Anglo-Irish Trade Agreement
The treaty stated that the 20% tariffs that both the United Kingdom and Ireland placed on their respective imported goods were to be abolished.
Ireland was also to pay a final one time £10 million sum to the United Kingdom for the "land annuities" derived from financial loans originally granted to Irish tenant farmers by the British government to enable them purchase lands under the Irish Land Acts pre-1922, a provision which was part of the 1921 Anglo-Irish Treaty (to compensate Anglo-Irish land-owners for compulsory purchase of their lands in Ireland mainly through the Irish Land Commission).
The Trade Agreement was portrayed as advantageous for the newly reconstituted Irish state, as the remaining land annuities liability under a 1925 agreement was £11.75 millions (in annual repayments of £250,000 over sixty years). The apparently favourable "saving" of £1,175,000 was made much of on the Irish side, but more than matched what the British would have gradually lost over the 47 years, if the value was discounted on the Time value of money basis. It was convenient for both sides to close the matter.
The Trade Agreement including the return of the Treaty Ports was given effect in the United Kingdom through the Eire (Confirmation of Agreements) Act 1938.
- Irish Treaty Series, No. 1 of 1938, "Agreements between the Government of Ireland and the Government of the United Kingdom, London, 25 April 1938."
- Dáil Éireann - Volume 71 - 27 April, 1938 — Dáil debate on the treaty ratification.
- Dáil Éireann - Volume 71 - 28 April, 1938 — conclusion of the Dáil debate.
- Finance (Agreement with United Kingdom) Act, 1938 — act passed by the Oireachtas giving effect to the treaty.
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