HC Deb 08 August 1896 vol 44 cc231-2

There shall he added to the works for the purpose of which the Public Works Loan Commissioners may lend in Great Britain under the Public Works Loans Act, 1875, the following works, namely:— Any work for which the council of a county, borough, district or parish are authorised to borrow; The construction or improvement of any canal; Provided that where the repayment of a loan for the construction or improvement of a canal is collaterally secured to the satisfaction of the Public Works Loan Commissioners, the rate of interest on the loan may be three-and-a-quarter per cent. per annum instead of the rate of four per cent. per annum authorised by the Public Works Loans Act, 1892.

MR. LLOYD-GEORGE (Carnarvon) Boroughs

moved to leave out the words "three-and-a-quarter " and to insert instead thereof the words "two-and-three-quarters. "


said that the Chancellor of the Exchequer had given a promise to look into the rate of interest in connection with the various loans; but the rate of 3¼ per cent. now charged was the same rate as was paid in connection with harbours on the security of the rates.

MR. HERBERT LEWIS (Flint Boroughs)

hoped that the appeal of his hon. Friend would receive the careful attention of the Treasury, because the rate of interest in connection with those public works had gone down.


asked whether an opportunity would be given next year in a similar departmental Bill to raise the question?


said that the Bills were annual and there would be an opportunity to consider it. The question was one of great difficulty, but until the rates of interest paid to depositors in the Savings Banks were lowered it was impossible to lend more cheaply. The matter, however, was under consideration, and he hoped to call the attention of Parliament to it next year. They could not lend at a loss to the Government.

Question proposed, "That the words 'three-and-a-quarter' stand part of the Bill. "

Amendment, by leave, withdrawn.

Bill read the Third time, and passed.