The Gazette 1910-11

[DECEMBER, 1910

The Gazette of the Incorporated Law Society of Ireland

162

under the Wyndham Act, but who now see no immediate prospect of payment for the estates thus sold. I venture to suggest that vendors whose circumstances are such that they can fairly afford to hold Land Stock per manently, had better take it. Thus they would be practically investing their purchase money in a 3 per cent, security, which, you know, is equivalent to that of Consols. If in the future Land Stock recovers from its present much depreciated price to the figure, say, of 92, then it is evident sales could be effected without loss, and if by any chance Land Stock went over 92, vendors would make a profit. Now as regards vendors whose estates were lodged in the Land Commission late in the year 1908, they seem to me to be in that position that they cannot reasonably hope, as things are at present, to be reached for payment for very many years to come. Their cases are so far down on the general list that the prospects are not at all encouraging. Would it not be better for them at once to apply for half Stock and half cash or whole Stock ? If they did so, in all probability they would expedite their sales by possibly two or three years, and if they found that their expectation of a realisa tion within a reasonable period was not likely to be accomplished, why then they might apply to replace their cases on the " All Cash Register." I know that such a re placement on the " All Cash Register" might involve their estates being placed at the bottom of the list as it then may stand, but would they be worse off than they are to-day ? Uncertainty looms large, as I have already pointed out ; political complications may further depreciate the value of Land Stock ; future legislation may not be even as beneficial to vendors and tenant purchasers as the Act of 1909, although, as I have shown, that Act has little to boast of, and the result of the best deliberation that I personally have been able to give to the subject is that, having regard to all the circumstances and the position of affairs generally in Ireland, it would be well for vendors to reconsider the situation and see whether they cannot accept Stock under the 1909 Act, and so bring into

depreciated Stock is the only solution of the difficulty which the Treasury can find. It appears from an answer given in the House last April that out of the thousands of direct pending sales 707 vendors had agreed to accept payment partly in cash and partly in 2f per cent. Stock, amounting to in or about 7|- millions, and that 255 vendors were accepting payment wholly in Stock repre senting about 2 millions. But what are these figures as compared with the whole ? The question now arises : what is best to be done by us in such a difficult situation ? What can we as a profession advise our clients who have already sold ? What can we as a meeting say to the public as to the solution of this trouble ? I have not referred to the hardships which are entailed on land agents and on Solici tors by reason of the delay. Is it not hard on us professional men that year after year should roll by before we get a penny remuneration for all our trouble and outlays ? We, as a body, are guilty of no delay whatsoever in connection with the proceeding ; we have loyally endeavoured to facilitate sales, and yet we are absolutely impotent and helpless in the matter of affecting expedition in the realisation of the purchase money of an estate sold. Can it be a matter of wonder if already discontent at the present situation is being expressed ? Now to formulate an answer to the points suggested is not an easy matter, but for whatever they may be worth I venture to express my personal views. I know I am speaking in the presence of men of large experience in connection with the negotia tions for the disposal of estates and the carrying through of sales in the Land Com mission, and in all humility I give my personal opinions. My experience has been that amendments of Land Acts which have involved drains on the British Treasury have not been as favourable to vendors and purchasers as the original design of the parent Act, and, therefore, profiting by that experi ence, it seems to me desirable before matters become worse, as possibly they may, that advantage should, as far as possible, be taken of the 1909 Act on the part of vendors who have already disposed of their estates