andMr. Cunningham asked the Minister for Lands if he will make a statement on the future use of land bonds as a means of payment for land.
Ceisteanna—Questions. Oral Answers. - Payment for Land.
27.
Cavan): I think I have already made my attitude to land bonds perfectly clear. In my reply to the debate on the Lands Estimate on 18th October last. I said that, as Minister for Lands, I would fight for as much cash for the purchase of land as the national purse could afford. In pursuance of that I may say that the question of the use of land bonds to finance the future activities of the Land Commission is at present the subject of a very searching examination in my Department and in the Department of Finance. Pending the outcome of these deliberations, I think it would be premature for me to make any further statement in the matter.
Would the Minister seriously consider making land bonds redeemable at par, say three years from date of issue? The Minister is aware that the greatest objection to land bonds at the moment is that they are not guaranteed and have to go on the stock exchange on chance. It is like having too many sheep at a fair; everybody wants to sell.
(Cavan): As I think I made clear, it would be my ambition to abolish land bonds altogether. If I succeed in that the suggestion made by the Deputy would not arise. If the Deputy has in mind applying his proposal to previous issues of land bonds, that would not be possible.
In view of the fact that the Minister said a study was to be made of this last November, could he give any idea of what percentage of land at present is paid for in land bonds and in cash?
(Cavan): The Deputy appears to have misunderstood me. I did not say a study was being made last November but that a study is being made at the present time.
In view of the immense amount of land that the Minister has under his Department for distribution, would he not consider distributing all this land as quickly as possible and, as a result, he would have a considerable income and would therefore be able to pay cash in the main for any land he would be acquiring?
(Cavan): This appears to be a separate question but even if I had the information to answer it I do not think the Deputy's suggestion would work out. What I would be getting in would only finance issues of bonds already made.
is every case treated on its merits?
(Cavan): I do not understand what the Deputy means.
The Minister would easily understand if I asked about parcels of land in Cork north east at present where people want to accept money which they need. They are not accepting land bonds. Would such cases be treated on the merits?
(Cavan): The practice in the Land Commission is, in voluntary cases where the amount involved is not very substantial, every case is treated on its merits and we try to meet the wishes of the land owners.
As a city Deputy would I be very stupid in asking the Minister the total value of land bonds issued to date?
(Cavan): There would be no difficulty in answering that question if I had notice of it, but I shall communicate with the Deputy.