THE AGRARIAN REFORM OF 1903. 143 



with no encumbrances, which are probably ex- 

 tremely rare, that will not bring any increase 

 when sold. But under the new Act, the owner, 

 if he wishes to sell, can by sale and repurchase 

 of his demesne procure himself capital repayable 

 in 68^ years at 2f per cent, interest and i per 

 cent, sinking- fund, available for any purpose he 

 may desire. 



In order to give efficacy to these attractions to 

 sell, the modus operandi of purchase has been 

 simplified. Anyone who has for six years 

 enjoyed the rents of an estate has the right 

 to sell it.^ In order to interest the existing 

 possessor of the property — the tenant-for-life 

 (for the Act makes no difference in the manner 

 in which landed property is tied up) — in the sale, 

 he receives the bonus as a free personal gift ; it 

 does not go into the family property.^ In the 

 same way he also gets the arrears of rent up 

 to one full year, or at most 5*4 per cent, of 

 the purchase money.^ The tenant-for-life thus 

 receives 12 per cent. + 5*4 per cent., or in all 

 17*4 per cent, of the purchase money, to do 



^ That is to say, he need not, before negotiating, rummage 

 among ancient archives in order to establish his ownership. 

 These documents are only necessary in order to establish his 

 claim to dispose of the purchase money, the interest of which 

 he continues to receive as he formerly did the rents. 



- This point was not made clear in the Act of 1903, so that 

 an amending Act became necessary (1904). 



^ If the purchase price amounts to i8"5 times the rent, then 

 the arrears will be y'g, i.e., 5*4 per cent. 



