I move:—
Go ndeontar suim ná raghaidh thar Aon Mhíle dhéag Cheithre Chéad agus Sé Púint Seascad chun íoctha an mhuirir a thiocfidh chun bheith iníoctha i rith na bliana dar críoch an 31adh lá de Mhárta, 1926, mar luach saothair as costas bainistí stoc Rialtais is le Saorstát Eireann.
That a sum, not exceeding Eleven Thousand Four Hundred and Sixty-six Pounds, be granted to defray the Charge which will come in course of payment during the year ending on the 31st day of March, 1926, for the remuneration for cost of management of Government stocks of Saorstát Eireann.
The estimate covers a considerable period. In respect of the National Loan, it covers the period from the 1st December, 1923, to the 31st March, 1926, and in the case of Compensation Stock from the 31st July, 1923. It was originally intended to introduce a Bill fixing the rates of remuneration to the banks, but it was considered not opportune to introduce legislation of that sort pending the setting up of the banking inquiry which might perhaps result in other legislation, dealing with the banks and their position, being necessary, and that anything that was required in this respect could be included in some general Bill. The banks, however, have been doing the work, and of course they could not be expected to wait for remuneration until the Commission had reported or until legislation perhaps was introduced following that report. When the National Loan was issued, the Bank of Ireland agreed to accept remuneration at the rate of £425 per annum for every £1,000,000 of the National Loan inscribed in their books. This is the rate that is prescribed in the Bank Act of 1892 as remuneration for the management of the British National Debt in the books of the Bank of Ireland. There is, however, a proviso in that Act, that the annual sum paid for remuneration shall not be less than £8,000. That is the minimum figure. The Bank of Ireland, in respect of the National Loan, were willing to accept it at the rate of £425 per annum for every £1,000,000 of it inscribed in their books, and to waive all question as regards the minimum. The annual sum payable for the management of the National Loan in each financial year is calculated on the amount of unredeemed National Loan inscribed in the books of the bank on the last day of the previous financial year. On the 31st March, 1924, the amount so inscribed in the books of the Bank of Ireland in respect of National Loan was £10,000,000. On 31st March, 1925, it was £9,760,859 3s. 2d.
In respect of the Stocks managed by the National Land Bank the question of remuneration is very difficult, and it has been found impossible up to the present to fix a definite scale. In the case of the Compensation Stock, the difficulties of management are increased by the fact that the stock is issued in series, that the stock is issued from day to day, that it is redeemed by means of annual drawings and that the Bank is responsible for the payment of the capital sum as well as of the dividends. To some extent the same difficulties are experienced in connection with the Land Bonds, with the exception that the stock is not issued in series. In respect of these particular Stocks we went as carefully as possible into the question of the remuneration of staffs and the cost of printing and stationery and it was decided that the Land Bank should accept for these particular services, in connection with the Compensation Stock and the Land Stock up to 31st March, 1926, a sum of £1,650. This small sum is justifiable only because there have been no drawings of Lands Bonds up to now, and, in fact, dealings in the Bonds and the consequent work thrown on the banks as a result of the transfers have only just begun. The unredeemed amounts of Compensation Stock outstanding were as follows on the dates mentioned: On 31st March, 1924, £47,650; on 31st March, 1925, £499.150; on 1st January, 1926, £834,950. The amount of Land Bonds issued at the 31st March, 1925, was £362,509. and at the 31st December, 1925, £1,121,855. I think that the amounts provided in the Estimates for the management of our National Debt are fixed on a very reasonable scale.