§ MR. WALTEE LONG (Dublin S.)To ask the Chief Secretary to the Lord-Lieutenant of Ireland whether he is aware that the investments of purchase moneys, under the Irish Land Act of 1903, are confined by operation of the Land Commission rules to a small 391 minority, not specially qualified, of the Dublin Stock Exchange, to the injury of the public and of the other members of the Dublin Stock Exchange, who find themselves precluded from transacting the business offered to them by their own clients; whether he will lay upon the Table a statement issued by the Dublin Stock Exchange on the subject detailing the above grievance and suggesting the remedy; and whether he can see his way to take some steps with a view to removing this monopoly.
(Answered by Mr. Bryce.) Under Rule XXII. of the Rules of March, 1897, made by the Land Commission under The Purchase of Land (Ireland) Act, 1891, the purchase money of estates sold to the tenants under the Act of 1903 is invested, pending completion of the sales, through the stockbrokers appointed by the Lord Chancellor to carry out the investment of funds under the control of the Supreme Court. Under Rule 28 of The Public Trustee Rules, 1904, made by the Land Judge and the Land Commission, and approved by the Lord-Lieutenant, the investments of the public trustee are made through the same brokers. The qualifications of these stockbrokers are no doubt fully considered by the Lord Chancellor, who appoints them. The question whether a change in the system would be of advantage to the public is one on which there is considerable difference of opinion, though, no doubt, such a change would benefit the other members of the stock exchange. If the right hon. Member should think that any good purpose would be served by laying upon the Table the statement on the subject, which has been issued by a special committee of the Dublin Stock Exchange, I will offer no objection, if he should see fit to move for the Return. I do not propose myself to lay the paper upon the Table, as my doing so would imply that I have some responsibity in the matter. As the right hon. Gentleman is, no doubt, aware, from his official acquaintance with the matter, the question at issue lies outside my sphere of action, and I am advised that my interference is not called for, especially as my predecessor brought before the notice of the rule-making authorities the representations which had reached him.