10 and not more than 30 per cent. It will be, perhaps, clearer if put in
this way. If a first term rent amounts to £100, then the
tenant-purchaser has to pay at least £60, and at most £80, as annuity,
while if the £100 represent second term rent the yearly payment varies
from a minimum of £70 to a maximum of £90.

If purchases are proposed outside the zones, in which, that is to say,
the annuity proposed is under 10 or over 40 per cent. of the judicial
rent, the estate must, before sales are effected, be surveyed by the
Estates Commissioners in order that they may see whether the security is
sound, and whether the equitable rights of all parties concerned seem to
be safeguarded, and without this sanction advances will not be made in
the case of sales in these circumstances. The amount received by the
landlord, of course, does not, if invested in Trust Securities at 3-1/4
per cent., provide the same income as did his rent roll, even when one
takes into account the 10 per cent. for collection to which we have
referred. On the other hand, he is secured from the possibility of
further reductions in rent in the future, and there is a likelihood that
the securities in which he invests may rise, but, in addition to this,
a sum of twelve millions of bonus is to be devoted to bridge the gap
between his former rent from the tenant and his present income from his
investments.

Under this provision every landlord gets 12 per cent. bonus on his sale,
and this sum is part of his life estate, and need not, therefore, be
invested in trust securities, but may be invested in stock yielding a
higher rate of interest. This point was not clear in the Act of 1903,
but was explicitly enacted in an amending Act of 1904.

In order further to accelerate sale an investigation of title deeds,