much, because many of these estates—­if sold to the new Congested Districts Board—­are subtracted from business that would have been done by the Estates Commissioners; again, it is, as we know, impossible to spend much money, or move many migrants, or even enlarge many holdings, in one year.  If the new Congested Districts Board attempts to handle some millions’ worth of land in a hurry, one of two things must happen, either their work will be indefinitely delayed, or else they will sell off “uneconomic” holdings without amending their defects.  The business will not cost more.  It will only be scamped, or shirked.  I doubt if the additions, which do not conflict with the policy of 1903, will increase the amount to be borrowed in the market, though they may increase the sums needed for working capital.  Let us add for these expansions, which are strictly limited by physical impediments, L2,000,000 or even twice that amount.  It still remains obvious that, even after expansions, good, bad, or indifferent, of the policy of 1903, the total sum to be borrowed cannot exceed from L110,000,000 to L113,000,000, as the outside figure that need be contemplated, provided we refrain from the “economic insanity” of distributing eleven million acres of permanent pasture among shopkeepers and “Gombeen” men.  This figure of L113,000,000, indeed, exceeds what may reasonably be expected.  The average of advances fell from L426 on the earliest agreements, to L361 on all agreements to March 31, 1908, and to L287 on agreements between that date and September 15, 1909.  We may count on a continuation of that fall until the average approaches L200, the price for Connaught, where purchase has proceeded most slowly.  But let the total stand at L113,000,000.  That sum neither warrants the breach of faith of which the Government and the Nationalist party have been guilty, nor does it present an insoluble problem to the resources of a united Exchequer.  L41,097,939 has already been borrowed in the market, and advanced, in less than eight years.

The policy to which the leaders of the Unionist party stand pledged may now be re-stated in the words which I was authorised to use by Mr. Arthur Balfour and Lord Lansdowne after consultation with their colleagues.  Speaking on July 9, 1909, I said:—­

“Our attitude is, that it is necessary to deal effectively with the block of pending agreements, but in dealing with that block it is not necessary to prejudice the interests either of the landlords or tenants, who may come to terms on some future agreements.  We think that the spirit of the Act of 1903 must be observed in the case of pending agreements, but it must not be departed from in the case of future agreements.”—­Hansard, 1909, vol. vii.  No. 93, cols. 1542, 1543.

Mr. Bonar Law confirms this pledge.  He instructs me to say that the Unionist party will resume the land policy of 1903, and pursue the same objects by the best methods until all have been fully and expeditiously achieved.