§ MR. VICARY GIBBS (Herts, St. Albans)I beg to ask the Chancellor of the Exchequer, whether it would be possible to reduce the rate of interest on loans granted to parish authorities?
§ THE CHANCELLOR OF THE EXCHEQUERThe Local Loans Fund, as at present constituted, cannot afford to reduce the rate of interest on local loans. The Government is bound by statute to pay 3 per cent. on all the stock by which the money for making the loans was raised, and, after payment, of this interest and other statutory charges, the fund only just shows a balance on the right side.