Ireland Mr. de Valera's uncompromising utterances on the subject of
the Land Annuities have drawn, as might have been expected, a firm reply from Mr. Neville Chamberlain, emphasizing the grave concern which would be felt by the British Government if Mr. de Valera were to persist in carrying out his proposals for the retention of the £3,000,000 normally to be paid to the British Treasury. The Land Annuities are based on the Acts of Parliament of 1891, 1903 and 1909, passed to assist Irish tenants to purchase holdings. For this pur- pose, stock was issued for which the interest was guaran- teed by the British Treasury. The tenants pay annuities which arc in turn paid to the holders of stock. Mr. de Valera's policy of retaining the interest would imply a cancellation of the obligation to Britain and would impose a fresh burden on the British taxpayer. Mr. Chamberlain's concern appears fully justified. Ireland, a guardian of international morality by virtue of its membership of the League of Nations Council, should be the last to suggest that any agreement legally contracted between two parties can with equity (and with impunity) be repudiated at the pleasure of one of them.
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