§ MR. D. SULLIVAN(for Mr. ARTHUR O'CONNOR) (Donegal, E.)
asked Mr. Chancellor of the Exchequer, If he will state how the Fund, now amounting to about £1,380,000, appropriated from the Church Surplus for the provision of pensions to National School Teachers in Ireland, will be affected by the proposed scheme of Conversion of the Three per Cent Debt?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)
Of the total sum of £1,330,000 spoken of by the hon. Member, £1,300,000 is a book debt due by the Irish Land Commission to the Fund, upon which they are bound, by the Act of 1879, to pay interest to the National Debt Commissioners at the rate of 3 per 1788 cent, so long as it remains outstanding, out of the Church Revenues. The small sum remaining is invested in the names of the National Debt Commissioners in various Stocks. Any conversion must be limited to this sum, and its effect on the income of the Fund would be trifling.