§ Sir G. Foxasked the Chancellor of the Exchequer whether he can make a statement in regard to the sinking fund arrangements for the Guaranteed 21 per cent. Land Stock, created under the Purchase of Land (Ireland) Act, 1891?
§ Sir J. SimonThe chief relevant statutory provisions are those contained in Section 1 (2) of the Purchase of Land (Ireland) Act, 1891, Section 25 of the Land Law (Ireland) Act, 1896, and the Statutory Rules of 4th March, 1892. His Majesty's Government are under no obligation to redeem the stock by any specified date. Parliament may direct its redemption at any time after 1921. The National Debt Commissioners hold on behalf of the Sinking Fund £,1000,000 Guaranteed Land Stock and £1,483,000 of other securities.
It is intended to take steps from time to time as convenient to replace the other securities held for the Sinking Fund by Guaranteed Land Stock. The Commissioners have a large holding of this stock on behalf of other funds under their control, of which they are free to dispose, and accordingly the intention referred to above must not be taken to imply that the guaranteed stock to be acquired for the Sinking Fund will be purchased on the market.