To state this shortly, the Bill provides that an Irish landlord may require the State Authority to pay him for his estate, in consols valued at par, a capital sum equal to twenty times the amount of the annual sum which he has actually put into his pocket out of the proceeds of the estate. The determination of the statutory price is, so far as the landlord is concerned, the cardinal point of the Bill, and in order that no injustice may be done the landlord, an Imperial Commission--called the Land Commission--is appointed by the Bill, whose duty it is to fix the statutory price, and, where there is no judicial rent, to determine the amount of rent which, in the character of gross rental, is to form the basis of the statutory price. The Commission also pay the purchase-money to the landlord, or distribute it amongst the parties entitled, and generally the Commission act as intermediaries between the landlord and the Irish State Authority, which has no power of varying the terms to which the landlord is entitled under the Bill, or of judging of the conditions which affect the statutory price. If the landlord thinks the price fixed by the Land Commission, as the statutory price inequitable, he may reject their offer and keep his estate. Supposing, however, the landlord to be satisfied with the statutory price offered by the Land Commission, the sale is concluded, and the Land Commission make an order carrying the required sum of consols (which is for convenience hereinafter called the purchase-money, although it consists of stock and not of cash) to the account of the estate in their books after deducting 1 per cent. for the cost of investigation of title and distribution of the purchase-money, and upon the purchase-money being thus credited to the estate, the landlord ceases to have any interest in the estate, and the tenants, by virtue of the order of the Land Commission, become owners in fee simple of their holdings, subject to the payment to the Irish State Authority of an annuity. The amount of the annuity is stated in the Bill. It is a sum equal to £4 per cent. on a capital sum equal to twenty times the amount of the gross rental of the holding. The illustration given by Mr. Gladstone in his speech will at once explain these apparently intricate matters of finance. A landlord is entitled to the Hendon estate, producing £1200 a year gross rental; to find the net rental, the Land Commission deduct from this gross rental outgoings estimated at about 20 per cent., or £240 a year. This makes the net rental £960 a year, and the price payable to the landlord is £19,200 (twenty years' purchase of £960, or £960 multiplied by 20), which, as above stated, will be paid in consols. The tenants will pay, as the maximum amount for their holdings, £4 per cent. for forty-nine years on the capitalized value of twenty years' purchase of the gross rent. This will amount to £960 instead of £1,200, which they have hitherto paid; a saving of £240 a year will thus