§ Major O'NEILLasked the Chief Secretary for Ireland what are the periods of land purchase annuities under the Irish Church Act, 1869, the Landlord and Tenant Act, 1870, the Land Law (Ireland) Act, 1881, the Land Purchase Acts, 1885 and 1888, the Land Purchase Acts, 1891 to 1896, and the Irish Land Acts, 1903 to 1909?
§ Mr. HENRYThe periods of payment for land purchase annuities are as follow:—
Act, 1870.—Five per cent, annuity, comprising interest at 3½per cent. and sinking fund over term of 35 years, subsequently revised to an annuity of 4 per cent. (3⅛ interest and sinking fund) for 49 years on the outstanding advance by the Land Act of 1887. The application of the "Decade System" established by Section 25 of the Land Act of 1896 had the effect of extending the term by three periods of 10 years each—30 years—on obtaining each of the three reductions thereby authorised.
Act, 1881.—Position similar to Act of 1870.
Acts, 1885–1888.—Four per cent, annuity, comprising interest at 3⅛ per cent. and sinking fund over a term of 49 years. The application of the "Decade System" mentioned above has a similar effect in extending the term by 30 years.
Acts, 1891–1896.—Four per cent. annuity, containing a fixed sinking fund of 25 per cent., the balance being interest. This is equivalent to a term of 42½ years. The application of the "Decade System" has a similar effect in extending the term by 30 years.
Act, 1903.—Three and a quarter per cent, annuity, containing a fixed sinking fund of 10 per cent., the balance being interest. This is equivalent to a term of 68£ years. The "Decade System" does not apply in these cases.
2092WAct, 1909.—Three and a half per cent. annuity, with a fixed sinking fund of 10 per cent., the balance being interest. This is equivalent to a term of 65… years. The "Decade System" does not apply here either.
These terms are on the assumption that the sinking fund earns the interest contained in the annuity during the entire period of running.
With regard to the land annuities payable to the Irish Church Fund in respect of sales of land made under the Irish Church Act, 1869, these annuities are not purchase annuities, and are not included in the £3,262,000 of annuities referred to in connection with the Government of Ireland Bill. The terms of repayment of the outstanding purchase money were originally for 32 years, but now stand in the same way as land purchase annuities under the Acts, 1885–1888. These Church Fund land annuities now come to under £16,000 a year.
§ Mr. ARCHDALEasked the Chief Secretary for Ireland upon what basis of calculation the total sum of £3,262,000 received for land purchase annuities has been allocated in respect of £2,649,000 to the Parliament of Southern Ireland, and in respect of £613,000 to the Parliament of Northern Ireland?
§ Mr. HENRYThe apportionment of the £3,262,000 has been based on the actual situation of the lands out of which the annuities are payable.