HC Deb 23 March 1888 vol 324 cc174-5
MR. MULHOLLAND (Londonderry, N.)

asked the Chief Secretary to the Lord Lieutenant of Ireland, Whether the loan sanctioned by the Land Commissioners under "The Land Purchase (Ireland) Act, 1885," amounted to over £3,600,000, while only about £2,000,000 has been paid to the vendors; what is the cause of the delay which has taken place in the issue of the loans; and, whether interest will be credited to the vendors from the dates at which the loans were sanctioned?

THE PARLIAMENTARY UNDER SECRETARY (Colonel KING-HARMAN) (Kent, Isle of Thanet)(who replied) said

The figures are substantially as quoted in the Question. The Laud Purchase Commissioners inform me that loans are provisionally sanctioned as soon as the Commissioners are satisfied as to the security; but it is, of course, impossible to pay over the purchase money until the vendors have proved their titles and executed the necessary conveyances. Every possible facility is afforded them for this purpose; but the greater or less expedition must necessarily depend on the nature of their titles, and on the energy of their solicitors in prosecuting the proceedings. The Commissioners have no power to allow interest on purchase money agreed to be advanced; but in cases where proceedings are likely to be protracted, landlords, by availing themselves of the provisions of the 14th section of the Land Law (Ireland) Act, 1887, may, by the investment of the purchase money, secure interest upon it pending the necessary legal investiga- tions. They may also, by their agreements for sale, provide for the payment of interest by tenants pending the completion of the sale. It is expected that over £200,000 will be issued in the present month.