HC Deb 30 April 1907 vol 173 c713

I beg to ask the Secretary to the Treasury, with reference to the Return just issued by him showing receipts and payments of the Accountant-General of the Supreme Court of Judicature in Ireland, whether he can state the average rate of interest on the securities in which the funds of suitors in the said court are invested; what is the rate of dividend paid on each £100 invested in Bristol Corporation, Chinese Bonds, East Argentine Railway Company, and St. Louis Breweries, Limited; is he aware that municipal corporations in Ireland pay to the Treasury 4¼ percent. interest on money borrowed for the construction of waterworks and for other sanitary purposes; and, seeing that the funds of suitors in the said court amount to over £6,000,000 sterling, can he say whether an arrangement could be made under which some of the funds could be loaned to sanitary authorities in Ireland at 3 to 4 per cent., so as, without danger of loss to the funds, to effect a saving in local rates, and enable sanitary authorities to carry out improvements in the housing of the working classes and in other respects.


I learn that the average rate of interest received on securities held by the Accountant-General on behalf of the suitors of the Supreme Court of Judicature in Ireland is £2 17s. 3d. per cent. free of income-tax. No funds have ever been invested by the Accountant-General in any of the particular securities referred to in the Question. So far as they are held they have in each case been transferred into court by or on behalf of suitors. Loans out of the Local Loans Fund to local authorities in Ireland, or in Great Britain, are charged 4¼ per cent. when the period exceeds forty years. Such loans would clearly not be a suitable investment for funds in court. The securities in which these funds may be invested are prescribed by the rules of the Supreme Court. Local Loans Stock is included among the securities so prescribed.