HC Deb 05 March 1885 vol 295 cc109-10

asked the Vice President of the Committee of Council, Whether he has received any communication from the Treasury with respect to the Memorial presented to the Education Department in July 1884, on the terms of the rate of interest and annual instalments made to the Public Works Loan Commissioners by School Boards, for the purposes of school buildings in poor and populous localities.


I have received a reply from the Treasury to the Memorial presented in July last. It has already been laid on the Table of this House, and, I understand, will be issued to-morrow. The Treasury have agreed to reduce their rate for loans, and to charge 3½ per cent up to 35 years, the period for the currency of loans, which, should, in their opinion, be normal. In loans up to 40 years the rate will be 3¾ and up to 50 4 per cent. They are also prepared to accept repayment of loans up to 30 years in the form of a fixed annuity, instead of by equal annual instalments as heretofore.