PART IV. SUGGESTIONS FOR THE ESTABLISHMENT OF CO-OPERATIVE FARMING AND LAND SOCIETIES In Ireland and other parts of the Kingdom. SECTION CONTENTS. I.-The Transfer of Land. II. The issue of Land Debentures for Settlement and general purposes. III.-Co-operative Farming and Land Societies. POSTCRIPT. The report of the "Royal Commission on the working of the Irish Land Laws," which has been lately published, contains a series of recommendations, signed by a majority of its members, that may be briefly summarised thus: (i.) The Commission considers that the principles known as the "three F.'s" (see p. 135, herein) should be adopted as the basis of Legislation. (ii.)-They say that, as a class, the Irish landlords have treated their tenants with forbearance; but they speak of this forbearance as the result of "common honesty," which forbade the landlords to appropriate the results of their tenants' labour in improving the soil. (iii.)-They coincide completely with the opinion (which we have quoted at p. 136) of Lord Justice James, that the Irish Tenants consider that they have a possessory right in their holdings, as tenants, come down to them from time immemorial, and the Commission considers that a legal recognition should be given to this. (iv.) They think, therefore, that a "New Tenure" should be established with a continuous occupancy. (v.)—What is understood in England and elsewhere as "Freedom of Contract" they consider is not an incident of Irish Tenure. (vi.)—With respect to "Fair Rent" the Commission deprecates the idea that it means what is understood, out of Ireland, as fair (because it is a commercial) Rent, on the ground that such a Rent is liable to be perverted into a "Rack Rent;" whereas the Commission recognizes, for a fact, that some of the Surplus profits in Irish Tenancies belong, as of right, to the tenant, and not the whole to the Landlord. (vii.)-They are of opinion that what is a "Fair Rent" should either be settled by arbitration or by trial at law. (viii.)—They propose that "Free Sale" be conceded as a right of the tenant, provided the purchaser is not a man open to reasonable objections, and that he should be required to reside on and to buy the entirety of the holding. (ix.)—And lastly that the Tenants should not be left free to contract themselves out of the "New Tenure," if such be created by the Legislature. ON TRANSFER OF LAND, LAND DEBENTURES, AND CO-OPERATIVE FARMING AND LAND SOCIETIES. SECTION I. Of Further Facilities in the Transfer of Land. ART. 1.—Although public attention has been lately awakened, by the operations of Land Societies, to the advantage of making land more easily marketable, and although owners are sensible of the importance of those obstacles being removed which impede the transfer of, or the raising of money on, real property, very little has been done towards the passing of legislative measures, which might make Investments in Land as negotiable as those in the funds or other like security. Yet Royal Commissions and Committees in both Houses of Parliament have made various reports, which recommend speedy amendment of the law. Thus a Royal Commission has declared : "That investments in land, or landed securities, are much desired by the middle and working classes: but the uncertainty and complexity of Titles, and the length and expense of conveyances, together with the cost of Stamps, place this species of investment generally beyond the reach of those parties. Mortgages on land are liable to the same sort of difficulties, and also often prove insecure investments. "That the greatest benefit would be conferred, both upon the Owners of land and upon the smaller capitalists desirous of purchasing land in small portions, or of lending money in small amounts upon landed securities, by the simplification of Titles and the shortening of Conveyances." And a House of Lords Committee has said : Coro nittee are convinced that the marketable value of real property is stops y diminished by the tedious and expensive process attending its Tianshr. Nor is it only in the transfer of real property that this burden is felt. It is a work of time to raise money on Landed Security, and the law expenses incident to the transaction are a considerable addition to the interest on the sum borrowed. The Transfer of the debt or mortgage is also attended with serious expenses to the Mortgagor; the process of discharging the land from one loan and subjecting it to another being both heavy charges upon the proprietor. The Committee are anxious to impress on the House the necessity for a thorough revision of the whole system of Conveyancing, and the disuse of the present prolix, expensive, and vexatious system." SECTION II. The issue of Land Debentures for Settlement and general purposes. ART. 2.-Concurrently with the introduction of the preceding improvements in land transfer operations, another step is advocated, viz., the adoption of some comprehensive system of Debentures for settlement and general purposes charged upon landed property in England. The principle is, in its nature, analogous to that of "The Mortgage Debenture Acts, 1865, 1870," passed for Land Companies having at least £100,000 of capital, the outlines of which we have given at page 47 of Part III., and has already been adopted for Ireland by the Irish Record of Title and Land Debentures Acts, 1865 (28 & 29 Vict. cc. 88, 101). 1 - gs of the plan were well explained by the late Mr. Vincent Scully, Q.C., M.P., whose labours in the cause of land reform are so well known. When introducing the Irish Bill into Parliament on this subject, respecting which we were consulted, he pointed out that one of the chief objections, usually felt to the investment of money in the purchase of land, is that capital so invested becomes permanently locked up, and its available usefulness thereby much diminished. That this objection would be obviated, and the value of all land be greatly increased to its owner, if he could use it at any time as a sort of circulating medium, by possessing a limited power to charge it with negotiable Land Debentures. He might, thereby, from time to time, without expense or delay, raise sums of money to pay his debts, to give portions to his children, to improve or stock his farms, and to meet his current engagements. The principle of Land Debentures could be advantageously applied for the purpose of effecting a voluntary conversion of all charges that now affect landed property. By converting property in the land into Land Debentures of equivalent value, it would practically become as transferable as personal property. "These Debentures, or the money value which they represent, might be put into settlement, and there would no longer exist any necessity for having intricate Settlements of land. The land would be represented by these transferable Debentures, and in lieu of complicated systems for registering all acts, deeds, and incumbrances of various sorts, there would thenceforth be substituted the most simple forms of charge and transfer. Property in land would also thus become conveniently distributed, without leading to any minute subdivision, or morcellement of the land. The proposed Land Debenture would possess more advantages than now belong either to the best mercantile bill of exchange, or to the most secure mortgage. It would combine the negotiability of the one with the stability of the other. It would arouse the capital which lies dormant in the land, and infuse an active vitality into inert matter. These Debentures would be eagerly sought after by bankers and capitalists, as secure investments for their unemployed funds. The only expense would be some trifling office charges, and some small stamp duties, which, from their frequency, would produce a large income to the State. This species of revenue would resemble the post-office charges. It would be another description of public taxation, cheerfully paid for value received." He also explained: "That if a person has an estate worth £1,000 a year, he may go to the Judges |