§ Captain REDMONDasked the Chief Secretary for Ireland by what method or rule are advances under the Land Purchase Act of 1885 and amending Acts and under the Act of 1903 and amending Acts ascertained to have been repaid by sinking fund payments?
§ Mr. HENRYNo cases have yet matured where the Land Purchase Annuities set up under the Land Purchase Act of 1885, or the subsequent and Purchase Acts have been extinguished by the accumulations of the Sinking Fund having amounted to the advance originally made for purchase. The accumulations of the Sinking Funds are governed by the different statutes under which they have been set up, and the statutory rules made by the Treasury thereunder.
§ Captain REDMONDasked where land stock is bought by the National Debt Commissioners or by other Government Departments under par, if there is any provision for terminating the purchase annuity payable by the tenant purchasers at an earlier period than that originally prescribed; and how are the sums represented by the difference between the par or nominal value and the purchase price applied?
§ Mr. HENRYWhere land stock is bought by the National Debt Commissioners for sinking fund account at a discount, the benefit of such discount is secure to tenant purchasers by Treasury Rules of 21st April, 1908, and later Rules.
§ Captain REDMONDasked whether, under the Government of Ireland Bill, annuities payable by the tenant purchasers are to continue for the originally prescribed periods; and whether the sinking funds are or are not more than available to replace the capital moneys advanced before the end of that period, owing to the increased rate of interest or otherwise?
§ Mr. HENRYIt is understood that on the land purchase annuities being trans-774W ferred to the Irish Governments, as proposed by the present Government of Ireland Bill, they will continue for payment by the tenant purchasers until the original advances have been deemed to have been repaid by the operation of the different sinking funds set up under the several Acts. The sinking fund under the Purchase of Land (Ireland) Act, 1891, has accumulated at a higher rate of interest than the rate at which the purchase annuities were calculated. The benefit of this accumulation is secured to tenant purchasers by Treasury Rules of 21st April, 1908. The sinking funds under the Irish Land Acts of 1903 and 1909, have not accumulated at a rate of interest higher than that at which the purchase annuities are calculated.