§ MR. WILLIAM O'BRIENI beg to ask the Chief Secretary to the Lord-Lieutenant of Ireland what is the total amount of purchase money represented by agreements under the Purchase Act of 1903 up to 1st November last, with the number of purchasers and area of land covered by the agreements; what is the amount of purchase money remaining unpaid at that date; what is the number of tenant purchasers who 293 have agreed to pay 3½, 3¾, and 4 per cent. interest, respectively, on the purchase money pending completion of the sales; what is the annual amount of the loss sustained by each of these categories of tenant purchasers as compared with the annuity of 3¼, to which their payments would be reduced if the purchase money were available; and, in case the failure to supply the purchase money should continue for five years or over, what will be the total loss to the tenant purchasers up to the time when their ownership will begin; and whether the forthcoming Bill will make any provision to remedy this injustice.
§ MR. BIRRELLThe Estates Commissioners inform me that the purchase agreements lodged up to the 1st instant are being scheduled as rapidly as possible, and until this has been completed, the Commissioners will not be in a position to state the amount of the purchase money applied for in such agreements, nor the amount of purchase money applied for but not advanced on that date. The agreements are not classified according to the rate of interest which the tenants have agreed to pay, which is a matter for arrangement between the parties. The Commissioners are, therefore, unable to give the information asked for in the concluding part of the Question. They are, of course, aware that interest at 3½ per cent. and higher rates is paid, and it necessarily follows that until the advance is made the tenants are at a loss represented by the difference between such rate of interest and the annuity of 3¼ per cent.
§ MR. WILLIAM O'BRIENDo I understand that the Estates Commission do not inquire what rate of interest the tenants covenant to pay?
§ MR. BIRRELLThey only know it from the papers before them.
§ MR. WILLIAM O'BRIENHow soon will they supply this information, which is so vital to the point, as to what the present purchasers are losing by the present arrangement?
§ MR. BIRRELLHaving regard to the fact that in the week ending 31st October 294 purchase agreements involving £6,500,000 were lodged, the hon. Member will realise that the work of scheduling is one of enormous difficulty. Overtime is being worked in order that the information may be forthcoming at the earliest possible moment.
§ MR. WILLIAM O'BRIENWill it be forthcoming by Monday week?
§ MR. BIRRELLI hope so.
§ MR. JOHN REDMONDInasmuch as the Land Commission collects the interest, how is it possible they do not know the rate?
§ MR. BIRRELLThe difficulty is that the agreements are not classified according to the rate of interest paid.
§ MR. GILHOOLY (Cork County, W.)But is the rate not set out in the agreement lodged by the landlord?
§ MR. BIRRELLYes, but in the absence of classification it is impossible to say off-hand how many tenants pay 3½ per cent. and how many 4 per cent.