asked the Minister for Finance whether, in view of the general public interest which is taken in the financing of the Land Acts of 1903 and 1909, and in particular of the effect of the rate of interest on the current market value of Land Stock on the period of redemption, he will issue to the Dáil a statement showing (1) the total amount collected to date from tenant purchasers under those Acts and treated as sinking fund; (2) the use to which this money has been put; (3) the annual return per cent. on the investment of the sinking fund during the past three years; further, if he will state whether the sinking fund payments are used for the purchase of Land Stock in the open market, and if so, what effect such purchase will have on the period within which it is calculated the sinking fund payments will redeem the outstanding Land Stock in full; further, whether, in the event of the present high rate of interest allowing for redemption before the stipulated time, legislation would be introduced to extend such time to that originally stated as being necessary for redemption, and thereby to give annuitants a reduction in their present annuities.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - FINANCING OF LAND ACT.
The information asked for by the Deputy is not available in any Department here, as the Irish Land Purchase Fund is managed by the National Debt Commissioners. It would appear, however, from the published accounts of the Irish Land Purchase Fund for 1923-24, that the total receipts for the sinking funds under the Irish Land Acts of 1903 and 1909 amounted to £8,707,375 2s. 7d. on 31st March, 1924. These receipts include, in addition to the amounts collected from tenant purchasers in respect of sinking fund, accumulated interest on sinking fund securities and sinking fund payments in respect of excess and bonus stock. Out of the total receipts a sum of £7,191,200 was on loan on the date mentioned to the capital account for the purpose of making further advances for land purchase under the authority of Section 36 of the Irish Land Act, 1903, the sum of £1,515,972 7s. 1d. had been applied to the purchase of Guaranteed 2¾ and 3 per cent. Stock in cases where tenant purchasers had redeemed their annuities, and £202 15s. 6d. remained uninvested.
The amounts applied for further advances would be earning interest according to the interest rate of the annuity set up in each case—i.e., 2¾ or 3 per cent.
So far as I am aware, the bulk of the sinking fund receipts have been used for making further advances until quite recently, and consequently the necessity for the introduction of legislation on the lines suggested by the Deputy does not arise.
Is it not a fact that the period of redemption was calculated on the varying rates of interest at the time when the Land Acts, 1903 and 1909, were passed and that if the Sinking Fund is used at the present rate of interest it must necessarily result in the redemption of the land stock at an earlier date. Would the Minister, in view of that possibility, get in touch with the British authorities with the object of having the new period, which must necessarily be shorter, extended at least to the original calculated period and, thereby, reduce the present annuities of the tenants?
For the reasons stated in my answer I do not think that question arises, at any rate, for the present.