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THE PROGRESS OF THE WORLD.
the House of Commons on June 15th, the third reading being carried by 225 to 96, the Irish Members supporting it without distinction of party or class. The debates, although prolonged, have been conducted, according to Mr. Balfour himself, in businesslike way with very little surplusage. The Bill is too complicated to explain in detail here, but in brief it may be said that it provides for the issue of £33,000,000 of 21 Stock by the Imperial Government for buying out the interests of the Irish landlords
July 1, 1891. who wish to part with their property,
and who suade their tenants to purchase. The tenants who buy obtain at once, for the first five years, an immediate reduction of 20 per cent. on their rent, and after that five years further reduction,corresponding to the difference between their old rents and 4 per cent. on the purchasemoney.
For instance, landlord A agrees to sell to tenant B a farm for which the latter is paying £50
per annum at sixteen years' purchase. The Government will give to A Government Stock, bearing 21 per cent. interest,