§ MR. KNOXI beg to ask the Secretary to the Treasury whether the Commissioners for the Reduction of the National Debt have lent to the Irish Church Temporalities Fund £3,356,196 at 3½ per cent., and £950,000 at 3¼ per cent., secured on an annual revenue of £523,462 administered by Commissioners appointed by the Government; what is the total amount of the interest received by the National Debt Commissioners from the Irish Church Fund over and above 3 per cent. since 1869; whether 485 the present annual excess of interest over 3 per cent is over £19,000; and whether, inasmuch as 3½ per cent. is much in excess of the rate at which a loan could be obtained on the same security in the open market, steps will be taken to reduce the interest to 3 per cent., or to enable a loan to be raised at that rate to repay the existing loans?
§ SIR J. T. HIBBERTThere remains outstanding at this date out of the total amounts advanced—at 3½ per cent., £3,356,232 17s. 3d.; at 3¼ per cent., £950,000, The total amount of interest received by the National Debt Commissioners from the Irish Church Fund over and above 3 per cent. since 1869 in respect of the total advances of £11,521,862 15s. has been £711,520 16s. 10d. The present annual excess of interest over 3 per cent. is £19,156. I am not aware at what rate a loan could be obtained in the open market on the security of the Irish Church Fund. But I would point out that the advances made by the National Debt Commissioners were made long before the recent conversion, and that the terms represent an existing bargain which ought not to be modified to the advantage of either Party without strong reason.
§ MR. KNOXWill the right hon. Gentleman consider the advisability of giving such powers as are necessary by legislation, inasmuch as £18,000 more has been paid out of the Irish Fund than should have been paid if proper attention had been given to the subject?
§ SIR J. T. HIBBERTI will consider that.