§ COLONEL COLTHURSTasked the Financial Secretary to the Treasury, Whether it is his intention to modify the conditions under which loans for land improvement can be obtained by occupiers of land in Ireland so as to enable a less sum than £100 to be borrowed, and also to enable holders rated under £20 to obtain loans?
§ LOUD FREDERICK CAVENDISHSir, the 31st section of the Land Act, which, for the first time, authorizes advances from the Exchequer to occupiers on the security of their holdings, requires the Treasury to be satisfied 492 with the security for re-payment. The rules for giving effect to its provisions have been framed by the Treasury with great care, in order to secure, as far as possible, the success of an experiment to which the Government attaches great importance. With this object it was decided to adopt, in the first instance, the minimum of £100, as fixed by law, for similar advances to owners; but in consideration of the smaller value afforded by the security of the holding, it was deemed necessary to limit the advance to five times the annual value of the holding, as compared with seven times, which is the legal limit of an advance upon security of the fee simple. Should experience prove that it is possible effectually to provide against the difficulties and dangers to which these advances are undoubtedly exposed, while securing the important results for which Parliament authorized them, the limits which have been adopted experimentally may hereafter be altered.