The other matter in which the Act of 1903 required amendment was as regards the provision of the Bonus. A sum of 12 millions was provided by Mr. Wyndham for the purpose of encouraging landlords to sell. On the assumption that £100,000,000 would be sufficient to complete Land Purchase, this Bonus Fund was distributed at the rate of 12 per cent. on the Purchase Money advanced. This rate was to be continued for a period of five years. On the expiration of that period (November 1st, 1908) it was found that proceedings for sale of Estates had been instituted to an amount of between 70 and 80 millions, and that the amount remaining to be sold would probably approximate to another 80 millions. The Treasury accordingly, in accordance with powers given them in the 1903 Act, reduced the percentage from 12 to 3 per cent. at which rate it would remain for at least five years were a new Act not passed. Mr. Birrell’s Act, however, removed the 12 million limit, and provided for the payment of a graduated Bonus at rates ranging from 3 to 18 per cent., according to the number of years’ purchase of the rent at which the landlords sell. The old rate of Bonus tempted landlords to stand out for a high price: the new graduated rate offers an inducement to them to sell at a low price. It was calculated that under the new provisions the capital sum for Bonus would amount to at least 15 millions, which is likely to cost over 17 millions, owing to the necessity for excess Stock. As before stated, Agreements representing 56 millions of purchase money were awaiting completion through the Land Commission in 1909. In 1903 it had been calculated that the annual output of the Land Commission would be five millions, and at that rate it would take more than eleven years to complete these agreements. The block was due partly to the difficulty of raising more than a limited amount of money in each year; partly to the impossibility of any department dealing with more than a limited number of sales in a year; and partly to the great rush of applications in 1908 when the bonus revision was impending. The Act of 1909, in order to relieve the block, gave Vendors under pending agreements an option to take 2-¾ per cent. Stock at 92 (3 per cent. investment) in whole or part liquidation of their Purchase Money. By virtue of certain statutory regulations, all Vendors who exercise this option will be paid in a special priority sometimes years sooner than if they elected to be paid entirely in Cash. Cash Sales, Stock Sales, and Future Agreements are dealt with _pari passu_, each class claiming on a separate fund. Land Purchase under the voluntary system operated least of all in places where its operation would have been most beneficial, and the congested districts derived comparatively little benefit from the Act of 1903. Table of Number of Purchasers and Amount of Advances under the various Land Purchase Acts