THE IRISH LAND PURCHASE ACT OF 1903 905 



land stock, and the interest on the advance is reduced to 2| per 

 cent, I per cent being added for the sinking fund. On the 

 whole, it is improbable that sales to individual tenants will 

 continue to any considerable extent. 



The second method is that of agreement between landlord 

 and tenants for the sale of a whole estate. The mode of pro- 

 cedure is simply for the parties to come to terms as to the price 

 to be paid to the landlord, or the same thing under another 

 form the amount of reduction which the tenants will receive 

 on their present rents. Here an important condition has been 

 laid down, namely : that for rents fixed after 1 896 the reduction 

 must be not less than 10 or more than 30 per cent ; for those 

 fixed earlier the great number of first-term rents the reduc- 

 tion must be between 20 and 40 per cent. Though this estab- 

 lishment of "zones," as they have been styled, has been much 

 criticised, it possesses decided advantages. The commissioners 

 must accept any agreement which satisfies the condition as to 

 reduction, and the administrative and legal delays which have 

 hampered land purchase in the past are to a great extent re- 

 moved. Besides, the minimum limit secures the State against 

 having to advance an amount exceeding the value ; and the 

 maximum one protects the interests of head landlords, encum- 

 brancers, and the holders of reversions from being sacrificed by 

 a life owner or an encumbered one. There remains in addition 

 a discretionary power on the part of the Estates Commissioners 

 to sanction sales outside the limits, if adequate reason be shown. 

 The probability is that most of the sales will be carried out by 

 these agreements, arranged directly. 



Another form of purchase, developed from the ineffective 

 provisions of the second Gladstone act, is that in which the 

 owner sells to the Land Commission for resale to the tenants. 

 Here the owner applies to the commission, and it after inquiry 

 makes a proposal to purchase, if tenants of three-fourths of the 

 holdings in number and ratable value are willing^ to buy at the 

 estimated price. In special cases the last restriction may be 

 removed, i.e., if there is no fear of loss, while, in the case 

 of "congested estates," loss up to 10 per cent may be risked. 



