HC Deb 16 June 1899 vol 72 cc1354-5
MR. SMITH-BARRY (Huntingdonshire, Huntingdon)

I beg to ask the Chief Secretary to the Lord Lieutenant of Ireland whether, in cases where the payers of annual instalments in lieu of tithe rent-charge desired to redeem the remaining instalments (or were compelled to do so in sales under the Irish Land Purchase Acts), the redemption price has hitherto been calculated with reference to the capital sum which would ultimately be realised if the instalments of £4 9s. per cent. were paid for 52 years, or with reference to the capital value of the rent-charge estimated at 22½ years' purchase thereof, or how otherwise. At what rate of interest was the sinking fund estimated to have accumulated in such eases; and have the payers of Church perpetuity rents lost their right of periodical revision owing to the recent decision of the Court of Appeal in Ireland in the ease of Regina (Metge) v. the Justices of Meath.

*MR. G. W. BALFOUR

In cases where the payers of instalments created in accordance with the provisions of the 7th Section of the Irish Church Act Amendment Act, 1872, apply voluntarily to redeem the outstanding instalments, the redemption money is calculated so as to ascertain the capital value, at the date fixed for redemption, of the instalments then remaining unpaid, the term being taken at 52 years. The section of the statute referred to fixes such annual sum at £4 9s. per cent. on the purchase money of the tithe rant charge ascertained as in the section provided, and an annuity of £4 9s. per cent., payable for 52 years, implies interest at the rate of £3 16s. 3½d. per cent. Where such annuities are redeemed compulsorily in land purchase cases the redemption is now carried out under Section 37 (2) of the Land Law (Ireland) Act of 1896, and the term is taken at 45 years. The rate of interest involved in a term of 45 years is £3 10s. per cent. The case referred to in the last paragraph of the question has, in the opinion of the Land Commission, deprived the payer of Church perpetuity rents of the right of revision.