§ MR. ARTHUR O'CONNOR (Donegal, E.)
I beg to ask the Secretary to the Treasury if he will state what is the rate of interest now charged on local loans in England and Scotland in respect of allotments, burial grounds, lunatic asylums, and small holdings; and what amount of money has been advanced in Scotland and in England and Wales by the Public Works Loan Commissioners at 2¾ per cent. since the passing of the Public Works Loan Act of last year?
§ MR. HANBURY
Local loans for the purposes specified in the first paragraph, are advanced on the security of local rates, and the rates of interest are accordingly those prescribed by the Treasury Minute, under the Public Works Loans Act of last year—namely: Where the period for repayment does not exceed 30 years, 2¾ per cent.; where the period exceeds 30, but does not exceed 40 years, 3 per cent.; where the period exceeds 40, but does not exceed 50 years, 3¼ per cent. The advances by the Public Works Loan Commissioners at 2¾ per cent. interest from the passing of the Public Works Loans Act of last year up to the 31st ultimo amounted in England and Wales to £505,328, and in Scotland to £17,830, a total of £523,158.