e 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.

It contemplates, however, as part of the present financial settlement,
that Parliament will then consider, on the one hand, the fixing of such
contribution by Ireland to the common expenses of the United Kingdom as
may be equitable, and, on the other hand, the transfer to the Irish
Legislature and Government of the control and collection of such taxes
as may be deemed advisable.

The remaining clauses--from 27 to 47--are concerned with readjustments
as to judges, civil servants, police and other matters, and do not vary
substantially from the corresponding clauses in the Bill of 1893
(published in Appendix D). The first meeting of the Irish Parliament
is fixed for the first Tuesday in September, 1913.

There are only two other clauses which require special notice, as
adding fresh provisions to those laid down in the Bill of 1893.

The first is the 26th clause, which gives to the Irish special powers
of representation at Westminster in the case of a revision of the
financial arrangements:--

"For the purpose of revising the financial provisions of this Act in
pursuance of this section, there shall be summoned to the Commons House
of Parliament of the United Kingdom such number of members of the Irish
House of Commons as will make the representation of Ireland in the
Commons House of Parliament of the United Kingdom equivalent to the
repr