§ Mr. PATRICK WHITEasked the Secretary to the Treasury if he will state what quantity of stock has been issued under Section 7 of the Irish Land Act, 1909, the annual liability thereon, and to what account charged; and in what way it is proposed to extinguish liability for the capital sum?
§ Mr. ILLINGWORTHThe stock to be made good under Section 7 of the Irish Land Act, 1909, amounts to £1,592,458. The annual liability in respect of this sum is £52,876, of which £8,515 will be met from the Ireland Development Grant, and the balance from moneys provided by Par- 592 liament. The annual payment includes a sinking fund of £7,962, which should replace the stock in about sixty-eight years.
§ Mr. PATRICK WHITEasked the Secretary to the Treasury whether he will state the amount of stock issued under Section 47 (2) of the Irish Land Act, 1903, and Section 2 (1) of the Irish Land Act, 1909, for the purposes of the land aid purchase fund, and the annual liability for the amount so raised; to what account charged; and if he will state by what process and when the annual liability is proposed to be extinguished?
§ Mr. ILLINGWORTHThe total amount of stock issued for the Land Purchase Aid Fund is £5,051,444. This entails an annual liability of £165,672, charged on the Vote for the Irish Land Commission, and includes 225,257 by way of sinking fund, which should replace the capital sum in about sixty-eight years.
§ Mr. PATRICK WHITEasked the Secretary to the Treasury whether he will state the total amount of the Exchequer grant to local bodies deducted from the whole of Ireland in consequence of the loss on flotation of Land Stock since the passing of the Land Act of 1903 to the present date; whether the deductions were applied to liquidating the capital loss on the flotation or to meet interest and sinking fund on the amount; and whether he will state the particular grant which suffered loss?
§ Mr. ILLINGWORTHThe loss on flotation of Guaranteed 2¾ per cent. Stock or Guaranteed 3 per cent. Stock is made good by means of an annuity which is charged on the Ireland Development Grant portion of the Guarantee Fund, and when that is exhausted, on votes of Parliament. Prior to the Irish Land Act, 1909, the charge for this purpose fell upon the Guarantee Fund, commencing with the Ireland Development Grant item, which alone was sufficient to meet all claims that had accrued. It follows that no deduction has been made from the grants to local bodies for this purpose.