"Under the Irish Church Act," said Mr. Bailey, "commissioners were appointed to sell to the tenants of lands belonging to the church their holdings at prices fixed by the commissioners themselves. If the tenant refused to buy on the terms offered, the commissioners were authorized to sell to the public for at least one-fourth and as much more as they could get in cash, and the balance secured by a mortgage to be paid off in thirty-two years in half-yearly installments. They sold farms to 6,057 tenants, and the government loaned the purchasers a total of £1,674,841 which was issued by the commissioners of public works. "In 1870, the following year, what is known as the Landlord and Tenant Act was passed by Parliament, under which the commissioners were authorized to advance two-thirds of the purchase money agreed upon instead of one-fourth, to be repaid in thirty-five years with 5 per cent interest, and all agricultural and pastural lands in Ireland were included in its provisions. Under this act 877 tenants purchased their holdings for a total of £859,000, of which the government advanced £514,526. "This act was amended in 1881 to provide that three-quarters instead of two-thirds of the purchase money might be advanced by the government on the same terms, and 731 tenants took advantage of it. The advances amounted to £240,801. "What was known as the Ashbourne Act was passed in 1885, appropriating the sum of £5,000,000 to enable the commissioners to purchase estates for the purpose of reselling them to the tenants and others, and they were authorized to furnish the entire purchase money, to be repaid in annual installments extending over a period of forty-nine years, with interest at 5 per cent. In 1888 an additional sum of £5,000,000 was advanced for the same purpose, and 25,368 tenants on 1,355 estates purchased their holdings with £9,992,640 advanced by the government. "These funds having been exhausted, Mr. Balfour in 1891 introduced a new system under which the landlord, instead of cash, was paid in guaranteed stock exchangeable for consols equal in amount to the purchase money, and running for thirty years with interest at 2-3/4; per cent. This stock was guaranteed by the Irish probate duty, the customs, and excise taxes, and certain local grants. The amount of stock that could be issued for any county was limited, however, and when that limit was reached the sales had to stop. The advances under this act were £39,145,348. "The Act of 1891 was amended in 1896 in various respects. The annual installments were fixed at 4 per cent, 2-3/4; per cent being for interest and 1-1/4; per cent to create a sinking fund for the repayment of the capital. The number of purchases arranged under this act was 36,994, and the total amount advanced was £10,809,190.