HC Deb 16 August 1889 vol 339 cc1511-2

Motion made, and Question proposed, "That the Bill be now read a second time."—(Mr. Jackson.)

SIR G. CAMPBELL (Kirkcaldy)

There are two questions I wish to ask—whether the intereston English and Scotch loans has been reduced from 4 per cent to 3⅛ per cent, as in the case of Irish loans; and, whether there is also a long list of Irish loans written off? I should like some explanation of this.

MR. JACKSON

With regard to the reduction of the rate, there are no loans in England and Scotland of the kind on which the interest has been reduced in Ireland. Every year those amounts are written off which are deemed irrecoverable, but this does not discharge the debtors from their legal liabilities. It is thought desirable to err, if at all, on the side of over-caution.

MR. T. M. HEALY

I congratulate the Government on having introduced this Bill. There is, however, one deserving class, the Irish labourers, who have to pay for the loans, and who are still charged 4 per cent interest oh the amounts advanced for their cottages. The reduction would be to them a substantial concession, and there is no reason why the Bill should not include loans under the Labourers' Act.

* MR. GOSCHEN

I presume the hon. and learned Member's suggestion will have to be considered in connection with artisans' and labourers' dwellings generally. But the matter is one deserving consideration, and I will not fail to consider it.

MR. FLYNN (Cork, N.)

I would remind the right hon. Gentleman that artisans' dwellings stand on a different footing to labourers' holdings. In the case of the former the rating is of such a character that any deficiency in the value is small; whereas in the case of the rural ratepayers, they are saddling themselves with a heavy burden, and if the rate of interest can possibly be reduced to 3⅛ it will be a substantial relief to them.

SIR J. SWINBURNE (Lichfield)

Will Her Majesty's Government take into consideration the reduction of interest upon drainage loans in England, where we are paying 6½ per cant, while in Ireland the money is raised for one-half that amount?

* MR. GOSCHEN

I would remind the hon. Baronet that the Legislature has stepped in and dealt with the landlords and tenants of Ireland on different principles to those which have been followed in this country.

MR. MURPHY (Dublin)

Will the right hon. Gentleman take into consideration the fact, in dealing with the subject, that the artisans' dwellings are the only security, whereas in Ireland there is the security of the rates?

Question put, and agreed to.

Bill read a second time, and committed for to-morrow.