then proceeded to sell the tenant right for a sum much more than equivalent to the difference between the two rents. In many cases this has happened where there could be no possible question of improvements by the tenant. The tenant right of the smaller farms has steadily risen in proportion as the rent has been reduced. In many cases, no doubt, the excessive price of tenant right may be attributed to the land hunger or passion for land speculation so common in Ireland, or to some exceptional cause inducing a farmer to give an extravagant price for the tenant right of a particular farm. But although in such instances the price of tenant right is a deceptive test, the movement, when it is a general one, is a clear proof that the reduction of rent did not represent an equivalent decline in the marketable value of the land, but was simply a gratuitous transfer, by the State, of property from one person to another. Having in the first place turned the exclusive ownership of the landlord into a simple partnership, the tribunal proceeded, in defiance of all equity, to throw the whole burden of the agricultural depression on one of the two partners. The law did, it is true, reserve to the landlord the right of pre-emption, or in other words the right of purchasing the tenant right when it was for sale, at a price to be determined by the Court, and thus becoming once more the absolute owner of his farm. The sum specified by the Court was usually about sixteen years' purchase of the judicial rent. By the payment of this large sum he may regain the property which a few years ago was incontestably his own, which was held by him under the most secure title known to English law, and which was taken from him, not by any process of honest purchase, but by an act of simple legislative confiscation.