Mr. WILLIAM REDMONDasked the Secretary to the Treasury the amount paid to the Commissioners of Woods and Forests during the last twenty years by England, Ireland, and Scotland respectively; and the amount expended or invested during that period by the Commissioners in each of the three countries named?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Hobhouse)The preparation of an answer to this question would involve investigating a mass of figures for twenty years past, and would entail a considerable amount of work on the part of the Office of Woods staff, which is already fully occupied. The hon. Member will find full information already published in the annual reports of the Department.
Mr. MacCALLUM SCOTTHas Scotland received any equivalent to the grant of twelve millions to Ireland in the form of land purchase in Ireland?
Mr. WILLIAM REDMONDasked the Secretary to the Treasury whether he is aware that the annual reports of the Commissioners 1990 of His Majesty's Woods, etc., state that, although Ireland at present contributes about two-thirds of the capital receipts of the Commissioners, no less than 95 per cent. of the investments of capital are made in English, Scottish, and other securities, but not in Ireland; whether he will direct that in the future a substantial proportion of the Irish receipts on account of capital should be invested in the purchase of Irish land, as many of the owners of Irish estates would be willing to sell to the Commissioners at a moderate price in view of the fact that they would be paid at once in cash, and not in land stock with the delays attaching to sales through the Estates Commissioners; and will he take steps to ensure that part of these moneys from Irish sources be invested in the purchase of Irish land stock or Irish bank stock, instead of Indian and other stocks, and also that a portion be invested in the purchase of building land in the city of Dublin?
§ Mr. HOBHOUSEAs stated in my answer to a question put by the hon. Member on the 16th ultimo, any suitable opportunities which may occur for investment in Ireland of capital moneys under the control of the Commissioners of Woods will be fully considered, and I may add that the local representative of the Commissioners has instructions to watch for and report any such opportunities. It is not one of the functions of the Commissioners of Woods to purchase Irish estates for resale to the tenants. Purchases of that kind are, as the hon. Member is well aware, carried out by another Department. As regards investments in stocks, it is important for the Commissioners to select such as may be bought or sold without difficulty in large quantities, at short notice, and without causing disturbance of the market. Consols and India Stock are specially suitable in these respects. It was found some years ago that an order for investment of a moderate sum in Bank of Ireland Stock led to a sharp rise before the required amount of stock had been secured, and part of the order had to be cancelled.