The Commission eventually transferred 13.5 million acres (55,000 km²) by 1920. Following the Land Conference of December 1902 arranged by the Chief Secretary for Ireland George Wyndham, the Land Purchase (Ireland) Act 1903 was steered through Parliament by William O'Brien, which provided government finance to buy out freeholds, with the former tenant farmers paying back the capital over 68 years. This was managed by the Land Commission, along with ancillary work such as compiling statistics. Valuations were reckoned on a years purchase (Y.P.) basis, the price being a multiple of (perhaps 16 times) the annual rent, instead of the discounted cash flow method used today. The Commission had to supervise the haggling process and find the fairest multiple for every transfer. The loans issued by government were resold in the capital markets as Land Bonds.