§ MR. GINNELLI beg to ask the Chief Secretary to the Lord-Lieutenant of Ireland if any calculation or estimate has been made of the value of the tenant-right or occupation interest and improvements in tenanted land throughout Ireland which Section 1 of the Act of 1881 empowers tenants to sell for the best price that can be got for the same; and, if not, in view of the confiscation of this property by way of sale to its owners, and a general repudiation of the liability, does he contemplate any scheme for ascertaining the value of this property and securing it to its owners.
§ MR. BIRRELLWhen a fair rent is fixed by the Land Commission the particulars of all sales of the tenancy which have taken place since 1870 are set out in the Schedule recorded by the Court, as well as the capital value of all improvements allowed to the tenant. In the opinion of the Land Commission no other calculation or estimate could be made. The right of the tenant to sell his tenancy under Section 1 of the Act of 1881 is subject to the landlord's right of pre-emption. When the landlord exercises that right and the parties disagree as to the price, the true value of the tenancy is fixed by the Court. According to the definition adopted by the Court of Appeal, the true value of the tenancy is that which would be given for the holding by a thoroughly solvent and prudent man who intended to make the rent out of it and a fair profit on his capital.