§ Mr. PATRICK WHITEasked at what price the National Debt Commissioners acquired the nine millions pounds' worth of Irish Guaranteed Land Stock which they now hold; what rate of interest they have to pay for the money so invested; what rate per cent, they receive on the investment; and what would the difference between what they have to pay for the money and what they receive amount to for one whole year.
§ Mr. HOBHOUSEOf the £9,186,000 2¾ per cent. Guaranteed Land Stock held by the National Debt Commissioners on the 31st March last, £7,950,000 was received in exchange for an equal nominal amount of Consols under Section 15 (2) of the Purchase of Land (Ireland) Act, 1891. In these circumstances it would not be possible to assign a true value to the stock, as the Consols given in exchange only formed a part of a larger amount of the stock held by the National Debt Commissioners for various purposes. The balance of Guaranteed Land Stock, which has been bought for cash is nearly wholly held for the Sinking Fund Account in which the tenant purchasers' annuities are accumulated, the average price being £93 17s. 3d., equivalent to a rate of interest of £2 18s. 7d. per cent. The higher yield of interest benefits the accumulation account of the tenant purchasers.
§ Mr. PATRICK WHITEWill the tenant purchasers get the advantage of the reduction of the annuity?
§ Mr. HOBHOUSEThat is what I said in the last words of my reply.