§ MR. CLANCYI beg to ask Mr. Chancellor of the Exchequer whether the 634 Irish fund described as the Reserve Fund in Section 43 of the Irish Land Act, 1903, is invested; and, if so, what is the amount of the annual interest thereon, and what becomes of such interest.
§ MR. AUSTEN CHAMBERLAINThe Purchase of Land (Ireland) Reserve Fund is invested in Consols, and the dividends accruing thereon were similarly invested until January, 1904. The Consols now held on account of the fund amount to £263,212 7s. The dividends thereon, amounting to £6,580 6s. a year, are employed in making the advances authorised by Section 43 of the Irish Land Act, 1903.
§ MR. CLANCYThen the interest has not been paid to any other purpose?
§ MR. AUSTEN CHAMBERLAINUp to 1904 the dividends were invested. Since then they have been applied to the purposes I have mentioned. If they are not required for that we can take to investing them again.
§ MR. CLANCYI understand that interest has been paid on the fund since it reached the sum of £250,000.
§ MR. AUSTEN CHAMBERLAINI think the hon. Member is more familiar with the subject than I am. Perhaps he will communicate with me privately.
§ MR. CLANCYIt is easily explained. This fund was created by the Land Purchase Act, 1891. Several years ago it reached the limit of £250,000—
§ *MR. SPEAKEROrder, order! If Questions are to be explained in this way it would be unfair to hon. Members who have Questions later on the Paper.
§ MR. CLANCYI only explained because I was asked to do so.