MR. O'CONNOR POWERasked the Secretary to the Treasury, Whether, in view of the difficulties which, in the opinion of the Treasury, prevent the issue of joint loans under the 31st section of the Land Law Act to tenants valued under £10, the valuation required by a rule of the Treasury could be reduced to £5, and the minimum amount of each loan to £20, instead of £50, at which it now stands?
§ MR. COURTNEYI think my hon. and learned Friend and the House generally will agree with me that it is necessary to secure the due application of loans to tenants. Having regard to this consideration the Government have come to the conclusion that no Government Department, however constituted, could administer the numerous and minute transactions which would arise if the limits proposed in the Question were adopted. We have, however, seen our way to a modification of the rule, which will allow loans to be made in certain cases where the valuation is as low as £7 a-year, provided always that the security is sufficient. I may mention that applications for these loans are being received at the rate of more than 120 a week, and that of these Connaught supplies its full share.
§ Subsequently,
§ MR. COURTNEYsaid, he wished to explain that the reduction of the conditions of loans to tenants, by which tenants of £7 valuation were eligible, must be regarded as experimental.
§ MR. PARNELLI wish to ask the Secretary to the Treasury, Whether, where a tenant is in occupation of one or more holdings coming up to the valuation of £10, will he consider the desirability of permitting such a tenant to borrow in respect of the improvements of one of these holdings?
§ MR. COURTNEYI will have that question considered.