From this examination of the reasons for destroying the Act of 1903, the true size and nature of the financial problem emerges. From the total of some 490,000 holdings substantial reductions must be made in respect of waste lands, grass lands, and accommodation plots, and, again, in view of the limitation on the amount that may be advanced to one person. We ought probably to deduct 20 per cent., but if, to be on the safe side, we deduct only 15 per cent., 416,000 are left. These, however, include some 80,000 sold before the Act of 1903, or under the Land Commissioners as distinct from the Estates Commissioners. In respect of the 336,500 remaining, 257,474 agreements have been lodged under all categories in the Acts of 1903 and 1909. Indeed, a larger number have been lodged, for in most cases our information is only to March 31, 1911, leaving less than 79,000 holdings that may still come into the market. This is an outside figure, provided always that the policy of 1903 be adhered to, viz. that advances are made to _occupiers_ and not to new men, except as under the Act of that year (sect. 2 (I) _b_ and _d_, and sect. 75) in rare cases, rigidly defined, of the sons of tenants and of evicted tenants. If the average price remains at the figure for the period March 31, 1908, to September 15, 1909--viz. L287--a further sum of L22,673,000 may be required in excess of L84,099,818 already required under the Acts of 1903 and 1909; making L106,772,818. This total includes nearly L1,000,000 for re-sales to owners and some provision for evicted tenants. Under these heads it will not expand in a greater relative degree. It includes, also, purchase of whole estates and of untenanted land by the Estates Commissioners and Congested Districts Board, and these may involve larger sums than were originally contemplated. I promised to return to that point, and will now do so. Since the Return under these heads up to March 31, 1911, tentative negotiations have been made for the purchase of a number of estates and for supplying more evicted tenants with holdings. But this does not increase the money size of the problem by much, because many of these estates--if sold to the new Congested Districts Board--are subtracted from business that would have been done by the Estates Commissioners; again, it is, as we know, impossible to spend much money, or move many migrants, or even enlarge many holdings, in one year. If the new Congested Districts Board attempts to handle some millions' worth of land in a hurry, one of two things must happen, either their work will be indefinitely delayed, or else they will sell off "uneconomic" holdings without amending their defects. The business will not cost more. It will only be scamped, or shirked. I doubt if the additions, which do not conflict with the policy of 1903, will increase the amount to be borrowed in the market, though they may increase the sums needed for working capital. Let us add for