MR. J. J. SHEE (Waterford, W.)I beg to ask the Chancellor of the Exchequer whether the interest charged on loans under the Irish Church Act 1869, in respect of "instalment mortgages," and under the Landlord and Tenant (Ireland) Acts, 1870 and 1872, and the Land Law (Ireland) Act, 1881, which was reduced by the Land Law (Ireland) Act, 1887, from 4 per cent. and 3½ per cent. respectively, to 3⅛ per cent. still remains at 3⅛ per cent.; and, if so, what has been the annual profit to the Treasury on loans under these Acts for each of the last three years for which the Returns are complete?
§ THE CHANCELLOR OF THE EXCHEQUERThe interest charged on all the classes of loans referred to in the Question remains at the rate of 3⅛ per cent. per annum. Repayments in respect of loans under the Irish Church Act 1869 are carried to the Irish Church Fund, and no question of profit or loss arises regarding them. Repayments in respect of loans under the Acts of 1870, 1872, and 1881 referred to are carried to the Local Loans Fund. The total amount of interest received by that fund from all classes of public loans barely suffices to meet the interest of Local Loans Stock, together with the charges which the fund has to bear; and, it is certain that the fund makes no profit, but more probably a loss, from the classes on which 3⅛ per cent., the lowest rate of interest, is charged.