, said before the Dáil took the report from Agriculture he wanted to make a report to the Dáil upon the National Land Bank. They noticed that a smoke screen had been drawn over the bank and he desired to clear it now for the members of the Dáil. It had been referred to in the agricultural report as a "Loan Fund". The Dáil had never officially recognised the Land Bank and it was not the policy of the Ministry to officially recognised it at present.
The National Land Bank was registered in December 1919, in accordance with a scheme carefully worked out by a committee acting under the direction of the Dáil to give effect to the Decree of June 18th, 1919,
"That the provision of land for the agricultural population now deprived thereof is decreed and a Loan Fund under the authority of the Dáil may be established to aid this purpose".
The first object in view was to facilitate the transfer of untenanted land to landless men and uneconomic holders and thus to prevent emigration and rural congestion.
Under the Land Acquisition Scheme a sum of £203,000 was transferred by the Minister of Finance to the bank, and with this forty groups of what were once landless men and uneconomic holders have been organised [into] farming societies with joint and several liabilities for the loans advanced.
The membership of these societies is approximately 850 and the area they own and occupy covers 15,750 acres. For the purpose of this land the bank has advanced up to June the 30th last the sum of £316,590 and a further sum of approximately £27,000 (the exact amount is subject to adjustment on closing) will in due course be paid over to complete the negotiation already entered into in respect of six estates in which the legal formalities have not been completed.
Against these advances the bank holds cash security deposits lodged with it by the members of the 40 land societies amounting to eighty three thousand, eight hundred and thirteen pounds (£83,813) equal to 26.4% of the purchase price in addition to first mortgages on the whole of the land all of which was very carefully valued before purchase was sanctioned.
The amount of land dealt with is very small in comparison to the needs of the country and represents a fraction of the applications made to the bank, but it is sufficient to prove that the principle upon which the Land Acquisition Scheme is based meets the requirements of the people, is fundamentally sound and can be expanded to form the land settlement policy of the future.
The farms purchased are distributed throughout the centre of Ireland from east to west in those districts where the greatest area of untenanted land remains.
The societies are located as follows:—¹
1. This list accounts for 35 societies, not 40 as mentioned in the statement.
Conntae na Gaillmhe |
7 |
"an Ríogh nó Ua bhFailghe |
6 |
"Maighe Eo |
4 |
"Luimnigh |
3 |
"Chille Dara |
3 |
"Chille Coinnigh |
2 |
"Liathdroma |
1 |
"na Midhe |
1 |
"na hIar-Mhidhe |
1 |
"Rosa Comáin |
1 |
"Cheatharlach |
1 |
"Shligigh |
1 |
"Chiarraighe |
1 |
"Átha Cliath |
1 |
"Thiobrad Arann |
1 |
"Lughmhaighe |
1 |
In practically all cases the purchasers are well satisfied and payments due to the bank are being punctually met.
The bank and its land operations has worked harmoniously with the Land Commission courts and those who were concerned over the land agitation which sprang up in the Spring of 1920 will agree that the concerted efforts of the two authorities probably averted an outbreak of violence which might have had very serious national consequences.
For the immediate future the land purchase operations of the bank, owing to the exhaustion of the funds allotted by the Dáil for its purpose, must necessarily be governed by the amount of money which the bank can in future obtain from its branches in the country.
In addition to financing the Land Acquisition Scheme it was found desirable to attempt to establish a financial centre for Ireland which, while providing the usual banking facilities, would invest Irish capital in Irish enterprises instead of placing it at the disposal of the commercial interests of foreign countries.
Steady and continuous progress is being made in the banking department as will be seen from the balance sheet of June 30th, 1921, now before you.
Branches were opened at the beginning of the year in Cork, Limerick, Waterford, Athlone, Ennis and Enniscorthy and a sub-office in Rush transacting business on one day in the week.
The Directors, finding that the premises in Leeson Street were too small and inconveniently situated for the rapidly expanding business of the bank, decided to purchase a site for a new head office in Dame Street. The structure purchased required alterations and additions. Owing to building strikes and other causes these new premises will not be available for a few weeks.
I take this opportunity of urging all members of the Dáil to secure that a large share of the country's capital at present deposited in these banks which are compelled to look to London for guidance in their financial and economic policy shall be transferred to your own bank, which is giving practical expression to the financial and economic policy of the national government and whose object is to encourage the growth of the population and the industries that shall support it.