§ Mr. WILLIAM PEELasked the Chief Secretary for Ireland how it will be practicable for the Irish Government under the Government of Ireland Bill to raise loans on the security of the transferred sum through the Exchequer Board, in view of the fact that Clause 26 contemplates the abolition of the whole financial system, of which the transferred sum is a part, and the grant to the Irish Parliament of the power of collecting taxes as soon as the Irish revenue shall for a period of three years balance Irish expenditure?
§ Mr. HERBERT SAMUELLegislation by the Imperial Parliament would be necessary for the readjustment of the financial provisions of the Bill contemplated by Clause 26, and such legislation would certainly provide for the continued security of loans which might have been charged on the transferred sum.
§ Mr. PEELasked how will the Exchequer Board be in a position to raise loans for Ireland on the security of the transferred Bum, in view of the fact that the said sum is liable to be reduced in order to make good any deficiencies on land purchase payments and any diminution in the yield of Imperial taxes in Ireland owing to the variation of Imperial taxes by the Irish Parliament?
§ Mr. HERBERT SAMUELAs the transferred sum will constitute almost the whole revenue of the Irish Government, apart from Post Office revenue, it is not probable that its resources would be exhausted by prior claims, such as those mentioned in the question, specially since they are in most cases merely contingent.