§ Whereas the property mortgaged as security for the loan mentioned in Part II. of the Schedule of this Act has been sold with the consent of the Treasury, and it is therefore expedient that the debt due in respect of the principal sum outstanding on account of that loan should be extinguished: therefore the said debt (including all claims for interest in respect thereof) shall be extinguished and the amount thereof shall be deemed to be a free grant from Parliament.
§ * MR. HANBURYsaid that in 1884 a loan of £15,000 was made to the Draperstown Railway Company. Some years afterwards the Company became practically bankrupt and arrangements were entered into by which an adjoining company worked the railway, receiving 70 per cent. of the receipts. That agreement expired three years ago, and the Railway Company which was working the line then asked to have 85 per cent. of the receipts. That the Government refused, and, being unable to come to any other arrangement they sold the line in respect of which there was this loan of £15,000 to the adjoining railway company for £2,000. The line having been sold, there was of course no further security for the loan. Having, therefore, no hope whatever of recovering anything more, this loan was treated as a bad debt. The line in question was a very small one, extending only for nine or ten miles.
§ MR. WHITTAKERasked whether the interest on the loan had not been I paid for a number of years, and whether 1326 that loss should be added to the loss of the amount advanced.
§ * MR. HANBURYwas sorry to say that the loss did extend to the interest.
MR. T. M. HEALYThis case is not a job perpetrated by the present Government, but by the last Goverment.
§ Clause ordered to stand part of the Bill.
§ Bill reported, with an Amendment; Bill, as amended, to be considered on Monday next.