§ Mr. T. M. HEALYasked the Chancellor of the Exchequer if he will state what cash was received on account of Sinking Fund, since the first issue of Guaranteed Land Stock under the Act of 1891, from all sources, and from each head of the land purchase account, including tenants' annuties, sales of, holdings, guaranteed deposits exchange or surrender of stock, county percentage or payment in lieu thereof, dividends and interests on investments, or any other source; what cash was paid for the £588,351 of Guaranteed Land Stock (1891) and the £292,889 of Guaranteed Stock (1903) held on the 31st March, 1912, on account of Sinking Fund; why was such stock under the Act of 1903 purchased on account of Sinking Fund, and why was the whole of the sums available not invested in the Guaranteed Land Stock of 1891, in view of the fact that the price of that stock is considerably below its redeemable par value; what is the total amount of 1891 stock cancelled, and why is the whole amount of such stock purchased on account of Sinking Fund not cancelled as soon as purchased; must the 5s. per cent. of the advances payable under the Act of 1891, known as the county percentage, be applied since the Land Law Act, 1896, Section 27, towards repayment of capital, and whether the payment to the Sinking Fund is now at the rate of 1¼ per cent. of the nominal amount of the capital, under the combined effect of Section 27 and Sections 1, 4, and 15 of the Act of 1891; are these provisions as to Sinking Fund still operative; whether the stock issued before and after the Act of 1896 was accepted by the vendors and dealt with by the public on the faith thereof; 1192W are all the issues of the stock now consolidated, and is any and what distinction made by the Treasury as to the rate and application of Sinking Fund in respect of the several issues of such stock; what sum in cash has been applied in redeeming the £21,164,028 of Guaranteed Two and Three-quarter per Cent. Land Stock, stated to have been redeemed on the 31st March, 1912, and to what extent was such redemption effected by purchases thereof under par, if so, at what price, and how otherwise was such redemption effected; whether under the Act of 1891, Sections 1 and 4, payments to the Sinking Fund have to be made out of the whole land purchase account or, in case of deficiency, out of the Guarantee Fund and the Consolidated Fund; whether deficiencies in the tenants' annuities, as originally provided for, owing to the alteration in the mode of payment, under Section 25 of the Act of 1896, has to be made good out of all these funds; whether the National Debt Commissioners are bound to redeem at par outstanding stock issued under the Act of 1891 so soon as the Sinking Fund held by them, either in cash or securities, equals the par value of stock held by the public; and whether for this purpose stock held by various Government Departments is on the same footing, and if the stock has in any event to be redeemed under the Act of 1891, Section 1, Sub-section (2), at or before forty-nine years from the time of the issue of such stock?
§ Mr. LLOYD GEORGEThe Sinking Fund receipts under the Purchase of Land (Ireland) Act, 1891, are given under their various headings in the following statement:—
£ Sinking Fund of 1 per cent 1,547,723 Payments in lieu of county percentage 380,911 Purchasers' insurance money 7,310 Cash lodged for redemptions 101,588 Interest and dividends on investments 235,748 Total cash receipts £2,273,280
In addition to the above, there has been transferred for redemptions, Guaranteed Land Stock to the amount of £538,962 The average price at which Guaranteed Land Stock has been purchased for the Sinking Fund is £92 1s. 9d., and the cash paid for the £588,351 at this price was 1193W £541,806. The cash paid for the £292,889 Guaranteed 2¾ per cent. Stock was £234,414. The investments of the Sinking Fund are preferably made in Guaranteed Land Stock when it can be obtained at a fair market value, and Guaranteed 2¾ per cent. Stock is purchased when this is not the case. The total amount of Guaranteed Land Stock in the hands of the public at 31st March, 1912, was only £2,080,729. The total amount of Guaranteed Land Stock cancelled to 31st March, 1912, was £2,164,028, and represents a corresponding amount of advances redeemed. It would serve no useful purpose to cancel the stock held in respect of current annuities, as the interest would still remain payable to the Sinking Fund. Since the passing of the Land Law (Ireland) Act, 1896, each £4 of annuity includes £1 5s. for Sinking Fund, but the advantage of such increased Sinking Fund accrues to the tenant-purchasers, and not to the vendors. The whole of the issues of Guaranteed Land Stock have been consolidated. The £2,164,028 Guaranteed Land Stock cancelled to 31st March, 1912, included £538,962 stock transferred, and the balance of £1,625,066 formed part of the general holding acquired at an average price of £92 1s. 9d. The whole of the benefit resulting from purchases of the stock below par accrues to the tenant-purchasers. The payments to the Sinking Fund under the Act of 1891 are made out of the Land Purchase Account, any shortage on that account being charged on the Guaranteed Fund and Consolidated Fund under Section 6, and deficiencies on the tenants' annuities are met as originally provided. Guaranteed Land Stock issued under the Act of 1891 is not redeemable before 1921, and thereafter may be redeemed if and as Parliament may direct. The stock held by Government Departments is on the same footing as stock held by the public.
§ Mr. JOHN ROCHEasked whether the Meagher estate at Liskelly, county Galway, has yet been sold to the Commissioners or Congested Districts Board; and whether the Pollock estate in the neighbourhood of Laurencetown, county Galway, has been sold?
§ Mr. BIRRELLThe Estates Commissioners cannot identify from the particulars given in the question the Meagher estate as being the subject of proceedings for sale to them under the Land Purchase Acts. They have acquired some 300 acres1194W on the Allan Pollock estate. Neither of the estates referred to have been purchased by the Congested Districts Board.