MR. PATRICK O'BRIEN
On behalf of the hon. Member for Dublin, St. Patrick, I beg to ask the Secretary to the Treasury whether he can state where and when and by whom the Local Loans Funds Accounts are audited; and whether a great portion of this money, £40,000,000, was issued at three per cent premium; and, whether he can state how that item was dealt with.
§ THE SECRETARY TO THE TREASURY (Mr. R. W. HANBURY,) Preston
The accounts of the Local Loans Fund are audited by the Comptroller and Auditor General under section 16 of the Act 50 and 51 Vic. cap. 16, and are presented to Parliament. The total amount 1024 of Local Loans Stock created has been £40,953,767.14s. 5d., of which there was issued at par (1887) £36,526,056. 17s. 5d., the balance of £4,427,710.17s.0d. having been issued (in 1888 and 1889) at an average premium of £3. 10s. 9d. per cent. The premium is specially shown in the annual balance sheet (see House of Commons Paper 117 of 1897). It was (when received) employed in making advances for loans, reducing thereby the amount of stock required to be created and consequently the charge for interest.