Mr. Wyndham, acting on the recommendation of a friendly Conference between landlords and tenants, took the bull by the horns in 1903, and carried the great Land Act of that year. Under the Wyndham Act the system of cash payment to the landlord, dropped since 1891, was resumed, on a basis calculated to give a selling landlord a sum which, invested in gilt-edged 3 or 31/4 per cent. stocks, would yield him as much as the second term judicial rents on the holdings sold, less 10 per cent., representing his former cost of collection; while the annuity payable by the tenant in lieu of rent was reduced from 4 to 31/4 per cent., of which 21/2 per cent, was interest on the purchase money advanced, and 1/2 per cent, was sinking-fund. This reduction involved an extension of the period of redemption from forty-nine to sixty-eight and a half years. The annuity was calculated to represent an average reduction of from 15 to 25 per cent, on second-term judicial rents. Since the gross income of the landlord was to be reduced only by 10 per cent. on a basis of 3 per cent. investments, while the annual payment by the tenant was to be reduced by an average of 20 per cent., clearly there was a gap to be filled up, and this gap was filled by a State bonus to the selling landlord of 12 per cent, on the purchase money, a bonus which went wholly to him personally, clear of all reversionary rights under settlements. A sum of twelve millions altogether was to be expended on the bonus. In addition to direct sales between landlord and tenant through the Estates Commissioners, large powers were also given both to the Land Commission and the Congested Districts Board for the purchase and resale of certain classes of estates--land in congested districts, untenanted land, etc. The Act was enormously popular. The landlord, in view of the manifold insecurities of land tenure in Ireland, made an excellent bargain, and the tenant, tempted by the immediate transformation of his rent into an annuity of reduced amount, ignored the extension by twenty years of the period of redemption, and was willing to agree at high prices for the purchase of his land. The average price of land sold rose from the seventeen and a half years' purchase under the old Acts to over twenty years' purchase, and the soil of Ireland rapidly began to change hands. But the Act broke down on finance, as adapted to what were then estimated as the requirements of the purchase operation. The estimate for the total sum required was one hundred millions, and the purchase money was to be raised by successive issues of 2-3/4 per cent. Guaranteed Land Stock. Sums needed from time to time for payment of the landlord's bonus were also raised by stock, and were placed to an account known as the Land Purchase Aid Fund.