Till AGRARIAN REFORM OF 1903. 141 



l) y 35 a year, a circumstance 

 which is not an inducement to sell; but for every 

 100 of rent he may count off about 10 perc 

 for costs of collection ; his net rent was therefore 

 go and his loss is ^25. Moreover he is once 

 for all freed from the danger of further red 

 in n-nt. If he the present day he has 



even a considerable chance of gaining by a rise 

 in the securit which he invests. He has, 



moreover, yet other advantages. Parliament has 

 devote* i of 12, 000,000 as a free gift for 



mdlord. Upon every /ioo of principal 

 he get . This bonus goes to the 



person in whose hands the estate is at the 

 moment it is h ae property and 



need not be investt ee securities. If 



whole estate is sold for /2O,ooo the bonus 

 will amount to ^2,400, which at 4 per cent, will 

 bring in g6 a year. On the ^2,000 estate the 

 bonus will yield interest of g I2S., and the whole 

 irn from the proceeds of the sale will be 

 /74 i2s. There will still be a loss of ^"15 8s. 



The landlord however is permitted to sell his 

 residence and demesne, not to the tenants but to 

 the Land Commission. He can afterwards buy 

 them back from the Commission by means of an 

 advance which they will make him, but which it 

 must be observed may not exceed one-third of 

 the to :ue of the estate. The landlord 



- never drawn rent from this demesne. But 

 on an estate of the value of say ,20,000 he 

 has perhaps encumbrances amounting to some 



