_Loans and Capital Liabilities._
Loans made for the purposes of land purchase and loans made before the
passing of the Act for other Irish purposes will be among the Reserved
Services, and the payment of interest and sinking fund charges will be
made by the Imperial Exchequer.
New loans may be raised by the Irish Parliament on the security of the
Irish revenue. Provision is also made for enabling the joint Exchequer
Board, if so authorised by the Irish Parliament, to issue the loans and
to meet the interest and sinking fund charges by means of deductions
from the Transferred Sum.
The Bill provides for the apportionment between the two Exchequers of
liability for existing loans raised for Irish services.
_Readjustment when Financial Equilibrium is reached._
When the total revenue received from Ireland by the Imperial Treasury
has been sufficient, during three consecutive years, to meet the total
charges for Irish purposes, the Exchequer Board shall report the fact
with a view to a revision of the financial arrangements. Since it is
impossible now to foresee what services may remain at that time as
Reserved Services, what loans may have been contracted during the
intervening years, and what changes may have been made in the rates of
taxation, the Bill does not attempt to enact the modifications which
may then be desirable.
Pages:
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207