§ MR. GEORGE FABER (York)To ask Mr. Chancellor of the Exchequer 897 what steps he proposes to take in regard to financing Irish land purchase, in view of the Report of the Departmental Committee to the effect that further public issues of Irish Land Stock should not be made while the stock stands at its present discount; whether he can state how much of such stock has been purchased by the National Debt Commissioners for the Savings Banks; what is the amount of money temporarily lent by the Commissioners, out of cash balances in their hands, for the purpose of the Land Purchase Fund; and whether the income arising from the land purchased has proved sufficient to pay the dividends on the Land Stock issued and also the interest on the sums borrowed from the Commissioners.
(Answered by Mr. Runciman.) A statement will be made at an early date. The National Debt Commissioners at present hold £5,912,893 guaranteed 2¾ per cent. Stock for the Savings Banks funds, and have made temporary advances to the amount of £859,000. The income derived from tenants' purchase annuities has not hitherto been sufficient to pay he dividends on stock issued and the interest on money temporarily borrowed. It has been necessary to draw upon the Guarantee Fund to make good the deficiencies.