“And whereas such settlement can only be effected upon a basis mutually satisfactory to the owners and occupiers of the land,
“And whereas certain representatives of owners and occupiers have been desirous of endeavouring to find such basis, and for that purpose have met in conference together,
“And whereas certain particulars of agreement have been formulated, discussed, and passed at the conference, and it is desirable that the same should be put into writing and submitted to his Majesty’s government,
“After consideration and discussion of various schemes submitted to the conference, we are agreed:—
“1. That the only satisfactory settlement of the land question is to be effected by the substitution of an occupying proprietary in lieu of the existing system of dual ownership.
“2. That the process of direct interference by the State in purchase and resale is in general tedious and unsatisfactory; and that, therefore, except in cases where at least half the occupiers or the owners so desire, and except in districts included in the operations of the congested districts board, the settlement should be made between owner and occupier, subject to the necessary investigation by the State as to title, rental, and security.
“3. That it is desirable in the interests of Ireland that the present owners of land should not as a result of any settlement be expatriated, or, having received payment for their land, should find no object for remaining in Ireland, and that as the effect of a far-reaching settlement must necessarily be to cause the sale of tenancies throughout the whole of Ireland, inducements should, wherever practicable, be afforded to selling owners to continue to reside in that country.
“4. That for the purpose of obtaining such a result, an equitable price ought to be paid to the owners, which should be based upon income.
“Income, as it appears to us, is second term rents—including all rents fixed subsequent to the passing of the Act of 1896—or their fair equivalent.
“5. That the purchase price should be based upon income as indicated above, and should be either the assurance by the State of such income, or the payment of a capital sum producing such income at three per cent or at three and one-fourth per cent, if guaranteed by the State, or if the existing powers of trustees be sufficiently enlarged.