HC Deb 01 August 1896 vol 43 cc1319-20

Where under Section twenty-seven of the Sea Fisheries Regulation (Scotland) Act 1895, the Fishery Board for Scotland, with the consent of the Secretary for Scotland, apply to the Public Works Loan Commissioners for a loan on the security of the annual grant under the Fisheries Act 1824, or of any part thereof, the Public Works Loan Commissioners may grant the loan on the same terms as regards rate of interest and period for repayment as are applicable to loans to harbour authorities under the Harbours and Passing Tolls, etc., Act, 1861.

* MR. T. M. HEALY

asked what additional privileges the Scotch Fishery Boards obtained under this Bill.

* MR. HANBURY

said that there was no difference in the rate of interest on Irish and Scotch harbour loans. Under the existing' law the Scotch Fishery Board could borrow at 4 per cent. The Public Works Loan Commissioners had power to lend to Harbour Boards at 3¼ per cent., and this clause merely allowed the same terms to the Fishery Board as to a Harbour Board in that respect.

MR. T. M. HEALY

asked whether the right hon. Gentleman would pledge himself that any reduced rate of interest granted in the case of Scotch loans would be given also in the case of Irish loans?

* MR. HANBURY

said that the rate of interest charged must depend on the purposes of the loan and the security given.

MR. T. M. HEALY

said that the Dundalk Harbour Board, which was paying 4 per cent. for its loan, applied for a lower rate of interest and were refused. Unless he could get a satisfactory explanation of the favouritism shown to Scotland, he should divide against the clause and move Amendments on Report.

THE CHANCELLOR OF THE EXCHEQUER (Sir MICHAEL HICKS BEACH,) Bristol, W.

said he had no particular knowledge of the case of Dundalk. The amount of interest charged on these loans was regulated by Act of Parliament. He agreed, however, that the system of fixing the rate of interest on loans for local purposes was unsatisfactory and required consideration. He would undertake to look into the matter between now and next year, and endeavour to fix the rate of interest for all parts of the United Kingdom alike, dependent upon the purpose of the loan and the security which could be given. He could assure the hon. Member that the Government had no desire to do injustice to Ireland as compared with Scotland in this matter.

MR. T. M. HEALY

asked, in regard to future advances, whether the Chancellor of the Exchequer would undertake that money would not be advanced for Scottish harbours at a cheaper rate than in the case of Irish harbours?

The CHANCELLOR OF THE EXCHEQUER

Assuming the security to be the same, I think I can give such an assurance.

MR. J. G. HOLBORN (Lanark, N.W.)

did not think that in Scotland they were at all favoured by the Treasury, but considered the hon. Gentleman had made out a case for inquiry as to the principles on which those loans were granted, which should be as far as possible uniform and at the lowest rate.

Clause 3 ordered to stand part of the Bill.

Clause 4,—