IRISH LAND PURCHASE BILL.

Wairarapa Age, Volume XXXII, Issue 3155, 5 April 1909, Page 4

IRISH LAND PURCHASE BILL.

The Irish Land Purchase Bill, which was read a second time in the House of Commons last week, was first introduced by Mr Birrell on November 23rd last. In moving it he stated that since 1903 there had been ten issues of Irish Land stock, four of which had been taken up by the public, all being at a loss, the amount of stock issued for purchasethirty millions—having realised £26,500,000. To make good the loss, recourse was made to the Irish development grant, which had practically disappeared. The complete transactions between landlord and tenants represented a sum of £25,000,000, and the pending agreements involved £52,000,000. While it was thought in 1903 that £100,000,000 would be sufficient to enable tenants to purchase their holdings, it now appeared that the sum would amount to £180,000,000. Fifty-two millions would, therefore, have to be raised to meet pending agreements, and £100,000,000 more would be required in the future. Five millions a year would be raised. The Bill gave power to issue a new stock at 3 per cei/t.,' and to increase the tenants' annuity accordingly. The bonus would be cut down to 3 per cent. As to the payment of the bonus, the Government was prepared to increase the limit to £12,000,000, and would be so graduated and divided as to assist the poorer landlords to sell. The lower the scale of years' purchase, the higher would be the bonus. The bill was accepted by Mr Redmond, on behalf of the Nationalists, as a bold and far-reaching measure of reform, framed in accordance with popular sentiment in Ireland. Owing to the time occupied by the Licensing Bill, the measure did not get beyond its second reading. On Tuesday last, Mr'Birrell re-introduced the Bill,and moved the second reading, which was agreed to.