If purchases are proposed outside the zones, in which, that is to say, the annuity proposed is under 10 or over 40 per cent. of the judicial rent, the estate must, before sales are effected, be surveyed by the Estates Commissioners in order that they may see whether the security is sound, and whether the equitable rights of all parties concerned seem to be safeguarded, and without this sanction advances will not be made in the case of sales in these circumstances. The amount received by the landlord, of course, does not, if invested in Trust Securities at 3-1/4 per cent., provide the same income as did his rent roll, even when one takes into account the 10 per cent. for collection to which we have referred. On the other hand, he is secured from the possibility of further reductions in rent in the future, and there is a likelihood that the securities in which he invests may rise, but, in addition to this, a sum of twelve millions of bonus is to be devoted to bridge the gap between his former rent from the tenant and his present income from his investments.
Under this provision every landlord gets 12 per cent. bonus on his sale, and this sum is part of his life estate, and need not, therefore, be invested in trust securities, but may be invested in stock yielding a higher rate of interest. This point was not clear in the Act of 1903, but was explicitly enacted in an amending Act of 1904.
In order further to accelerate sale an investigation of title deeds, documents which a great English lawyer—Lord Westbury—once described as “difficult to decipher, disgusting to touch, and impossible to understand,” is not necessary prior to sale; for an enjoyment for six years of the rents of an estate brings with it the right to sell, and proof of title is needed only after purchase has been completed in order that the vendor may establish his right of disposal of the proceeds, and as further inducement he gets a sum not exceeding one full year’s arrears of rent, or at most 5 per cent. of the purchase price.
The good results which have accrued where a peasant proprietary has arisen are admitted on all sides. Mr. Long himself, in words which form an illuminating commentary on landlordism, confessed that the blessings and advantages of a change of ownership are obvious. Everyone is agreed that the happiness, bred of security on the part of the occupying owner, brings in its train sobriety and industry. The business of the gombeen man is going, and one may well hope to see arise before long that thrift and energy characteristic of the peasant proprietor, whether in France, Belgium, or Lombardy.
It must not be forgotten, however, that land purchase to bring peace must be universal. In 1901 the De Freyne tenants rebelled against the payment to their landlord of a rent which was 25 to 30 per cent. higher than the purchase annuities paid by the neighbouring tenants on the Dillon estate, which had been bought up by the Congested Districts Board. Under the Wyndham Act there are in progress reductions of annual charges, ranging from 10 to 40 per cent., on holdings adjacent to those where either the landlord is recalcitrant and refuses to sell or where the slowness of administration has delayed progress and secured no sale, and, as a result, dissatisfaction reigns among the less fortunate tenants.