re Ireland
benefits from Imperial credit.

(1) The Labourers (Ireland) Act of 1906 sanctioned the advance of money
through the Land Commission to Rural Councils for building labourers'
cottages--a class of loans previously made by the Public Works
Commissioners of Ireland. L3,111,816 had been advanced under this head
on March 31, 1911, and L1,138,184 had been applied for. The money is
raised by guaranteed 23/4 per cent, stock in the same way as the money for
Land Purchase.

(2) In addition, there are the loans granted by the Irish Commissioners
of Public Works. In their capacity as lenders, which is only one of a
multitude of capacities, the Commissioners are really a subordinate
branch of the Treasury, and fulfil the same function as the Public Works
Loans Commissioners in Great Britain. They lend principally to local
authorities for all manner of public works and public health
requirements, also to private individuals, mainly for the improvement of
land, and, to a small extent, to Arterial Drainage Boards and to
railways. They get their money from the National Debt Commissioners, and
in 1909-10 issued loans to the amount of L293,233--a figure which shows
a considerable reduction on that of the previous two years.[165] The
total amount of 35,000 outstanding loans on March 31, 1910, was
L9,608,110, of which between two-thirds and three-quarters were due from
local authorities. The interest varies, as in Great Britain, from 23/4 to
5 per cent., according to the nature of the security, and in 1909-10
averaged L3 10s. 6d. Most of the loans are secured on local rates, where
the interest payable is either 31/2 or 33/4 per cent., according to the
period of the loan; others on undertakings such as harbours; and others
on the land for the improvement of which the money is borrowed.

Here, then, are two small and secondary problems. Under Home Rule
Ireland will have no claim to further Imperial credit for loans of
either of the above classes. On the other hand, there is no reason why
the Treasury, if it pleases, and on its own terms, should not lend as
before, though not directly, as it virtually does now, but indirectly,
by loan to the Irish Government. The security will be just as good, and
probably better. If a negligent Local Government Board under Irish
control sanctions reckless loans by local authorities, and a negligent
Irish Government advances for such loans money borrowed from Great
Britain, the Irish Treasury will