Mr Balfour’s Surprise Bill

Gisborne Standard and Cook County Gazette, Volume III, Issue 453, 13 May 1890, Page 2

Mr Balfour’s Surprise Bill

London, March 28. Mr Balfour explained in the House of Commons the Irish Lind Purchase Bill, about which we have heard ao much during the last few months. The measure which he introduced, and which is to be the great work of the Government for the aessiou, is not compulsory, and does not throw any risk, at lease directly, upon the British taxpayer, though British credit lies at its foundation. It proposes to enable a tenant to buy his holding at the price of 20 years’ purchase of the net rent, and this sum may include two years* arrears. The five public bodies io Ireland at present concerned in the valuation, the sale of land, or the lending of miney oa land, are to be amalgamated into one land department to whiih will bi entrusted ths administration of the Ao', and, upon thi land departmint, making a vesting order, the tenant will at once be placed la possession. His nominal repayment will be 4 par cent, per annum on the purchase money, of which per cent. U to be for interest, 1 per cent, for a sinking fund, and £ psr cent, for local percentage and insurance fund. The landlord will M paid with a new 2? per cent, stock, the interest of which is not to be reduced for 30 years, thus making It better than ordinary console, which are to be lowered to 2} per cent, in a few years' time. But the landlord will have the option of exchanging this stock for console if ha ohooses. A guarantee fund is 11 be established, consistingjof a cash portloq and a contingent portion. Tbe former is to be made up of a contribution of £40,000 a year, as an equivalent for the license dalles handed over to England and Scotland, of £200,000 a year as lreland's share ot the Probate Duty Grant, and of the quarter per cant, of tha tenants’ annuity which would eventually pass to 'ha local authority. The oontigeot guarantee will consist of the rates on Governm ant* property, and certain Imperial contributions for poor rate aad educational purposes. The total advance it not to exceed ths oapitaliasd value of these two portions of the guarantee fund taken together, which would oa about £38,000,000. A special Board is to be stalled to meet th* circumstances of the congested districta. It will ba paid a million, and a hllf from the Irish Ohuroh surplus, and is to have power to am ilgemate holdings, to es-ist in ths immigration or migration of tenants, to esll seed potatoes at cost pries, and to investigate into the resources of th* fishing stations on the coast of Ireland, When tha instalments ot 'ha thirty-three millions advanced under ths Bill come in, and as tbe ten millions advanced under the Ashbourne Act are repaid, tbs instalments will be re-afivsnoed Up to th* same amount, so that they will constitute a complete circulating fund until the operation is complete. jl| Here are some choioe opinions about th* Bill :— “An idiot Bill.”—Star. " Abominable.” —Pall Mall Gazette, " Uglier lhan ever.”—Daily Newt. “Abeutd and objectionable.”—Jfr Parnell, “Au insidious attempt.”—Mr Davitt. “ Hollow and impracticable.”—Mr Settoq' “Rotten from top to bottom. ”—Mt Fowler. “ No good iu It, ,r —Mt T. Harrington. “At any other time such a messure would hero been received with acclamation h» th* Irish Nationalists,Northerawhlg,