IRISH AGRARIAN TENURE. 97 



passed in 1887 had introduced some modifica- 

 tions into the system. This money too was 

 quickly absorbed. The success of the Ashbourne 

 Acts led at last to the great Land Act of 1891. 

 Under this Act, a sum of ^^33, 000, 000 was to 

 be advanced. The reason for choosing this 

 sum was that the grants made by the central 

 Government to the Irish Unions amounted to 

 the thirtieth part of it; and therefore, by holding 

 back these grants, the Government could com- 

 pensate itself in case the sums payable for 

 interest and sinking fund did not come in in due 

 course. The maximum of ^33,000,000 was 

 an elastic figure, inasmuch as each payment 

 which was received under the Act made possible 

 a new advance of a corresponding sum.^ The 

 reserve of one-fifth of the purchase money, a 

 feature introduced by the Ashbourne Act, 

 was retained. A further reserve against non- 

 payment of the instalments was created by 

 holding back for five years certain new grants 

 of the Imperial Government to local bodies, 

 amounting to £4.0,000 a year. Furthermore, it 

 was settled that the tenant should pay at least 

 80 per cent, of his existing rent in the form of 

 interest and sinking fund. If his instalments 

 came to more, the difference was retained by 

 Government for five years. Four per cent, was 

 to be paid for a term of forty-nine years, of which 

 2| were supposed to be interest and the rest 

 sinking fund ; |- per cent, however was allotted 



' Shaw-Lefevre, p. 143. 



H 



