§ MR. DELAHUNTYasked Mr. Chancellor of the Exchequer, Whether, under legislative enactments, the Public Works Loan Commissioners, with the sanction of Her Majesty's Treasury, are enabled to grant loans bearing interest at 3½ per cent. per annum to local authorities in England to obtain water supplies for their respective districts; whether the Board of Public Works in Ireland, with the sanction of the Treasury, are enabled to grant similar loans at 4 per cent. per annum to local authorities in Ireland for like purposes; and, whether the Treasury has not this year fixed 5 per cent. as the rate to be charged on a loan recommended by the Irish Board to be made to the Municipal Corporation of Waterford for their water supply; and, if so, whether he will state the reasons or motives for charging loans for sanitary purposes in Ireland with a rate of interest nearly fifty per cent. in excess of similar loans in England?
THE CHANCELLOR OF THE EXCHEQUERSir, I have to answer the first three Questions put by the hon. Gentleman in the affirmative. As to the fourth Question, I may state that we have not the power by law of charging for waterworks in Ireland the same rate of interest as is now allowed in England—namely, 3½ per cent. The general rule in such cases is to charge 5 per cent, with a rather long period for the repayment of the principal; but it is in the power of the Treasury to charge 4 per cent, with a shorter period for repayment. After taking the best advice, we thought this was not a case in which we 661 ought to deviate from the ordinary rule that has hitherto been adopted in regard to the matter.
§ MR. DELAHUNTYsaid, he wished to be informed whether the time for repayment was not 50 years in England, whereas in Ireland it was only 22 years?
§ MR. DELAHUNTYsaid, that in consequence of the answer of the right hon. Gentleman, he should on an early clay ask whether the Treasury were justified in charging 5 per cent for loans in Ireland, when they were allowed to lend money on loan at 4 per cent in England?