Dillon's unholy alliance with the British Treasury." Under the Act of 1909, landlords, instead of cash payments, are to receive stock at 3 per cent. issued on a falling market.
This stock cannot possibly appreciate because owing to the embarrassment of Irish estates a large proportion of each issue is thrown back upon the market at the redemption of mortgages. The tenant's annuity is raised from 3-1/4 per cent, to 3-1/2 per cent., a precedent not to be found in any previous experiment under Irish Land Purchase finance.
The bonus is destroyed and litigation is substituted for security and speed. The results of the two Acts are instructive. Under the 1903 Act the potential purchasers amounted to nearly a quarter of a million; under the 1909 Act the applications in respect of direct sales being less than nine thousand.
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FOOTNOTES Footnote 62 House
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Footnote 28 House of
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