The Birmingham age-herald., 1903-04-12
WHAT IRISH LAND MEASURE CONTAINS Features of the Bill Are Clearly
 Summarized LAND PURCHASE AID FUND The Fund is to Provide $6o,ooo,ooo to Meet the Expenses of the
 Transaction-Landlords'
 Holdings.
LAND PURCHASE AID FUND
,ron inc Chicago Reeord-Herald.


 was introduced in the house of commons by Mr. Wyndham March % has Just reached this country. The bill is a long one, divided into five parts, containing eighty-nine clauses.
 The first clause specifics what landlords holdings may be taken over by the land commission, and the second clause pro- ceeds directly to discuss the advance which may be made tenants who wish to purchase.
 The provisions of clause two are as fol- lows:
 20 In case of the sale of an estate ad- yances under the land purchase act may be made for the purchase of parcels thereof by the following persons:
 (a) A person being the tenant of hold ing on the estate.
 (b) A person being a son of tenant or a holding on the estate.
 Co A person being the tenant or proprle- tor of a holding not exceeding ten acres ln area, and five pounds in rateable value situated in the neighborhood of the estate; and
 (d) A person who within twenty-five years before the passing of this act was the tenant of a holding to which the land law acts apply, and who is not at the data of the purchase the tenant or proprietor of a holding; provided, that in the case of the death of a person to whom an advance under this paragraph might otherwise have been made, the advance may be made to a person nominated by the land commission as the personal representa- tive of the deceased person.
 (2) Advances under this section shall not, together with the amount df any) of any previous advance under the land purchase acts then unrepaid by the pur- chaser, exceed e5oO.
 Provided that the limits in this subsee- ton may, where the land commission con- siders it expedient for the purpose of the sale of the estate, be extended to one thousand pounds in the case of holding situate in an administrative county, or in a riding of any such county, which does not comprise a congested district county.
 3. The land purchase acts shall, subject to the provisions of this section, apply to the sale of a parcel of land in pur- suance of this section, in like manner, as if the same was a holding, and the pur- chaser was the tenant thereof at the time of his making the purchase, and the ex- pression "holding" in those acts shall include a parcel of land in respect of the purchase of which an advance has been made in pursuance of this section.
 
 Two other important clauses relate to the raising of the new PA per cent stock, and to the charges on the consolidated fund. They follow:
 25.-O For the purpose of raising the money required for the Irish land pur- chase fund the treasury may by warrant addressed to the Bank of England or Bank of Ireland direct the creation of new capital stock (to be called "Guran- teed two and three-quarters per cent stock" and in this act referred to as the stock'D consisting of perpetual annuities. yielding dividends at the rate of 2% per cent per annum on the normal amount of capital.
 @ The annuities shall be payable by equal quarterly dividends at such times in each year as may be fixed by the war rant first creating the stock
 (3) The stock shall not be redeemable until after the expiration of thirty years from the commencement of this act, but on and after that date shall be redeem able, after three months notice published in the London Gazette and in the Dublin Gazette, at the rate of G1O0 for every 100 pounds of stock together with the payment of all arrears of interest.
 (D Any sums raised by means of the stock, after providing for the expense of issue, shall be carried to the credit of the capital account of the Irish land purchase fund.
 (5) The stock may be issued al such times, in such amounts and subject to such conditions as to payments of Ge- posits and instalments, and the issue of scrip certificates carrying dividends and otherwise, as the treasury direct.
 26.-d) The dividends on the stock shall be paid out of the income of the Irish land purchase fund, and if that income is insufficient, shall be charged on and paid out of the consolidated fund of the United Kingdom or the growing produce thereof
 @ Any sums so paid out of the consoli- dated fund shall be treated as a tenn porary advance to the Irish land purchase fund and shall be made good out of the guarantee fund.
 Other clauses of great importance con- cern the land purchase aid fund, which is to provide $6O,o0O,Oo0 to meet the ex- penses of the transaction. They read as follows
 42.-O There shall be established, as part of the Irish land purchase fund a fund to be called the Hand purchase aid fund" and there shall in each financial year, be paid out of that fund to the land commission such sums as the treas ury, on the request of the land commits sion, may sanction, provided that the to- tai of the sums so paid shall not exceed twelve million pounds.
 @ The sums required for the land pur- chase aid fund shall be raised by the issue of guaranteed 2s4 per cent stock az by this act provided. and as sum sufficient to pay the dividends on the amount of stock issued for the purpose of this sec- tion, together with ten shillings per cent per annum by way of sinking fund, shall be paid in each year to the Irish land pur- chase fund out of money provided by parliament.
 43.-O For the purpose of aiding the sale of estates under this act, and mak- ing contributions toward the expenses in- cidental to the redemption of superior and intervening interests, the 6nvestfga- ton of titles, the distribution of pur- chase money and other like matters the land commission may, in the prescribed manner and at the prescribed time, out or advances by the national debt commis- sioners from the said fund pay to the vendor of each estate sold a percenta ge determined according to the scale set forth in the first schedule to this act
 @ In estimating the amount of the purchase money on which the percentage is to be payable, the price of any land resold to the vendor of an estate shall be excluded.
 .(3) After the expiration of five years from the commencement of this act and thereafter at each quin-quinnial period. the treasurer may revise the sale of per centages for the purpose of adjusting the