§ (1) Notwithstanding anything in section 27 of the Act of 1903, advances for the purposes of the Land Purchase Acts may, subject to the provisions of this section, be made in whole or in part by means of stock in the manner and under the cir cumstances for which provision is made by this section.
§ (2) For the purpose of carrying into effect pending purchase agreements advances may, if the vendor agrees, be made by means of the issue to the prescribed persons, in the prescribed manner, and subject to the prescribed conditions, of such an amount of guaranteed 2¾ per cent. Stock, as, at the market price of the day of issue (as certified in the prescribed manner) is equivalent to the sum to be advanced if that price is not below ninety-two pounds (ex-dividend) for an amount 818 of stock of the nominal value of a hundred pounds, or if the stock is below that price by the issue of such an amount of stock as would be equivalent to the sum to be advanced if the stock were at that price.
§ (3) For the purpose of carrying into effect future purchase agreements advances may, if the Treasury think fit so to direct, be made by means of the issue of an amount of Guaranteed 3 per cent. Stock equal in nominal amount to the sum to be advanced and carrying dividends as from the date of the advance.
§ (4) Stock issued in pursuance of this section as the equivalent of an advance shall, as between the vendor and the purchaser, be accepted by the vendor as the equivalent of the corresponding amount of purchase money, and a vendor, although he is not an absolute owner, may agree to advances being made by stock under this section for the purpose of carrying out any pending purchase agreements, and any person having power to sell under the Land Purchase Acts, although he is not an absolute owner, may enter into any future purchase agreement, notwithstanding that the purchase money may be payable in stock in pursuance of this section instead of in cash.
819§ Question put, "That the Clause stand part of the Bill."
820§ The Committee divided: Ayes, 232; Noes, 51.
821| Division No. 366.] | AYES. | [5.2 p.m. |
| Abraham, W. (Cork, N.E.) | Gwynn, Stephen Lucius | Nussey, Sir Willans |
| Agar-Robartes, Hon. T. C. R. | Harcourt, Rt. Hon. L. (Rossendale) | O'Brien, K. (Tipperary, Mid) |
| Ainsworth, John Stirling | Harcourt, Robert V. (Montrose) | O'Brien, Patrick (Kilkenny) |
| Alden, Percy | Hardy, George A. (Suffolk) | O'Connor, James (Wicklow, W.) |
| Allen, A. Acland (Christchurch) | Harmsworth, Cecil B. (Worcester) | O'Connor, John (Kildare, N.) |
| Ambrose, Robert | Hart-Davies, T. | O'Dowd, John |
| Astbury, John Meir | Haworth, Arthur A. | O'Grady, J. |
| Baker, Joseph A. (Finsbury, E.) | Hayden, John Patrick | O'Kelly, Conor (Mayo, N.) |
| Balfour, Robert (Lanark) | Hazleton, Richard | O'Kelly, James (Roscommon, N.) |
| Baring, Godfrey (Isle of Wight) | Healy, Maurice (Cork) | O'Malley, William |
| Barlow, Percy (Bedford) | Hedges, A. Paget | O'Shaughnessy, P. J. |
| Barnes, G. N. | Hemmerde, Edward George | Parker, James (Halifax) |
| Barran, Rowland Hirst | Henderson, Arthur (Durham) | Perks, Sir Robert William |
| Barry, Redmond J. (Tyrone, N.) | Henderson, J. McD. (Aberdeen, W.) | Philipps, Owen C. (Pembroke) |
| Beale, W. P. | Henry, Charles S. | Philips, John (Longford, S.) |
| Beauchamp, E. | Herbert, T. Arnold (Wycombe) | Pickersgill, Edward Hare |
| Beaumont, Hon. Hubert | Higham, John Sharp | Pollard, Dr. G. H. |
| Beck, A. Cecil | Hobart, Sir Robert | Power, Patrick Joseph |
| Benn, W. (Tower Hamlets, St. Geo.) | Hobhouse, Rt. Hon. Charles E. H. | Radford, G. H. |
| Birrell, Rt. Hon. Augustine | Hodge, John | Rainy, A. Holland |
| Boland, John | Hogan, Michael | Rea, Walter Russell (Scarborough) |
| Bowerman, C. W. | Horniman, Emslie John | Reddy, M. |
| Branch, James | Hyde, Clarendon G. | Redmond, John E. (Waterford) |
| Brooke, Stopford | Illingworth, Percy H. | Redmond, William (Clare) |
| Brunner, J. F. L. (Lancs., Leigh) | Jones, Sir D. Brynmor (Swansea) | Rees, J. D. |
| Burke, E. Haviland- | Jones, William (Carnarvonshire) | Richards, T. F. (Wolverhampton, W.) |
| Burns, Rt. Hon. John | Kavanagh, Walter M. | Roberts, G. H. (Norwich) |
| Burnyeat, W. J. D. | Kekewich, Sir George | Robertson, Sir G. Scott (Bradford) |
| Cameron, Robert | Kennedy, Vincent Paul | Robertson, J. M. (Tyneside) |
| Carr-Gomm, H. W. | Kilbride, Denis | Roche, Augustine (Cork) |
| Causton, Rt. Hon. Richard Knight | King, Alfred John (Knutsford) | Roche, John (Galway, East) |
| Cawley, Sir Frederick | Laidlaw, Robert | Rogers, F. E. Newman |
| Channing, Sir Francis Allston | Lamont, Norman | Rowlands, J. |
| Clancy, John Joseph | Lardner, James Carrige Rushe | Rutherford, V. H. (Brentford) |
| Clough, William | Law, Hugh A. (Donegal, W.) | Samuel, S. M. (Whitechapel) |
| Collins, Stephen (Lambeth) | Layland-Barrett, Sir Francis | Scarisbrick, Sir T. T. L. |
| Collins, Sir Wm. J. (St. Pancras, W) | Lewis, John Herbert | Schwann, Sir C. E. (Manchester) |
| Compton-Rickett, Sir J. | Lundon, T. | Scott, A. H. (Ashton-under-Lyne) |
| Condon, Thomas Joseph | Luttrell, Hugh Fownes | Seddon, J. |
| Cooper, G. J. | Lyell, Charles Henry | Seely, Colonel |
| Corbett, C. H. (Sussex, E. Grinstead | Lynch, H. B. | Sheehan, Daniel Daniel |
| Cornwall, Sir Edwin A. | Macdonald, J. R. (Leicester) | Sheehy, David |
| Cotton, Sir H. J. S. | Macdonald, J. M. (Falkirk Burghs) | Simon, John Allsebrook |
| Craig, Herbert J. (Tynemouth) | Mackarness, Frederic C. | Sloan, Thomas Henry |
| Crean, Eugene | MacNeill, John Gordon Swift | Smyth, Thomas F. (Leitrim, S.) |
| Crosfield, A. H. | MacVeagh, Jeremiah (Down, S.) | Snowden, P. |
| Cross, Alexander | MacVeigh, Charles (Donegal, E.) | Soames, Arthur Wellesley |
| Crossley, William J. | M'Kean, John | Steadman, W. C. |
| Cullinan, J. | M'Laren, Sir C. B. (Leicester) | Stewart, Halley (Greenock) |
| Dalziel, Sir James Henry | M'Laren, H. D. (Stafford, W.) | Stewart-Smith, D. (Kendal) |
| Delany, William | Maddison, Frederick | Strachey, Sir Edward |
| Devlin, Joseph | Mallet, Charles E. | Straus, B. S. (Mile End) |
| Dewar, Arthur (Edinburgh, S.) | Manfield, Harry (Northants) | Tennant, Sir Edward (Salisbury) |
| Dewar, Sir J. A. (Inverness-sh.) | Marks, G. Croydon (Launceston) | Tennant, H. J. (Berwickshire) |
| Dickinson, W. H. (St. Pancras, N.) | Marnham, F. J. | Thompson, J. W. H. (Somerset, E.) |
| Dillon, John | Masterman, C. F. G. | Thorne, G. R. (Wolverhampton) |
| Dobson, Thomas W. | Meagher, Michael | Toulmin, George |
| Donelan, Captain A. | Meehan, Francis E. (Leitrim, N.) | Trevelyan, Charles Philips |
| Dunne, Major E. Martin (Walsall) | Meehan, Patrick A. (Queen's Co.) | Ure, Rt. Hon. Alexander |
| Elibank, Master of | Menzies, Sir Waiter | Ward, John (Stoke-upon-Trent) |
| Esmonde, Sir Thomas | Micklem, Nathaniel | Wason, Rt. Hon. E. (Clackmannan) |
| Evans, Sir S. T. | Molteno, Percy Alport | Wason, John Cathcart (Orkney) |
| Everett, R. Lacey | Morgan, J. Lloyd (Carmarthen) | Waterlow, D. S. |
| Ffrench, Peter | Morrell, Philip | Watt, Henry A. |
| Field, William | Morton, Alpheus Cleophas | Wedgwood, Josiah C. |
| Flavin, Michael Joseph | Murnaghan, George | Whitbread, S. Howard |
| Flynn, James Christopher | Murphy, John (Kerry, East) | White, J. Dundas (Dumbartonshire) |
| Foster, Rt. Hon. Sir Walter | Murray, Capt. Hon. A. C. (Kincard.) | White, Sir Luke (York, E.R.) |
| Fuller, John Michael F. | Murray, James (Aberdeen, E.) | White, Patrick (Meath, North) |
| Gibb, James (Harrow) | Myer, Horatio | Whitehead, Rowland |
| Gilhooly, James | Nannetti, Joseph P. | Whitley. John Henry (Halifax) |
| Gill, A. H. | Napier, T. B. | Wiles, Thomas |
| Ginnell, L. | Newnes, F. (Notts, Bassetlaw) | Wilson, J. W. (Worcestershire, N.) |
| Gladstone, Rt. Hon. Herbert John | Nicholis, George | Wilson, W. T. (Westhoughton) |
| Glen-Coats, Sir T. (Renfrew, W.) | Nicholson, Charles N. (Doncaster) | Yoxall, Sir James Henry |
| Greenwood, G. (Peterborough) | Nolan, Joseph | |
| Greenwood, Hamar (York) | Norman, Sir Henry | TELLERS FOR THE AYES.—Mr. Joseph Pease and Captain Norton. |
| Grey, Rt. Hon. Sir Edward | Nugent, Sir Walter Richard | |
| Gulland, John W. | ||
| NOES. | ||
| Acland-Hood, Rt. Hon. Sir Alex. F. | Faber, George Denison (York) | Pease, Herbert Pike (Darlington) |
| Balcarres, Lord | Fell, Arthur | Randies, Sir John Scurrah |
| Balfour, Rt. Hon. A. J. (City, Lond.) | Forster, Henry William | Rawlinson, John Frederick Peel |
| Banbury, Sir Frederick George | Goulding, Edward Alfred | Renton, Leslie |
| Bignold, Sir Arthur | Guinness, Hon. W. E. (B'y St. Edm'ds) | Scott, Sir S. (Marylebone, W.) |
| Bowles, G. Stewart | Hamilton, Marquess of | Smith, F. E. (Liverpool, Walton) |
| Butcher, Samuel Henry | Harrison-Broadley, H. B. | Stone, Sir Benjamin |
| Carlile, E. Hildred | Kerry, Earl of | Talbot, Lord E. (Chichester) |
| Carson, Rt. Hon. Sir Edward H. | Kimber, Sir Henry | Tuke, Sir John Batty |
| Cecil, Lord R. (Marylebone, E.) | Lambton, Hon. Frederick William | Valentia, Viscount |
| Clive, Percy Archer | Long, Col. Charles W. (Evesham) | Warde, Col. C. E. (Kent, Mid) |
| Clyde, J. Avon | Long, Rt. Hon. Walter (Dublin, S.) | Wilson, A. Stanley (York, E.R.) |
| Cochrane, Hon. Thomas H. A. E. | Lyttelton, Rt. Hon. Alfred | Wolff, Gustav Wilhelm |
| Craig, Charles Curtis (Antrim, S.) | MacCaw, Wm. J. MacGeagh | Wortley, Rt. Hon. C. B. Stuart- |
| Craig, Captain James (Down, E.) | M'Arthur, Charles | Younger, George |
| Dickson, Rt. Hon. C. Scott- | Moore, William | |
| Douglas, Rt. Hon. A. Akers- | Nicholson, Wm. G. (Petersfleld) | TELLERS FOR THE NOES.—Mr. Hugh Barrie and Mr. Lonsdale. |
| Du Cros, Arthur | Oddy, John James |
Bill read the third time, and passed.