asked the Minister for Agriculture whether his attention has been called to the statement made by the Minister for Finance respecting the financial position of the State, and whether, in view of his demand for a curtailment of public expenditure, it is proposed to introduce a Bill to amend the Land Act of 1923, in so far as it provides for the payment by the State to the landlords of 10 per cent. of the purchase price of land.
WRITTEN ANSWERS. - AMENDMENT OF LAND ACT, 1923.
TOMAS MAC EOIN
Mr. HOGAN
The Deputy is under a misapprehension as to the facts. There is no question of payment of vendors in cash. They are paid in bonds. The purchase money of an average tenancy was fixed at fifteen years' purchase of the rent. In the normal course the purchaser pays the purchase money, and under the terms of the Land Act would pay 4¾ per cent. on any money lent to him by the State for this purpose. Under previous Land Acts the tenant's payment was either 3¼ per cent. or 3½ per cent. on the purchase money. The increase in the rates of interest was due to the European War. In order to relieve the tenant from this increase in the rate of interest, I suggested, and the Dáil agreed, to pay the interest and sinking fund on one-eleventh of the purchase money. Provisions to effect this were inserted in the Land Act of 1923, and I do not propose to introduce a Bill to alter these provisions. The total amount which the State will have to find for this purpose, when land purchase under the 1923 Act is completed, will be about £60,000 per annum.