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.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - SUGGESTED AMENDMENT TO LAND ACT, 1923.
TOMAS MAC EOIN
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 4¾d per cent. on any money lent to him by the State for this purpose. Under former 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 mainly. In order to relieve the tenant from the increase in the rate of interest, I recommended, and the Dáil agreed, that the Treasury should pay the interest and sinking fund on one-eleventh of the purchase money of tenanted land. 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 must find for this purpose, when land purchase under the 1923 Act is completed, will be about £60,000 per annum. Payments under this head will only mature gradually and will not approach the maximum figure during the current financial year.
Has the Minister consulted with the Minister for Finance to find out whether even £60,000 is worth consideration, or has he taken any step leading up to it?
Mr. HOGAN
That question is begging the answer, if I may invert the saying.