HC Deb 27 March 1906 vol 154 cc1045-6
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.)
£ £ s. d.
17¾ 71 57 13 10
22 88 71 10 0
25 100 81 5 0

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 entire

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.