HC Deb 26 June 1896 vol 42 cc141-2
MR. ARTHUR O'CONNOR (Donegal, E.)

I beg to ask the Chief Secretary to the Lord Lieutenant of Ireland, what is the nature of the loans for which a loan fund can, under Section 28 of the Act of 1843, issue sums not exceeding £10 at a rate of interest not exceeding one penny halfpenny per month on each pound sterling; and in what respect, other than the rate of interest, such loans differ from loans advanced, under Section 27, at four-pence in the pound discount?

THE CHIEF SECRETARY FOR IRELAND (MR. GERALD BALFOUR,) Leeds, Central

There is no differenee, in principle, between loans issued under Sections 27 and 28, respectively, of the Act of 1843. A loan under either section cannot exceed the sum of £10, and I am informed that a loan under Section 28, which, as the hon. and learned Member points out, is repayable by monthly instalments, is found the more convenient by borrowers, who have fewer journeys to make to the loan fund office for the purpose of repaying their instalments.

MR. ARTHUR O'CONNOR

I beg to ask the Chief Secretary to the Lord Lieutenant of Ireland—(1) whether he is aware that the rules of the Ballyshannon Loan Fund, a copy of which the right hon. Gentleman supplied to the Member for East Donegal, differ from those originally transmitted to and filed by the Clerk of the Peace, in accordance with the Act of 1843; and (2) whether, and when, the alterations, increasing the salary of the clerk and other charges upon the fund, were also transmitted to and filed by the Clerk of the Peace; and, if not, who is responsible for the omission?

MR. GERALD BALFOUR

The answer to the first paragraph is in the affirmative. The rules authorising the alterations referred to in the second paragraph were transmitted on the 19th May 1893, to the Clerk of the Peace for enrolment pursuant to Section 13 of the Act of 1843.

MR. ARTHUR O'CONNOR

I beg to ask the Chief Secretary to the Lord Lieutenant of Ireland, to whom belong the accumulated surplus profits of the loan funds in Ireland, which, after the appropriation of 10 per cent. for the security of the debenture holders, are employed as working capital in the several funds?

MR. GERALD BALFOUR

Under Section 44 of the Act of 1843, the profits in question belong to the Loan Fund Societies to which they have respectively accrued. These profits may be applied to such charitable purposes as the societies, with the approval of the Loan Fund Board shall appoint, and no portion of such profits shall be appropriated for the advantage or benefit of any member of the society, or by persons managing or conducting the society.

MR. ARTHUR O'CONNOR

asked whether is was not a fact that the property of the society was vested in the secretary for the time being? He gathered from the answer that though vested in him he held the fund in trust for charitable purposes?

MR. GERALD BALFOUR

said that was not so. But the fund belonged to the society as such and the profits might not be used for the benefit of any individual member of the society or those conducting the management.

MR. J. SWIFT MACNEILL (Donegal, S.)

May I ask, having regard to the frequent charges made across the floor of the House of maladministration of this loan fund, and having regard to the promise of the right hon. Gentleman to institute a searching investigation, when that investigation will take place?

MR. GERALD BALFOUR

I cannot give a definite answer to that Question, but I may say that I am pursuing my inquiries.