Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-02-15
future OF IRELAND
Land Act Tends to Make Pe0-
Pile Prosperous.
HOME RULE IS HOPELESS
Veto Power of the House of Lords
Effective Barrier.
COST HIGH IN MILLIONS
Giving of Land to Irish Farmers an
Expensive Matter to the Brit
ish Government.
ST HIGH IN MILLIONS
BY WILLIAM T.. CURTIS.

By WILLIAM T.. CURTIS.
Special Correspondeuce of The Star and the
Chicago Record Herald.
The agitation over the budget and the
discussion over the house OF lords In the
United Kingdom has thrown all other
matters into the shade. and the passage
OF a new Irish land act by parliament
has been almost entirely overlooked. In
deed. the London dailies have scarcely
referred TO the subject, and it has not
been alluded to in the pages of cable
grams which have been published in the
American press, although 1t Is one OF
the most important and far-reaching in
its effects OF any act of parliament for
generations
1t is intended to complete the land re-
forms in Ireland and eradicate forever
the evils of landlordisn, which have at
1icted that country so long and retarded
its prosperity. 1t is fortunate, too, that
the new act went through when 1t did
the very day before the excitement over
the budget broke out-becauSe 1t might
easily have become involved in that con-
troversy, which would have been fatal,
and, the Irish land troubles would not
have been settled for another genera ton.
Now the purchase of the great estates
can go on without interruption, landlords
who refuse TO sell in the congested dis
tricts will be compelled to do so and the
lands will continue to be allotted amons
the actual tenants until every farmer IN
ireland has a farm of his own and Will
be given a start in the direction of pros
perity at the expense of the government
Government Advances Money.
As was explained in letters from Ire
land two years ago, the British govern
ment advances the money and becomes
responsible for the payment of the IN
terest and principal upon bonds Issued
TO raise the funds to buy the estates and
divide the land among the tenants who
occlIpy it. They have sixty-eight years 10
nav for their farms with interest at "a
per cent Three-fourthS of 1 per cent OF
this annual interest goes into SINKING
fund to redeem the bonds at maturity.
The remainder is used to meet the an
nual interest upon them Thus every
tenant farmer in Ireland becomes the
owner of the home he occupies and the
soil he cultivates by the payment of SIX
ty-eight annual installments of an
amount equal to 314 per cent of its pres
ent value.
The landlords were so eager to sell their
estates and realize cash upon them ,that
the appropriations made in the original
land act would not pay one-half of the
purchase price, and the progress of the
settlement was entirely arrested because
the funds were exhausted. The act which
has Just been passed provides for a salts
factory settlement
Mr. Birrell, in his explanation of the
purpose of the bill to the house or COM
mons. stated that S12o,oOoooo has al
ready been expended by the estates COM
mfssioners in purchasing farms from the
large land holders for the beneht OF the
tenants who occupy them and that $26o,-
10000 was due to other land owners who
had also sold their estates under the
act of 1906. These transactions have been
completed with the exception of the pay
ment of the price, the former owners
AsrIa 20
owners are actually occupying them. 1t
was, therefore, necessary for parliament
to provide funds for the payment OF the
purchase money and Mr.. Blrrell, In MS
exclamation estimated that the sum of
S7eo, 100000 will be necessary to complete
the work, which Will bring the cost or
the Irish land policy to the British gov
eminent up TO nearly $9Oo.OoOOOO-
Millions Not Included.
This does not include the expenditures
of the congested districts board, which
have been $40 900 annually for several
years, and hereafter are to be about
$4,000 a year. Nor does lit include sew
eral millions of dollars which have been
expended under previous acts TO purchase
land for the tenant occupiers. Nor does
il include the S25,co,COO appropriated
several years upon the motion OF James
Bryce, now British ambassador at Wash
ington, to build cottages for the farm
hands of Ireland.
Mr.. Wyndham, author of the land act
of 1903. stated in the house OF commons
that out of a total of 100000 farmers in
ireland, $4,000 had already applied for
the assistance of the government to pur-
chase their holdings. and that 10000
more would probably apply. His esti-
mates of the cost are not SO high as those
of Mr.. Birrell. He believes that SS0O,oJ0,-
600 will be necessary. He is convinced
that 20 per cent of the 10000 farmers in
tI,-.t
the average price of the farms purchased
will not exceed S15p.
Instead of making a regular issue of
bonds to be sold on the market and the
proceeds applied as hitherto to the pur-
chase OF estates. the new act of parlia-
nent authorizes the issue of per cent
bonds to whatever amount may be neces-
sary. and provides that these securities
shall be offered in payment for the land
in lieu OF cash. The seller is not COM
PEELED to accept them, but If he declines
TO do So he Will have to wait indefinitely
for his money; and il is believed that
very few of the landlords will refuse.
Many of them are now financially en-
barrassed because after the sale of their
land their rent rolls were abolished. and
they have since received 20 income what
ever from their former estates. Those
who were dependent upon their land
rents have been compelled to borrow
money to pay their living expenses. The
Earl OF kenmare. for example. who owns
the Lakes of Killarney, and formerly
owned all the land around them, had his
income cut down from one hundred and
fifty or two hundred thousand dollars a
year 10 less than twelve thousand: and
some of the landlords have not been so
fortunate as he. Hence there is very lit
tie doubt that they will be willing to ac-
cept 3 per cent bonds instead of cash,
particularly as the settlement is to be
made upon the market price of the bonds
ALREADY outstanding. which | believe, is
about 20 cents on the dollar.
To Sustain Price of Bonds.
One OF the principal reasons for COM
pelilns the landlords to accept bonds
was the fear that SO large an issue as
will be necessary to complete the pur-
chases would have deprecated the market
price still lower than at present IT
may be that so many of the selling land
lords will try to realize apon their bonds
that the market price will be forced
down, in the immediate future. In,
government, however. is to stand the
}@Ss. the bonds are ultimately to he
redeemed at par But the sinking fund
strta- e.nent Will be sufficient to meet
them at maturity
Under the new law no more than $40
can be advanced for ehe purchase az .
farm. The authority of the land commits
sion TO expend money upon the improve
neats OF a holding Sold by a landlord n
z re7~ains gorG the agraements
with the tenant for repayment to be made
q. - OASIS as the repayment OF