§ MR. JOHN ROCHE (Galway, E.)
I beg to ask the Chief Secretary to the Lord-Lieutenant of Ireland whether he can state the average number of years purchase, including the bonus, paid in the county of Cork for land sold under the Act of 1903; and also the average number of years purchase paid for land sold in the county of Cork under the Ashbourne Act.
§ MR. CHERRY
The Land Commission inform me that the average number of years purchase agreed upon by tenant purchasers in County Cork under the Act of 1903 was 23.8 including the bonus. The average number of years purchase for land in the same county sold under the Act of 1885 was 15.1.
§ MR. WILLIAM O'BRIEN (Cork)
Is it not the fact that most of the purchasers under the Ashbourne Act were first term tenants, and that the annuity payable was £4 as compared with £3 5s. under the existing Act? Is it also the case that out of 2,000 purchasers in Cork who purchased under the Ashbourne Act at twenty years 1,700 purchased in five years under the existing Act at a rate of 30 per cent. reduction as compared with 28 per cent. reduction under the Ashbourne Act?
§ MR. CHERRY
I believe the hon. Member is quite right in saying the main purchasers under the Ashbourne Act were first term tenants. I cannot say as to the figures quoted, but if they are those contained in a letter received by my right hon. friend this morning they are, I am instructed, substantially correct. The annuity under the Ashbourne Act was 4 per cent. as compared with 3¼ under the present Act.
§ MR. KILBRIDE (Kildare, S.)
Is it not the fact that those who bought under the Ashbourne Act after payment for ten years of an annuity at the rate of 4 per cent. for the second ten years only paid £3 11s. 10d., and for the third term 1799 only £3 4s 6d., while for the remainder of the term they only paid £2 17s. 11d., whereas under the Act passed in this House in 1896 by Mr. Gerald Balfour—although the purchaser began at a rate of 4 per cent.—
§ MR. O'SHEE (Waterford, W.)
With regard to the figures concerning the number of years purchase in County Cork, are they based on the actual or on the nominal rent? Is the right hon. Gentleman aware that the vendor has to give a return of the actual rent paid for the last five years prior to the sale, and I would like to know what is the difference between the actual and the nominal rent?