§ MR. CLANCY (Dublin County, N.)I beg to ask the Chief Secretary to the Lord-Lieutenant of Ireland whether his attention has been drawn to the fact that the rate of interest charged to the North Dublin Rural District on loans repayable in fifty years, under the Labourers Acts, is 4¼ per cent., with a sinking fund of 2 per cent., making in all an annual payment of 6¼ per cent.; whether he will give a Return showing the rates of interest and repayment of principal prevalent in all the rural districts of Ireland in respect of labourers; and whether, in view of the rates prevalent in the North Dublin district, and other districts, he will consider the necessity of affording some relief from so heavy a burden.
MR. BRYCEI am informed that a statement to the effect mentioned in the first part of the Question was made at a recent meeting of the North Dublin 193 Rural District Council. The fact, however, is that the present annuity upon a loan of £100 repayable in fifty years is £4 17s. 2d. and not £6 5s. Od., as stated. Since the passing of the original Labourers Act of 1883, loans have been granted from time to time at varying rates of interest having regard to the Treasury rates in force for the time being. The rate of the annuity for a fifty-year loan has, during that period, varied from £4 1s. 6d. to £4 17s. 2d., this rate being dependent on the rate of interest charged, which has varied from 3¼ to 4¼ per cent. A detailed Return such as is suggested would, I am informed, entail a considerable amount of labour without any corresponding advantage. The question of affording relief is one for the Treasury and had better be addressed to a Minister representing that department.
§ MR. HAYDEN (Roscommon, S.)Cannot the right hon. Gentleman promise a Return which will show in general outline the rates of interest for sinking fund of the whole period of the working of the Labourers Acts? We want a general summary—not a detailed Return.
MR. BRYCEI will see if that can be done. Perhaps the hon. Member will draw up the form of Return he desires.
§ MR. FLAVIN (Kerry, N.)Can the right hon. Gentleman say why, for a loan of £20,000 sanctioned by the Board of Works last December, the interest charged was at the rate of £4 5s. per cent, whereas under the Bill of the right hon. Gentleman the charge should be £2 15s. per cent.