Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-24
/ THE NEW IRISH LOAN
1.-The amount Subscribed Forty
Fl Times Over.
DEMAND FOR THE BONDS
Twenty-Four Thousand Bids Re-
i ceived.
SUCCESS OF NEW LAND ACT
LESS Than One Per Cent of the Ten
! ANTS in Arrears-Complaint Made
H. of Lack Of Labor.
BY WILLIAM f. CURTIS.

/. BY WILLIAM f. CURTIS.
iSpeeial Correspondence of The Star and the
II Chicago Record-Herah
III DUBLIN July II. 1905.
iIThe embarrassing situation in connec-
hton with the administration of the land
law of 1903 which I explained in a re-
sent letter has been partially relieved by
The negotiation of a new loan of S2o.oS.
OfO at pa per cent interest, maturing IN
twenty-five years. The bonds were placed
Ut 1O1s per cent below par. which. OF
course. is unfortunate and the eagerness
Sf the public to obtain them indicates
that they might have been sold on much
otter terms. There, is great significance
tn the fact that the loan was subscribed
tor forty times over. This indicates the
high degree of public confidence in the
irish land reforms. also an abundance of
money and confidence in the present ad-
Iainstration of the government. 1t also
shows that the apprehensions of the
treasury were not we'll founded and that
the investing public will absorb all of
the loan that il is necessary to make to
close up the purchase of the big estates
in Ireland and give every Irishman a farm
and cottage.
While the proceeds of this loan will
help considerably in the settlement of pur-
chaSeS that have already been arranged
it brings relief only to a small portion OF
those landlords and tenants who have
been waiting long and anXiousy for the
completion of their bargains with the
state. The commissioners received a mil
lion pounds within the twenty-four hours
after the bids for the bonds were opened
and disburSed before niShtfall G675, 900
among landlords who have already sold
their lands.
The previous issues of bonds for this
purpose amounted to f2SG00,090. and the
new loan makes a total of G33,OOO,O 900, or
nnd1 i,rr ~,
the expenses of carrying out the law at
least $160.GOO.O0O has already been paid
over in behalf of the tenant farmers of
Ireland for the purchase of their farms
from the previous owners. But that is
less than one-half the amount that will
be required. The purchases already made
and awaiting completion by the payment
OF the price agreed upon amount to more
than e3oCoO.00O or $175.OO0.OoO, which is
just one-fifth of the exact total of the
bids for the issue of bonds just made.
$4,000 Bids.
There were altogether $4,000 bids for
the new bonds. amounting to Ss75 600. 900. |
and a deposit of nearly $9,OOO.OO0 was
made to secure the applications. If the
treasury could have granted every APP
plication there would have been suf-
ficient fund to complete the program and
buy every Irishman a farm. But all the
subscriptions had to be cut down to a
for. Those applying for $4,000 got only
91OO. and that was the ratio. allotted to
bidders for less than $4,000 Those who
asked for the latter amount got EGO,
for 10000 got a3OO and for s15.OOO got
G400. Those asking for s2O.0o0 got
$500. those asking for 925.O00 got
$500 and so on up to the bidders for
100000. who got only f2.9OO. The out
standing bonds Immediately went up to
9O15. so that the subscriptions command
ed a premium of 1 per cent.
Although the loan was made at what
seems to be great sacrifice. the proceeds
are all that really could be expected at
the interest offered. And it may be con-
sidered a remarkably successful trans
understanding between all classes con-
cerned. and may be attributed, partly at
least. to the Landlords Association. of
which the Earl of kenmare is the chair
man. Its committee has been working In
harmony with the leaders of the Irish
parliamentary party, who represent the
tenants. and the best of feelings prevail.
This. of course. had it's effect upon the
investors. and between the four classes
interested-the landlords, who sell; the
tenants. who buy; the investors, who fur
nish the money. and the politicians. who
direct the policy-there has never been a
more amicable and satisfactory relation
in the history of Ireland. This seems to
offer favorable opportunity for nego-
tietng further loans to complete the land
Purchases already pending. and before
this letter appears in print you may have
learned through the cable dispatches that
the treasury officials have decided to in
crease the allotments five or perhaps ten
times to the bidders who have been dis
appointed. 1t will be necessary to do
something very soon. and the present
time seems to be unusually favorable for
raising money.
Offer Of the Landlords
The Landlords Association has offered
an alternative which is now under con-
stderation. and may be adopted. instead
Of issuing additional bonds. before this
letter reaches you. You will realize that
what l am writing today cannot be pub
A3hed Tor ten days perhaps, but may
make the cable dispatches more intelli-
gible. The landlords. who are now wait
Ing the payment of EDS 100000 for farms
tfey nave already sold. have offered to
accept. in lieu of cash, 3 per cent notes
redeemable at the option of the govern
Hfent That proposition has received en-
couraglng support from the most influen-
tial financial authorities in London and
also from the newspapers. Political lead
are very anxious that it should be
accepted. so as to remove the existing
complications entirely before another par
Namentary election.
The result of the recent loan was no
DOUBT, due also In large measure to
tire favorable reports that have been
made by the lond commissioners regard
Ing the promptness of the purchasers in
the payment of their installments already
due. As l have explained In previous
letters. the government advances the en-
tire amount OF purchase money which
1s..paid In cash 10 the landlord and the
tenant. who buys. has sixty-eight years
In which TO reimburse the treasury In
the meantime he pays "a per cent of the
purchase price annually in quarterly in
stallments. These installments represent
the 21a per cent interest upon the bonds
issued TO raise the purchase money and
three-fourths of ! per cent which goes
into the sinking fund to redeem the bonds
at. maturity.
Few Tenants in Arrears
The latest report of the land commits
sioners shows that the tenants who have
already bought their land are pay
ing these installments with remarkable
promptness. Up to the LIST of July only
3O6 out of A, 773 farmers were In arrears
Mr.. William o Brien. member of parlia-
ment from Tipperary, in letter to the
London Daily Telegraph says:
The figures announced by Mr. Brrell,
chief secretary for Ireland. in parliame
are even more gratifying to the Wynd-
ham act than to the previous Ash
bourne and Balfour acts. whose success
has been regarded as phenomenal. OF
the 44,1I3 annuitants under the Wyndham
act only 305 were in arrears on July L.