William Frederick Bailey

“ Birrell's Act, however, removed the 13 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 will amount to at least 15 millions, which will cost over 17 millions, owing to the necessity for excess stock. ”

“ The Act provided that a fund, known as the Irish Development Grant, should bear any loss due to the issue of stock at a discount. This fund made available a sum of £160,000 a year. The first issue of stock under the Wyndham Act was made at 87, or a discount of 13 per cent. ”