I would like to raise a point with regard to Item No. 8 in Schedule B, Part III.
Private Business. - Appropriation Bill—Committee Stage.
The Seanad went into Committee.
Cathaoirleach
I think we had better defer that until we come to the Schedule.
I think I should deal with it now. This is where it is proposed to make repayment out of the capital of the Local Loans Fund to the British Fund in respect of local loans outstanding. The entire sum proposed to be granted here is £1,150,000, and I would ask the Minister to say how much of that sum represents land purchase annuities in respect of the Land Purchase Acts prior to 1891. How is it that they are not paid under their proper name and why are they returned as a payment to the Local Loans Fund?
Cathaoirleach
If the Senator repeats the question when we come to the Schedule it might be better.
Sections 1 to 6 and Schedule A, inclusive, ordered to stand part of the Bill.
The matter which I raised arises under the next Schedule, Schedule B, and I would just repeat the question I have already put as to the land purchase annuities included in this amount, and as to why they are not put under their proper name, land purchase annuities, instead of being bulked up with the payments to the Local Loans Fund.
Because of the Act under which the advances were made. I could not tell the Senator how much represents these land purchase annuities because this £600,000 which has been paid annually in connection with local loans is a compound sum. That is, it is payable annually for a period of 20 years, and it will then cease, while the various local loan advances which have not been repaid will continue to be repaid here after the end of the 20 years. I presume a calculation could be made showing what proportion of the £600,000 might be related to land purchase advances and what proportion might be related to other advances, but I have not that at the moment.
Are they not kept in separate and distinct accounts? These accounts in respect of local loans are quite distinct from the accounts in respect of land purchase annuities.
I have not the figures.
The Minister, in reply to a question in the other House stated that the amount of the annuities was approximately about £200,000 a year and that we were paying them under Article V. of the Financial Settlement of 1926. Article V. of that settlement reads as follows:—
The Irish Free State Government agrees to discharge their liability outstanding on the 1st April, 1926, in respect of the Local Loans Fund by the payment of an annuity, payable half-yearly, of £600,000 to the Fund for a period of 20 years, payable on the 1st January and the 1st July in each year, the first half-yearly payment being payable on the 1st July, 1926.
I do not observe that there is any reference in that clause to land purchase annuities and unless the original advances for land purchase under these Acts were made from the Imperial Local Government Department I do not know what connection they have with each other.
They were.
Schedule B and the Title ordered to stand part of the Bill.
Bill ordered to be reported without amendment.
The Seanad went out of Committee.
Bill reported without amendment.
Report Stage fixed for Wednesday, July 2nd, 1930.