MR. O'KEEFFE (Limerick City)I beg to ask the Chancellor of the Exchequer what is the amount of Post Office deposits in Ireland and the rate 1897 of interest allowed on same to the depositors; what is the amount of loans issued by the Board of Works in Ireland, and the rate of interest charged to public Boards in that country, on advances; and if he will state what is the average profit made by the Board of Works in advancing Irish money for Irish undertakings?
§ MR. GOSCHENThe amount of Post Office Savings Bank deposits in Ireland on 31st December, 1891, was £3,966,000. The rate of interest allowed on deposits in the Post Office Savings Bank is two-and-a-half per cent. per annum; but the expenses of administration amount to about a half per cent.—making a total expense of about three per cent per annum. The deposits in the Post Office Savings Bank are invested in British Government Securities, and the rate of interest earned is barely more than sufficient to cover the three per cent. for interest and expenses. The amount of loans made by the Irish Board of Works and outstanding on 31st March, 1891, was £7,700,000 in round figures. The rates of interest charged on such loans range from three-and-an-eighth to five per cent.; but the average rate of interest actually received is less than three-and-a-quarter per cent. The loans made by the Board of Works are made out of the Local Loans Fund, which is Imperial, and not specially Irish. If the hon. Member wishes to have further information about the amount of profit or loss made on loans in Ireland, I will make further inquiries.