HC Deb 08 July 1908 vol 191 cc1676-7

I beg to ask Mr. Chancellor of the Exchequer what is the total issue of Guaranteed 2¾ per cent. Irish Land Stock, exclusive of the pending issue of £5,000,000, and how much of such stock is held by the National Debt Commissioners for the Savings Bank Fund; how much cash is now lent by the National Debt Commissioners, out of cash balances in their hands, to the Irish Land Purchase Fund, and will such advances be repaid out of the new issue of £5,000,000; what is the total amount now required to pay out landlords, the sale of whose estates has been sanctioned by the Estates Commissioners; what is the total amount of the deficiency in respect of the issue at a discount of Irish Land Stock; and by what total amount has the income derived from tenants' purchase annuities failed to meet the dividend payable on the Land Stock and the interest on money borrowed from the National Debt Commissioners.


The total amount of Guaranteed 2¾ per cent Stock issued prior to the recent issue of £5,000,000 was £28,201,444; of which the National Debt Commissioners hold on account of Savings Banks Funds, £7,912,893. The National Debt Commissioners have advanced to the Irish Land Purchase Fund in cash, £1,197,000, which amount will be repaid out of the proceeds of the new issue of Stock in accordance with Section 30 of the Irish Land Act, 1903. My right hon. friend the Chief Secretary informs me as regards the third part of the Question, that the Estates Commissioners have sanctioned advances in the case of direct sales amounting to £1,013,851, of which £272,249 will be advanced to-morrow and the remainder as soon as outstanding questions have been disposed of. Under Sections 6, 7 and 8 of the Irish Land Act, 1903, the Commissioners have agreed, to buy estates, the purchase money of which amounts to £675,766. Of this sum £8,230 is to be advanced to-morrow and the remainder as soon as vendors have shown title, and are in a position to allocate the purchase money. The £28,201,444 stock issued produced in cash £24,862,297, or a deficiency when compared with the nominal amount of stock of £3,339,147. Of this last sum £3,020,463 will be made good by an annuity of 3¼ per cent, chargeable on the Ireland Development Grant, and the balance of £318,684 by the annuity charged on the Votes in respect of the Land Purchase Aid Fund. Since 1st November, 1903, the interest received on the Irish Land Purchase Fund in respect of tenants' purchase annuities and temporary investments has fallen short of the interest paid on stock and temporary borrowings by £161,062, of which £101,521 was charged against the £200,000 grant to the Fund under Section 38 of the Act, and the balance of £59,541 has been received from the Guarantee Fund.