HC Deb 07 May 1935 vol 301 cc792-3
16. Mr. STOURTON

asked the Secretary of State for Dominion Affairs whether he is now in a position to make a statement as to the position of bondholders under the Irish Free State Land Act, 1931; whether he has been able to ascertain the total nominal value of 4½ per cent. land bonds which have been delivered to those who had their property compulsorily purchased under the Act and the total nominal amount still due to be paid up; whether he can explain why, after a lapse of nearly four years there are bondholders who have been without interest during the whole period although there is an obligation to pay such interest half-yearly at the rate of 4½ per cent. upon all bonds allocated to dispossessed property-holders until such time as they are handed over by the Irish Land Commission

Mr. THOMAS

As the reply is somewhat long I will, with my hon. Friend's permission, circulate it in the OFFICIAL REPORT.

Following is the reply:

I understand that the position is as follows:

The total amount of 4½ per cent. bonds issued following the vesting of tenanted land estates in the Land Commission under the Irish Free State Land Act, 1931, was (in round figures) £13,900,000. In approximately three working years since these bonds were put to credit the Judicial Commissioner has allocated purchase moneys totalling £6,400,000, leaving still unallocated a total of £7,500,000. Under Section 36 of the Land Act, 1931, the Judicial Commissioner is empowered, on the application of the parties interested, to order the payment to them of the dividends accruing on the Land Bonds. Interest is paid to date as it falls due to every person who has applied to the Judicial Commissioner in this manner and to whom the Judicial Commissioner has ordered that interest should be paid, and there are no arrears. Interest totalling £76,571 has not been applied for, so far under Section 36 and is standing to credit of the various estates. It is only necessary for the parties entitled to make the prescribed application to the Judicial Commissioner with whom rests, under the Act, the power of making an order for the payment of these dividends to the proper parties.