(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 suffer. Such eventualities need not seriously be considered. The analogy with the Transvaal and Canada loans, which were mainly for public works, is very close. FOOTNOTES: [152] Parts of this chapter have appeared in a paper by the Author in "Home Rule Problems." [153] Agricultural Statistics of Ireland, 1909. [154] See pp. 10-17, 66-71. [155] See p. 270-271. [156] See p. 267. [157] Cd. 4005, 1908. [158] This and subsequent figures are taken from an answer to question in the House of Commons, July 25, 1911, and from the current Exports of the Land Commission and Estates Commissioners.