§ Mr. WILLIAM O'BRIENasked what is the amount of the repayments to the Sinking Fund under the Irish Purchase Acts from 1870 to 1909: how much of these refunds has been applied to the redemption 2207W of the National Debt, and at what profit to the Treasury; and will these profits be made available for increased advances for land purchase in Ireland?
§ Mr. LLOYD GEORGEThe Sinking Fund repayments under the Irish Land Purchase Acts 1870 to 1909 amounted at 31st March, 1910, to £5,483,974. No part of this money has been applied to the redemption of the National Debt, nor has any profit accrued to the Treasury there-from. Prior to 1891 the advances for land purchase were made from the Local Loans Fund at a fixed rate of interest of about 3 1–8th per cent., which was not more than sufficient to pay the interest and expenses of the Local Loans Stock issued to raise the money. The advances under the Acts of 1891 and 1896 were made in 2¾ per cent. Guaranteed Land Stock, and the tenant purchasers' Sinking Fund has to redeem this stock. Under the Acts of 1903 and 1909 the Sinking Fund has to redeem a nominal amount of Guaranteed Three-and-Three-Quarter per Cent. Stock or Guaranteed Three-per-Cent. Stock equal to the amount of the advances, any stock issued in excess of this sum being otherwise provided for. Where possible the Sinking Fund is used for further advances.