The British government advances the money and becomes responsible for the payment of the interest and principal. The annual interest is only a trifle. In some cases it is only a shilling a week, and it runs up to as high as a pound or two a week in special cases, the average being estimated at $59 a year for the 126,000 farms, or $5 a month for the purchase of a farm, and whatever improvements may happen to be upon the land. If these improvements are not adequate, if the house is not comfortable, and if barns, stables, fences, and other permanent improvements are needed, the government advances the money to provide for them upon the same terms,--sixty-eight annual payments of 3-1/4; per cent of the cost.
Mr. Birrell in his explanation estimated on Oct. 31, 1908, that the additional sum of $760,000,000 will be necessary to complete the work, to provide every family in the rural districts of Ireland with a farm of their own, and with the intention of doing that he asks an appropriation of that amount, which will bring the cost of the Irish land policy of the British government up to nearly $900,000,000.
This does not include the expenditures of the Congested Districts Board, which have been $440,000 annually for several years, and in the future are to be $1,250,000 a year.
Nor does it include several millions of dollars which have been expended under previous land acts, to purchase farms for the tenant occupiers.
Nor does it include the $25,000,000 appropriated several years ago upon the motion of James Bryce, now British ambassador at Washington, to build cottages for the agricultural laborers,--the farm hands of Ireland.
Mr. Wyndham, the author of the Land Act of 1903, stated in the House of Commons that 159,000 farmers had applied for the assistance of the government to purchase their holdings, and that 176,000 more would probably apply, out of a total of 490,000 farmers in Ireland. His estimates are not so high as those of Mr. Birrell; he believed that $600,000,000, or $800,000,000 at the outside, would be sufficient, instead of $900,000,000, as estimated by Mr. Birrell. He is convinced that 20 per cent of the 490,000 farmers in Ireland would not apply for farms, and that the average price of the farms purchased would not exceed $1,500.