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                "value": "The Executive Committee proposes, previous to the introduction of the Purchase Bill, to send forward to the Ministers and Leaders of the Liberal Unionists a Deputation, urging the claims of the Irish Landlords for consideration, and suggesting such measures of relief as may appear practicable.",
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                "value": "It is intended that the Deputation should be a Representative one, and, therefore, it is necessary that the Memorial to be presented should be very largely supported. Accordingly all Landlords of every class, including Middle-men and Ladies interested in Land, as well as second-class Mortgagees, are invited to join the Association; and, if time permit, notice will be given to enable all so inclined to join the Deputation.",
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                "value": "I. That Loans be granted to Landlords on the same terms as those to Tenants, and that such Loans be applied in either of two ways. (1). In paying off first-class Mortgages. (2). In buying out Insolvent Tenants, and so avoiding many evictions.",
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                "value": "IV. That in the case of Estates now in the Landed Estates Court, one year's interest and costs on Encumbrancers, not exceeding in the aggregate 12 years' purchase of the Rental, shall be advanced by the State.",
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                "value": "V. That in compensation for that portion of the Landlord's property transferred to the Tenant, to constitute the \"Dual Ownership,\" and other sacrifices Landlords have been called upon to make, a sum of money, amounting to a certain number of years' purchase, calculated on the Valuation, shall be paid to the immediate Lessors of the occupying Tenants, provided such Lessors have an Estate of Inheritance or an unexpired interest of at least 100 years; and in the event of the Lessors not having so great an estate, then the Compensation shall be equitably divided between the Lessors and the Reversioners.",
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                "value": "VI. That out of such compensation shall be deducted the capitalized value of all Public Rent Charges, such as Quit Rents, Crown Rents, and Tithe Rent Charge, together with all out-standing balances of unpaid Public Loans.",
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                "value": "VII. That an alternative system of Purchase by the Tenant be introduced, viz., that the price shall be fixed by the Landlord and Tenant themselves, and not, as at present, by the Land Commission. That the Commission shall advance whatever sum they may think fit on account of the Purchase-money, the balance being secured to the Landlord by an ordinary Mortgage; the principal not to be called in till the advance has been paid off, provided the interest on the Mortgage, at 4 per cent., be regularly paid.",
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              "type": "Annotation",
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              "body": {
                "type": "TextualBody",
                "value": "A first-class Mortgage means a Mortgage, or Mortgages, for sums amounting in the aggregate to an amount not exceeding that which the Land Commission may be willing to advance on the security of the Estate.",
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                "value": "A second-class Mortgage means a Mortgage, or Mortgages, securing sums in excess of that amount.",
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              "body": {
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                "value": "For example, if the Commission be willing to advance £12,000 on a rental of £1,000, and there be two Mortgages, one for £9,000 and the other for £6,000, then £12,000 of those two Mortgages will be a first-class Mortgage, and the remaining £3,000 will be a second-class Mortgage.",
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                "value": "The effect of Clause I. will be to bring down the rate of interest on all first-class Mortgages to that paid for the State Loans, say 3½ per cent.; but the Mortgage has no right to complain of this, for he has the option of receiving his principal in full.",
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                "value": "It is true that the second-class Mortgage is called upon to reduce his interest to 4 per cent., but for the concession he receives ample consideration; in the first place, he is relieved from the terrible danger now impending, viz., that the first Mortgage by compelling a sale at any sacrifice may completely ruin him. In the second place, the fund for payment of his interest will be considerably increased, viz., by an amount corresponding to the difference between the present rate of interest and 3½ per cent. on the first-class Mortgage.",
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                "value": "That a stay should be put on Foreclosure and Sale is essential; otherwise, the last Mortgage on a hopelessly insolvent Estate might use his powers merely as a means of extorting money from those before him. The fund for the payment of his interest has been largely increased, and if, notwithstanding it does not reach him, he must endure his loss.",
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              "type": "Annotation",
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              "body": {
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                "value": "That the Owner, on surrendering his Estate, should be released from personal covenants, seems but an equitable consequence of the interference of the State with the joint property of the Mortgage and Mortgagee, and practically such releases would be found of very little moment.",
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                "value": "The reduction of family charges is merely what the creator of the charges would himself do, had he now the power. The effect of the proposed measure being to maintain the original proportion between the rental and the several charges; and it must be remembered that in",
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                "value": "many cases the family chargeants are in the same position as second-class Mortgagees, and will therefore largely benefit by the reduction of interest on prior charges.",
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              "type": "Annotation",
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              "body": {
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                "value": "The object of Clause IV. is to save Estates which, now saddled with the ruinous costs of receivers and law expenses, must become hopelessly insolvent; but which, relieved of these charges, and assisted by the reduction of interest and supervision of the Owners, would in many cases recover themselves.",
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              "body": {
                "type": "TextualBody",
                "value": "Strong reasons are adduced, in the Statement accompanying the Memorial, for a direct money grant, to a small amount, in part compensation in respect of holdings affected by the Act of '81.",
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                "value": "Clause V. provides that the compensation shall go only to the sufferers under that Act. Thus, when there is a Middle-man, he will receive the compensation, inasmuch as the entire loss has fallen upon him.",
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                "value": "The chief sufferers under the Act are those who have to pay fixed outgoings out of a diminished income; these may be divided into two principal classes, viz., encumbered Landlords and Middle-men; now the proposed scheme affords substantial relief to both these classes. It affords relief to the encumbered Landlords as well as to the Bright Clause Purchasers, the Glebe Land Purchasers, the Bishop's Lease Purchasers, the second-class Mortgagees, and to many holders of family charges, all without cost to the State and without injury to any one. While to encumbered Landlords and Middle-men, Tithe Rent Charge Taxers, and Borrowers from the Board of Works, relief is afforded at the cost of the State, which cost, it will",
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