10d.
The salient features in the procedure of the Acts of 1891 and 1896 were that, (1) the landlord was paid in stock instead of cash. But owing to the rise in the value of gilt-edged securities, Irish Land Stock, with a face value of L100, became at one moment worth as much as L114; (2) the purchaser's interest was at 2-3/4 per cent.
_i.e._ the existing rate on Consols; but (3) his instalment, prospectively fined down by decadal reductions, enabled him to offer an acceptable price and yet pay far less to the State, by way of instalment, after purchase than was due to his landlord, by way of rent, before purchase.
The operation of purchase was still confined, almost wholly, to single bargains. But in Mr. Arthur Balfour's Act of 1891 a new departure was authorised which, after development in Mr.
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