asked the Minister for Finance if, in view of the fact that 4 per cent. land bonds are now so much under par, he will direct that in all cases where possession of the land acquired is taken after the 24th September, 1952, payment will be made by the Land Commission by a new issue of bonds which will have a stock exchange value of or about par.
Ceisteanna—Questions. Oral Answers. - Land Purchase Payments.
Under Section 4 (1) of the Land Bond Act, 1934, the maximum rate of interest that may be paid on land bonds is 4 per cent.—the rate applicable to the current series of bonds, so that, as the law stands, I have no power to create a series of bonds carrying a higher rate of interest. I am, however, considering the matter with a view to the early introduction of amending legislation.
Will the Minister give an undertaking to the House that such amending legislation will cover cases which are now suffering very great hardship?
I regret that I cannot give such an undertaking. The Deputy must be aware that these questions of public finance are matters of collective responsibility and I am not prepared to say, before I consult my colleagues, what will be included in the legislation.
Did you consult them on your statement about Eisenhower? Was there collective responsibility there?
Now.
Arising further out of the Minister's reply, is he aware that, at the present time, anybody whose land is acquired by the Land Commission personally receives £86 for each £100?
I understand that such a person receives £100 in stock.
Which is worth £86.
And which will be worth £100 on redemption.
For which he has to wait 25 years.
It is worth £86 because of the Minister's machinations.
That is cool comfort for him.
The Deputy did not worry about cool comfort for other people.
It is a shame to stand over conduct of that sort.