HC Deb 27 June 1907 vol 177 cc117-8
MR. GEORGE FABER

I beg to ask Mr. Chancellor of the Exchequer whether the temporary loans made from sums in the hands of the National Debt Commissioners for the purposes of the Irish Land Purchase Fund have been made out of cash balances in their hands available for investment; if not, out of what funds; what is the total amount of the temporary loans so made, and for how long have they been made, and at what rates of interest; whether seeing that he has stated that there will be no further issue of 2¾ per cent. stock for Irish land purchase before the 31st December next, any further temporary loans will be made by the National Debt Commissioners in the meantime; and whether the loans already made, or to be made, will be continued until a further issue of Land Stock.

MR. ASQUITH

The temporary loans to the Irish Land Purchase Fund have been made out of cash balances in the hands of the National Debt Commissioners available for investment, and at present amount to £1,020,000. The loans extend over the period from 7th May, 1907, to date, and will be redeemed periodically by the creation of an equivalent amount of guaranteed 2¾ per cent. stock in favour of the National Debt Commissioners. Pending the creation of stock, which will be notified from time to time in the Gazette, interest is payable at the rate of 3 per cent. per annum. It is intended to adopt the same system for the remainder of the calendar year.

MR. GEORGE FABER

If these advances had not been made would not these cash balances have fallen into the Sinking Fund?

MR. ASQUITH

It is only another form of investment.

MR. GEORGE FABER

Is it a legitimate operation to take money from the Sinking Fund for this purpose.

MR. ASQUITH

That is a matter of opinion.

MR. GEORGE FABER

I want the right hon. Gentleman's opinion.

*MR. SPEAKER

The hon. Member is not entitled to ask that.