§ MR. AUSTEN CHAMBERLAINI beg to ask Mr. Chancellor of the Exchequer whether he can inform the House of the nature of the arrangements by which he proposes to avoid any fresh issue of Local Loans Stock or Guaranteed 2¾per Cent Stock for Irish land purchase before 31st December next; how much money will be required for each of these purposes in the interval; and how the required amounts will be provided.
§ MR. ASQUITHAt the present time the repayments to the Local Loans Fund in respect of outstanding loans are more than sufficient be provide for the now loans, and no difficulty is anticipated in providing for the loans this year out of the available moneys of the fund. The National Debt Commissioners expect to be able to supply the requirements of the Irish Land Purchase Fund for the remainder of the present year out of the moneys in their hands for investment, for which stock will be issued to them from time to time in respect of their advances to that fund. Owing to the nature of the demands upon the Local Loans Fund and Irish Land Purchase Fund it is impossible to make any precise forecast of their requirements to the end of the year, but I see no reason to doubt that it will be possible to dispense with any issue of stock to the public in either case during that period.
§ MR. LEVERTON HARRISWhat is the price the 2¾ per cent. Irish stock is issued at?
§ MR. ASQUITHThat depends on the market.
§ MR. AUSTEN CHAMBERLAINIs the money invested in Irish Land Stock Savings Bank money?
§ MR. ASQUITHYes, mainly.
MR. GEORGE FABERUnder what statute do the National Debt Commissioners take power to hold Irish Land stock at all?
§ MR. ASQUITHI had better have notice. There is no doubt about the power.
§ CAPTAIN CRAIG (Down, E.)Is not £30,000,000 required for Irish Land Purchase now?
§ MR. ASQUITHNo.