§ MR. R. W. DUFF (Banffshire)
asked the Secretary to the Treasury, Whether, having regard to the opinion expressed by the Board of Trade in their Letter of 14th March, 1886, recently presented to this House—That, if the security afforded by harbour rates and dues is ample, there can be no reason whatever for making the addition of other collateral security a necessary condition to the lower rate of interest, provided that adequate security is forthcoming from other sources,1722 it is the intention of the Government to give effect to that opinion in the Public Works Loan Bill of the present Session?
§ THE SECRETARY (Mr. JACKSON) (Leeds, N.)
It is not proposed in the Public Works Loans Bill of the present Session to touch the question of harbour loans, beyond giving power to Local Bodies, in accordance with the promise of the Government, to give collateral security for these loans.
§ MR. R. W. DUFF
asked, if the Loan Commissioners intended to insist on collateral security in all cases?
§ MR. JACKSON
said, that the hon. Gentleman seemed to rely upon a clause in the recommendation of the Board of Trade; whereas the Treasury Minute was an agreement come to between the Board of Trade, the Loan Commissioners, and the Treasury; and, therefore, the Board of Trade might be held to be consenting parties to the present Treasury Minute. He quite appreciated the difficulty of the question; but it had been held that it was desirable, in view of giving very low rates, to have collateral security.