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it was found that proceedings for sale of estate had been instituted to an amount of between 70 and 80 millions, and that the amount remaining to be sold would probably approximate to another 80 millions. Consequently the Treasury, in accordance with powers given them in the 1903 Act, reduced the percentage from 12 to 3 per cent., at which rate it would remain for at least five years were a new Act not passed. Mr. Birrell's Act, however, removed the 13 million limit, and provided for the payment of a graduated bonus, at rates ranging from 3 to 18 per cent., according to the number of years' purchase of the rent at which the landlords sell. The old rate of bonus tempted landlords to stand out for a high price: the new graduated rate offers an inducement to them to sell at a low price. It was calculated that under the new provisions the capital sum for bonus will amount to at least 15 millions, which will cost over 17 millions, owing to the necessity for excess stock.
As before stated, agreements representing 56 millions of purchase money were awaiting completion through the Land Commission in 1909. In 1903 it had been calculated that the annual output of the Land Commission would be five millions, and at that rate it would take more than eleven years to complete these agreements. The block was due partly to the difficulty of raising more than a limited amount of money in each year; partly to the impossibility of any department dealing with more than a limited number of sales in a year; and partly to the great rush of applications in 1908, when the bonus revision was impending. The Act of 1909, in order to relieve the block, gave vendors under pending agreements an option to take 2¾ per cent. Stock at 92 (3 per cent. investment) in whole or part liquidation of their purchase money, and, by virtue of the statutory regulations, vendors exercising this option are paid in a special priority sooner than if they elected to be paid entirely in cash; and cash sales, stock sales and future agreements are dealt with pari passu, each class claiming on a separate fund.
SECTION XV
Progress under the Land Purchase Acts.
The further experience of the effects of Land Purchase acquired since the passing of the Act of 1903 has only served to confirm the views already expressed in Section 11. With rare exceptions, the purchasing tenants have been contented and prosperous, and have paid their annuities with exemplary punctuality. The disadvantages of the existing system apparent in 1902 have been greatly minimised. Under Sections 12 and 13 of the Act of 1903 the Estates Commissioners were enabled to expend money on the improvement of estates or untenanted land purchased, or proposed to be purchased by them; and when such expenditure resulted in an advanced price, they were
