§ 48 and 49. Mr. LOGAN(for Mr. HEALY) asked the Caancellor of the Exchequer (1) if he can indicate how much of their indebtedness the farmers of Northern Ireland have discharged under the Land Acts by the investment of the 2417 Sinking Fund at the current rates of compound interest or by the purchasing and cancellation of the 2¾ per cent. Land Stock; and will he now consider charging them only on the balance due;
(2) whether, as interest earned on the Sinking Fund in connection with the Irish land annuities has increased above the rate assumed at the passing of those Acts, he will state by what amount the Treasury has benefited in consequence; and will he consider extending the advantage of the increased earnings to the tenant farmers of Northern Ireland, either by a shortening of the period or a reduction of the yearly annuities?
§ Mr. HORE-BELISHAUnder the Irish Land Acts, 1903 to 1909, a fixed annuity (which includes a sinking fund of 10s. per cent.) is payable by the tenant-purchaser until the whole of the advance in question has been repaid by means of the accumulated sinking fund. The amount of the sinking funds accumulated towards the discharge of advances in respect of which such annuities are payable by the farmers in Northern Ireland amounted at 31st March last to approximately £2,135,000. There is no power to reduce these annuities, but, as stated above, they will cease to be payable as soon as the advance has been repaid, and any increase in the rate of accumulation above the standard rate does not benefit the Treasury, but will automatically shorten the period for which the annuities are payable.