IRISH AGRARIAN TENURE. 103 



his ^17,000 in Argentine or Chinese bonds he 

 would receive nearly ;^goo a year on security 

 not much worse than that of Irish property and 

 not involving its owner in the peril of being boy- 

 cotted or murdered. But the landlord has only 

 a life interest ; he must invest the proceeds of 

 the sale in trustee securities, i.e., in investments 

 which will only bring in a return of 3 to 3^^ per 

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

 only ;^559 ; the landlord loses therefore nearly 

 ;^300 a year. If the property is encumbered he 

 is somewhat better off. If he has to pay ;^5,ooo 

 of the purchase money to his creditor, there 

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

 ;^420. But if he has been paying 5 per cent, 

 interest 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 

 a sale nearly always means a greater or less 

 loss to the owner. Many a landlord who would 

 gladly have sold has seen himself obliged 

 on these grounds to retain possession of his 

 property. Few owners sold except the very 

 rich, who were not seriously affected by a reduc- 

 tion in their income, and those who were over 

 the ears in debt. This financial effect of the 



^ Fottrell, pp. 52-6, where also a list of trust securities is 

 given. 



