The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-26

Provisions of the Measure introduced
by Mr.. Wyndhem.

LONDON. March 25-The Irish land bill
from the outline given by Mr.. Wyndham
this afternoon may be summarized as fol-
lows:
A new department of the Irish commits
sion is established. called the ESTATE COM
missioners." who are under the control IF
the lord lieutenant for Ireland. They will
decide what constitutes what are estates.
and they may refuse their sanction to the
sale of poor and noneconomic holdings un-
less adequate facilities are given Herewith.
Separate bargains for the purchase of sin
gle holdings may continue under the exist
ing law. Where estates are sold the agree
ments are to be sanctioned by the commits
sioners under fixed scale based on Ju-
dicial rent. This Is outside the congested
area, where the scale limits do not apply.
Estates may be purchased by bargaining
between LANDLORDS and tenants subject TO
the approval of the commissioners Ii Is
also provided that sales may be made 10
others who are not tenants now but who
within the past twenty-five years nave
been tenants in Ireland The commission
ers may themselves purchase estates and
improve and sell them again.
The bill goes generally into close detail as
to the method OF purchase. titles. etc. AS
OF the commissioners, the interest on the
purchase money is to be paid TO the ven
dor at the rate Of Sis per cent, until a fixed
interest rate of pa per cent. win be paid
until the claims are proved and the money
distributed If there is any inexcusable de-
lay on the part of the vendor, the interest
may be withheld. The vendors will be paid
in cash, in order to raise which new stock
will be issued bearing dividends Of 80 per
cent. If any expense is incurred in issu-
ing the stock on account OF discount, extra
stock will be issued and repaid by the new
grant TO be made TO Ireland as an equiva-
lent 20 the grant made under the English
education act. If the stock is issued at a
premium, the surplus will be used 10 reim-
burse the new grant, which will also be
charged with &50.0O0 annually for the first
four years to meet the expense of floating
the stock.
The annual payment by the purchasers will
be seven-eighths as terminable annuity
and one-eighth as a perpetual rent charge
The price paid TO the vendor will be ascer-
tanned by capitalizing the annuity at 81
per cent and the rent charge at ~ per
cent. In order to facilitate the transfer or
the land a grant in aid will be made OF
Gl2.00,0o0. which will be employed as fo!-
lows: A percentage graduate inverseiy on
the amount OF the purchase price VIII De
tates valued at $4,000 and under will be Is
per cent, the minimum for estates OF E4o.-
900 or over will be per cent.
IL is provided that no registration fees
shall be charged and no stamps charged
on conveyances. IL the proprietor subjects
or subdivides the lands. becomes bankrupt.
dies or leaves his land TO more than one
person the commission may order the land
TO be sold. The legal business connected
with the proof of title will be carried on by
the land commission and cheaper process
will be introduced for fixing the rents. ap-
peals being heard by judicial commits
The bill which is in seven sections and
MANY subsections and heads. will, IL is un-
dcrstood. be circulated on Friday or Satur-
day.