§ MR. O'MARA (Kilkenny, S.)To ask the Secretary to the Treasury, whether he will state the amounts and the varying rates of interest of sums issued under 24 The Labourers (Ireland) Act, 1883, and subsequent Acts by the Commissioners of Public Works and other bodies; the total amount of principal outstanding at the various rates of interest; and whether he will consider the advisability of reducing the interest on these outstanding loans.
(Answered by Mr. McKenna). The total amount issued to 31st March 1906 under the Labourers Acts was £3,138,333 8s. 8d., at the following rates of interest:—2¾, 3, 3¼, 3⅜, 3½,3¾,4, and 4¼. per cent. At the same date the principle outstanding amounted to £2,601,737 5s. 11d., apportioned amongst the various rates of interest as follows:—
The rate of interest on each loan was one of the conditions on which the loan was made, and it would be contrary to the public interest to allow the terms of such bargains to be set aside.
Rate. Principal outstanding. £ s. d. 2¾ 9,710 7 0 3 19,737 12 11 3¼ 531,472 12 8 3⅜ 37,697 10 2 3½ 457,503 4 4 3¾ 1,328,581 3 11 4 51,796 16 3 4¼ 165,237 18 8 £2,601,737 5 11