43. The Ulster tenants have obtained their tenant-right by purchase, or by a _quid pro quo_; the concession of free sale would gratuitously endow existing tenants with a valuable property, which they have neither earned, bought, nor inherited. 44. Many landlords have bought up the tenant-right on their farms; it is manifestly unfair to reimpose it without compensation. _The landlords have largely invested capital in the soil; the three F’s would prevent them in future from making improvements; and the tenants’ power to do so would also be diminished._ 45. The landlords, as a class, have invested capital very largely in the improvement of the soil; the improvements have been by no means entirely effected by the tenant. 46. It would no longer be to the interest of the landlord to invest his capital in the soil; an effectual obstacle would have been placed in the way of his doing so. 47. Therefore, those improvements,--drainage, straightening fields and boundaries, &c., which affect many holdings, and can only be done by the landlord, would no longer be executed. 48. As he will have to pay for the “tenant-right,” the in-coming tenant will have less capital to invest in the soil than at present, while the sum he has paid will be taken out of the land for ever; thus, on both hands, the capital available for these purposes would be diminished, and production would suffer. _Further evils which would result from the adoption of the three F’s._ 49. By making the landlord merely a rent-charger, and depriving him of all power or interest in his land, absenteeism and non-residence, with their attendant evils, would be enormously increased. 50. The proposed scheme would perpetuate the present system of landlord and tenant, while the desirable aim should be to increase the number of proprietors. 51. The tenant, possessing security of tenure, would be less desirous of purchasing land, while sale, except to the tenant, would be greatly hindered. 52. It would perpetuate the absurd distribution of land at present existing in many parts of Ireland. 53. While it would confirm not only good and bad tenants in their tenure of land and affect equally good and bad landlords, 54. It would increase the antagonism between the landlord and the tenant; 55. It would be practically impossible to prevent subdivision and subletting with their manifold attendant evils. 56. The Irish people are so miserably lazy, thriftless, and short-sighted, that no reform of the land-law would benefit them. 57. _Nothing short of separation from England will satisfy the Irish_; land-reforms are useless. 58. Under small proprietors or semi-proprietors, the lot of labourers would be harder than ever.