The vendor of an estate shall receive in addition to the purchase money from the tenants a bonus for his own immediate benefit. The landlord is enabled to sell his demesne, and repurchase it at a profit. The landlord may sell his estate direct to estate commissioners appointed by the act, or to the congested districts board, and these bodies are enabled to resell to the tenants after readjustment and partition of the holdings on the estate if necessary. Enlarged powers of investment of purchase money are conferred upon trustees. The principal advantages secured to the tenant are as follows: At the end of sixty-eight and one-half years, a tenant becomes owner in fee of his holding. As soon as the agreement to purchase is signed, he ceases to be liable for rent. He is enabled to repay the advance at the rate of three and one-fourth per cent of his purchase money. (Though the reduction of the annuity rate from four per cent under the previous act to three and one-fourth per cent under the Wyndham Act is an undoubted advantage to a tenant, it is certainly to his disadvantage that the amount set aside towards the sinking fund should be reduced from one and one-fourth per cent and one per cent to one-half per cent.) In congested districts the land commission, or congested districts board, may purchase lands under certain conditions to enable them to deal with the problem of congestion. The greatest blot on the measure is undoubtedly what is known as the "Zones." The act provides that if the price agreed upon between the parties allows a reduction of not less than ten per cent nor more than thirty per cent on a tenant's existing rent, in the case of a second term rent, and a reduction of not less than twenty per cent nor more than forty per cent in the case of a first term tenant, the bargain _must_ be sanctioned by the commissioners without inquiring whether the land in question is security for the "advance." The result of this provision is that tenants have been wheedled or cajoled into agreeing to bargains which they will find it difficult or impossible to keep. The price of land became artificially inflated, and the average of eighteen years' purchase paid for land in Ireland under the previous Purchase Acts has been raised by five to seven years' purchase. It is essential that free bargaining should be restored if purchase is to proceed on sound economic lines. In spite of the efforts of the wisest of their leaders, the Irish tenantry are rushing into bargains under the Wyndham Act that may eventuate in dire consequences for themselves and for the country. The importation of Canadian cattle when it comes will have a serious effect on the Irish produce market, and a further decline in produce prices may be expected.