§ MR. MOLLOYI wish to ask the Secretary to the Treasury, If he is aware that the sum of £30,000 was borrowed under the barony guarantee of Garrycastle by the Clare and Banagher Railway under the Relief of Distress (Ireland) Act, by which Act advances were to be made at 1 per cent; if, to meet a deficit in the profit returns of that railway, a rate has just been struck on the basis of 4 per cent interest on the said loan in lieu of 1 per cent, as mentioned in the said Act; by whose authority and what powers this loan was made at the increased rate; if he can state what steps can be taken to relieve the ratepayers, who believe that the loan was made under the reduced terms of 1 per cent, from this excessive interest?
§ THE SECRETARY TO THE TREASURY (Sir HENRY HOLLAND)In reply to the hon. Member, I have to state that the sum of £30,000 was not granted under the Relief of Distress Act referred to in the Question; but the advance was made under the amended Relief of Distress Act, under which advances are made at 4 per cent. It is true that the advances are made under the former Act at 1 per cent.