MR. GINNBLL (Westmeath, N.)
To ask the Chief Secretary to the Lord-
|Number of Years' Purchase. (Rent, £100.)||Before the Act of 1903, at 4 per cent. (Term, 42½ years.)||Under the Act of 1903, at 3¼ per cent. (Term, 68½ years.)|
§ Taking the purchase money at seventeen aud three-quarters years' purchase on a rent of £100, the advance both before and since the Act of 1903 is the same, viz., £1,775. That the entire1046
§ Lieutenant of Ireland, if he will state the entire amount, including principal and interest, paid in a term running its full normal course by a purchaser of a rent of £100 under The Land Law (Ireland) Act 1896, at seventeen and three quarters years' purchase, and under the Land Act of 1903 at seventeen and three quarters, twenty-two, and twenty-five years' purchase, respectively.
§ (Answered by Mr. Bryce.) I am informed by the Land Commission that, under The Land Law (Ireland) Act, 1896, in the case of a rent of £100 at seventeen and three-quarters years purchase, a purchaser, in paying the advance, pays during a term of forty-two and a half years in principal and interest the sum of £3,017 10s. Under the Land Act of 1903 the amount payable during a term of sixty-eight and a half years is as follows—A rent of £100 at seventeen and three-quarter years, £3,951 15s. 3d.; a rent of £100 at twenty-two years, £4,897 15s. 0d.; a rent of £100 at twenty-five years, £5,563 18s. 3d. It is, however, to be observed that the land purchase annuities before and since the Act of 1903 are at the rate of four and three and a quarter per cent. respectively. The rate of interest included in each annuity is the same, viz., two and three-quarters per cent., but the sinking fund included in annuities created prior to the Act of 1903 is £1 5s., as compared with 10s. in annuities under that Act. At the different rates of purchase mentioned in the Question the annuities would be as follows—
§ amount payable, including principal and interest, is more under the Act of 1903 than before, is due to the fact that the principal is left longer outstanding.