Ireland

Feilding Star, Volume V, Issue 52, 3 May 1884, Page 3

Ireland

Owing to the great depreciation of , landed property in Ireland two schemes are said to be under consideration to 5 relieve the owners. The first is to ', establish a land bank, with a capital of £10,000,000, guaranteed by Government to pay 3 per cent. It would be empowered to lend money to landlords for incum- ' brances created before the Land Act of 1881, the interest to be 3| per cent., and loan to be a first charge upon the land, ; repayable as a terminable nnnuity in seventy-two years. The second scheme is to establish a land security company (limited) with one Government or official director, and two directors to represent the shareholders. The capital would be, as in the case of the bank, ten millions, to be guaranteed by Government for seventy years. The company would have power to borrow money on debentures at 3 per cent on the Government guarantee, and to charge up to 3^ or 3J per cent. Its object would be to lend money either to landlords to pay off encumbrances, cr to tenants to buy their holdings, the rate of interest in each case being a maximum of 3f per cent. Compulsory powers would be given in certain circumstances.-British j Mail.