§ MR. GINNELL (Westmeath, N.)
I beg to ask the Chief Secretary to the Lord-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 1078 years purchase and under the Land Act of 1903 at seventeen and three-quarters, twenty-two, and twenty-five years purchase, respectively.
The Answer to this Question contains tabular statements which would be rendered more intelligible by a printed reply, and, with the hon. Member's permission, I will have my answer circulated with to-night's Votes.†
§ MR. GINNELL
I beg to ask the Chief Secretary to the Lord-Lieutenant of Ireland if his attention has been directed to the fact that, while under the Land Purchase Acts of 1885, 1881, 1891, and 1896, when the price averaged seventeen and three-quarters years purchase of the rents, the Land Commission refused to sanction the prices which the tenant had agreed to pay in 7,838 cases, on the ground, generally, that those prices were excessive and the security insufficient, there have been only 693 refusals on similar grounds under the Act of 1903, though the prices with the bonuses average more than twenty-five years purchase of the rent, being an increase of seven and a quarter years purchase; and can he refer to any statistics showing that these higher prices are not excessive and that the advances are sufficiently secured.
It seems to be the fact that during the five years preceding the Act of 1903, the price of land sold under the Land Purchase Acts averaged seventeen and three-quarters years purchase, while under the Act of 1903 it has averaged 22.7 years purchase, or an increase of five years purchase. There are no statistics showing that the later prices are excessive, and obviously no conclusion on this point could be formed without a knowledge of the comparative value of the property sold. Moreover, it is reasonable to suppose that owing to the lower rate of annuity under the new Act the people have found it to their advantage, in free bargains, to pay the price they have given. Nothing has transpired to show that the amounts so advanced are not secured.
§ MR. KILBRIDE (Kildare, S.)
Does the right hon. Gentleman suggest that an†See column 1045.1079 annuity for sixty-eight and a half years is the same as one for forty-two or forty-nine years?