capital or pay an increased rent, so that the means of compensating the landlord must be found out of the existing rent. The plan adopted in Mr. Gladstone's Land Bill was to commute the rent-charges, offering the landlord, as a general rule, twenty years' purchase on the net rental of the estate (that is to say, the rent received by him after deducting all outgoings), and paying him the purchase-money in £3 per cent. stock taken at par. The stock was to be advanced by the English Government to an Irish State department at 3-1/8 per cent. interest, and the Bill provided that the tenant, instead of rent, was to pay an annuity of £4 per cent. on a capital sum equal in amount to twenty times the gross rental. The notable feature which distinguished this plan from all other schemes was the security given for the repayment of the purchase-money: hitherto the English Government has lent the money directly to the landlord or tenant, and has become the mortgagee of the land--in other words, has become in effect the landlord of the land sold to the tenant until the repayment of the loan has been completed. To carry into effect under such a system any extensive scheme of agrarian reform (and if not extensive such a reform would be of no value in pacifying Ireland) presupposes a readiness on the part of the English Government to become virtually the landlord of a large portion of Ireland, with the attendant odium of absenteeism and alien domination. Under a land scheme such as that of 1886, all these difficulties would be overcome. The Irish, not the English, Government would be the virtual landlord. It would be the interest of Ireland that the annuities due from the tenants should be regularly paid, as, subject to the prior charge of the English Exchequer, they would form part of the Irish revenues. The cardinal difference, then, between Mr. Gladstone's scheme and any other land scheme that has seen the light is this--that in Mr. Gladstone's scheme the English loans would have been lent to the Irish Government on the security of the whole Irish revenues, whereas in every other scheme they have been lent by the English Government to the Irish creditors on the security of individual patches of land.