HC Deb 27 August 1895 vol 36 c891
MR. L. P. HAYDEN (Roscommon, S.)

I beg to ask the Secretary to the Treasury whether during the Recess he will take into consideration the propriety of reducing the rate of interest charged on the River Suck Drainage Loan, in proportion to the reduced rate now paid for money by the Government as compared with that which existed when the loan was made, and thereby mitigate the heavy charge which it is proposed to levy upon the occupiers of land on the improvement area of the river?


The tenants in question pay an annuity for 40 years, representing the increased value of their lands due to the drainage works. The rate of interest covered by this annuity was fixed only five years ago by the River Suck Drainage (Provision of Funds) Act, 1890, at 3¼ per cent., and I have no power to alter it. The hon. Member is of course aware that the tenants have been materially benefited by a free grant of £50,000 sanctioned by the same Act.