Mr. Parnell's Land Purchase and Settlement Company have made their
first offer for an estate, from which it would appear that they think thirty years' purchase of the Government valuation a fair price. The estate, in Galway, which belongs to Mr. James Bodkin, covers 2,767 acres, and though generally first-rate land, is in parts mountainous. The Government valuation is £1,460 a year, and Mr. Parnell's Company propose to give £43,000, or nearly thirty years of the settled rental. The land is, of course, to be sold to the tenants, the object of the Company being to try the experiment of cultiva- tion by occupying owners. It is a characteristic fact that the encumbrances exceeded the price offered, though if all arrears of rent were collected there would remain some minute balance for the unlucky "owner." The order of the Land Court sanction- ing the arrangement was delayed, in order that the assent of the encumbrancers might be formally verified ; but, of course, -they will be delighted to be paid off. Consols, instead of Irish land, is a change no man, however rural in his tastes, would ever refuse. One wonders whether the new peasant owners will load. themselves with debts and dowers as the gentlemen owners have done. If they do, we shall have to introduce Moses' jubilee year, as they have done in parts of the Bombay Presi- dency, and so limit the possible weight of mortgages.
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