repaynv 

 :rom 42 or 49 to nearly 70 (68^) 



The Estates Commissioners are bound to make 



6 in all cases in which the total yearly 



payments of the tenant come to 10-40 per cent. 



than his rent. If the rent is a first-term one, 



then the reduction on purchase must be at 1< 



1 Of course this is only a form of words. In reality, the 



hig: .t is made up out of Imperial funds, since this 



,185,000 is not separately raised from ti u.\j -ayer. 



have heie the almost incredible fact that the credit of the 



ant is I. n that of the English Government. 



When th< .-; j-cr tent, loan stands at 90, the Treasury pays 



r cent, more than the tenant. At this quotation, the 



use \ 1 1,000,000 in order to make its advance 



/J 1 00,000,000. The interest of the ji i i,ooo,ooc 



paid out of Irish funds, but the State is responsible 

 for r :'. of the capital. In January, 1905, more* 



:ng not to issue more than ^5, 000,000 sterling 

 was modified on account of the low quotation, and ,6,000,000 

 imwd 



