it amongst the parties entitled, and generally the Commission act as intermediaries between the landlord and the Irish State Authority, which has no power of varying the terms to which the landlord is entitled under the Bill, or of judging of the conditions which affect the statutory price.  If the landlord thinks the price fixed by the Land Commission, as the statutory price inequitable, he may reject their offer and keep his estate.

Supposing, however, the landlord to be satisfied with the statutory price offered by the Land Commission, the sale is concluded, and the Land Commission make an order carrying the required sum of consols (which is for convenience hereinafter called the purchase-money, although it consists of stock and not of cash) to the account of the estate in their books after deducting 1 per cent. for the cost of investigation of title and distribution of the purchase-money, and upon the purchase-money being thus credited to the estate, the landlord ceases to have any interest in the estate, and the tenants, by virtue of the order of the Land Commission, become owners in fee simple of their holdings, subject to the payment to the Irish State Authority of an annuity.  The amount of the annuity is stated in the Bill.  It is a sum equal to L4 per cent. on a capital sum equal to twenty times the amount of the gross rental of the holding.  The illustration given by Mr. Gladstone in his speech will at once explain these apparently intricate matters of finance.  A landlord is entitled to the Hendon estate, producing L1200 a year gross rental; to find the net rental, the Land Commission deduct from this gross rental outgoings estimated at about 20 per cent., or L240 a year.  This makes the net rental L960 a year, and the price payable to the landlord is L19,200 (twenty years’ purchase of L960, or L960 multiplied by 20), which, as above stated, will be paid in consols.  The tenants will pay, as the maximum amount for their holdings, L4 per cent. for forty-nine years on the capitalized value of twenty years’ purchase of the gross rent.  This will amount to L960 instead of L1,200, which they have hitherto paid; a saving of L240 a year will thus be effected, from which, however, must be deducted the half rates to which they will become liable, formerly paid by the landlord.  This L4 per cent. charge payable by the tenants will continue for forty-nine years, but at the end of that time each tenant will become a free owner of his estate without any annual payment.  Next, as to the position of the State Authority.  The State Authority receives L960 from the tenants; it pays out of that sum L4 per cent., not upon the gross rental, but upon the net rental capitalized, that is to say, L768 to the Imperial Exchequer.  The State Authority, therefore, receives,L960, and assuming that the charge of collecting the rental is 2 per cent., that is to say, L19 4_s._, the State Authority will, out of L960, have to disburse only L787 4_s._, leaving it a gainer of L172 16_s._,