asked the Minister for Finance if he will state how the National Debt Commissioners invested the sinking fund paid to them under Section 36 (2) of the Irish Land Act, 1903, for the year ended 31st March, 1922, and how much of the sinking fund was: (1) applied to the purchase of stock, (2) invested in further advances under this Act, (3) temporarily invested in the purchase of securities approved by the Ministry of Finance, and the approximate yield per cent., respectively, in the above-mentioned alternatives.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - LAND PURCHASE FUND.
According to the published account of the Irish Land Purchase Fund, which is available to the public, the greater part of the Sinking Fund receipts for the year ended 31st March, 1922, were applied towards the making of fresh cash advances to tenant purchasers. The actual figures were: £707,300 utilised in the latter manner, and £114,628 applied towards the purchase of stock, leaving uninvested a balance of merely £399.
The Sinking Fund invested in the cancellation of stock yields a percentage equal to the current market value of money, about 5 per cent. If disposed of in the manner described at (2) in the question, and sanctioned by Section 36 of the Land Act, 1903, the apparent yield is less, but the difference is made up in the saving effected in such cases by the non-issue of Excess Stock, the interest and sinking fund on which would be borne by the general taxpayer.