HC Deb 09 March 1896 vol 38 c431

I beg to ask the Secretary to the Treasury, whether he is aware that the Harbour Commissioners of Westport, county Mayo, are at present paying 4 per cent, on a loan obtained through the Board of Works for the improvement of the harbour; and whether, considering the present low rate of money, he will take steps to have the rate of interest on this loan reduced to a lower rate?


The Westport Harbour Board have had two loans, both of £3,000, at 4 per cent. The first was made in 1882 at 5 per cent., subsequently reduced to 4 per cent., and the second in 1894. 4 per cent. is the lowest rate of interest which can be allowed for such loans in the absence of special legislation, and, as the Local Loans Fund is at present constituted, any reduction in the present rate of interest would seriously endanger its solvency.