§ MR. KILBRIDE (Kildare, S.)To ask the Chief Secretary to the Lord-Lieutenant of Ireland whether he can state, in the case where the selling landlord under the Land Purchase Act, 1903, has been paid his agreed price, and where the tenant purchaser, owing to delay in getting his vesting order, continues to pay the Land Commissioner 3½ per cent. on the agreed price, what becomes of the extra ¼ per cent. paid by the tenant purchaser sometimes for months; does it go to facilitate land purchase, does the Treasury benefit, or is it placed to the credit of the tenant purchaser.
(Answered by Mr. Birrell.) I understand the hon. Member to refer to cases in which the Land Commission purchase estates under Section 6 or 7 of the Irish Land Act, 1903, for resale. In such cases Section 18 of the Act provides that the interest payable to the Land Commission under Section 35 of the Land Law (Ireland) Act, 1896, shall be at the rate of not less than 3½ per cent. per annum. Estates so purchased frequently include a considerable extent of untenanted land which may have to be held by the Commissioners before distribution for some time after the vendor has been paid his agreed price. This involves expenses of management and the payment of local rates and taxes. The ¼ per cent. referred to in the Question is required for these payments, and also for a working balance to meet the claims of the National Debt Commissioners which, if not met when due, would have to be advanced out of the Guarantee Fund. The Treasury does not benefit.