§ MR. BARRIE (Londonderry, N.)I beg to ask Mr. Chancellor of the Exchequer whether the recent issue of Irish Land Stock was offered to the public at 89½ when the market price of previous issues was 92; whether the premium obtainable for the new issue shows that the price fixed was too low; and whether in those circumstances the Government will relieve Irish funds from the loss thus involved.
§ MR. LLOYD-GEORGEThe price of issue of the stock was fixed in consultation with the usual advisers of His Majesty's Government in such matters. The fact that the issue has been a remarkable success and that the new stock commands a premium does not show that the price fixed was too low. The charge entailed by the issue of the stock at a discount will fall on the Ireland Development Grant, as provided by the Land Act of 1903.
§ MR. JOHN REDMONDWhy was this money not obtained from the Commissioners of National Debt, as recommended in the Report of the Treasury Committee?
§ MR. LLOYD-GEORGEBecause they had not got it, I assume.
§ MR. JOHN REDMONDDid not this Report suggest that the money required for land purchase in the next three years should be provided in this way? Did not the Committee know what they were about in making that recommendation?
§ MR. LLOYD-GEORGEAll I know is that the money was not available.
§ MR. LONSDALEOn what day did the Treasury decide to make this issue?
§ MR. LLOYD-GEORGEIt was decided upon finally last week, a very short time before the issue.
§ MR. LONSDALEOn Saturday?
§ MR. LLOYD-GEORGENo; the decision was come to before Saturday.
§ MR. JOHN REDMONDWas the loan subscribed forty times over?
§ MR. LLOYD-GEORGEYes; somewhere about that.
§ MR. WILLIAM REDMONDIreland cannot be in a very bad state after all.