(b) In regard to pending purchase agreements arrived at under the old Act, no alteration is made in the terms of the bargains already concluded between landlord and tenant; but changes are made in the method of financing these agreed sales.  Briefly, parties can obtain priority in treatment among the enormous mass of cases awaiting the decision of the Land Commission by agreeing to accept 2-3/4 per cent. stock at a price not lower than 92 per cent, (which means, at present prices, that the loss on flotation is split between the landlord and the State), or, by waiting their turn, they can obtain half the price in stock at 92, and half in cash.  Payments elected to be made wholly in cash come last of all.  Bonus to be paid in cash as before.

Losses caused by the flotation of stock at a discount no longer fall upon the Irish rates.  Any loss not capable of being borne by the Ireland Development Grant is to be borne by the Imperial Exchequer.

Other important clauses gave compulsory powers of purchase to the Congested Districts Board, and, in the case of “congested estates” and untenanted land outside the jurisdiction of the Board, to the Estates Commissioners.  Otherwise Purchase and Sale remained voluntary.

So much for the history of Land Purchase.  How exactly do we stand at the present moment?

In round numbers, nearly 24 millions have actually been advanced under the old Acts prior to 1903, and up to March of this year (1911) a further sum of 421/4 millions had actually been advanced under the Wyndham Act of 1903 and the Birrell Act of 1909.[158]

That makes a total of 661/2 millions actually advanced to 165,133 tenants up to March of 1911, covering the purchase of nearly 6 million acres of land, or nearly a third of the total agricultural area of Ireland.  The tenants of the land are now quasi-freeholders, and will eventually be complete freeholders.  In addition, agreements for the purchase of properties by 150,490 tenants, under the Wyndham and Birrell Acts, at a total price of 461/2 millions, for 41/2 million acres, were pending in March, 1911, though the sale and vesting were not yet completed.  The properties represented by these agreements will be duly transferred in the course of the next few years, though the congestion of business is very great.

That will make a total of 113 millions advanced to 315,623 tenants for the purchase of 11 million acres under all Acts up to and including that of 1909.  Now, how much more will be required?  We have only one recent official estimate—­that made by the Land Commission in 1908 for the Treasury Committee which sat to consider the crisis in Land Purchase.  It did not pretend to give an accurate forecast, but only to estimate the maximum amount which would be needed, on the assumption that all unsold land would eventually be sold at the average price reached under the Act of 1903.[159] It is certain that the amount so calculated, covering as it does all classes and descriptions of agricultural land, and including land farmed by the landlord himself, as well as short-term pasture tenancies,[160] will considerably exceed the actual requirements.  Some of the unsold land, especially of the pasture land, will never need to be sold; nor is the average purchase price likely to remain permanently as high as that obtained under the Act of 1903.