§ MR. MAURICE HEALY
I beg to ask the Secretary to the Treasury, whether he is aware that the Irish Board of Works charge interest at the rate of 3⅜ per cent. on loans under the Housing of the Working Classes Acts in Ireland, though the Act enables loans to be made at 3⅛ per cent.; and, if so, why; and at what rate of interest are such loans made in England?
§ MR. HANBURY
The interest on such loans, whether in England or Ireland, is required by law to be such a rate not less than 3⅛ per cent., as the Treasury may from time to time authorise as being in their opinion sufficient to enable the loans to be made without loss to the Exchequer. Having this condition in view the Treasury has 1553 fixed the following rates, which apply equally to Great Britain and Ireland:—
It has always been customary to prescribe sliding scales for loans of this character, giving the most favoured rates to loans of shorter currency.
- 3⅛ per cent. for loans repayable within 20 years.
- 3¼ per cent. for loans repayable within 30 years.
- 3⅜ per cent. for loans repayable within 40 years.
- 3½ per cent. for loans repayable within 50 years.
§ MR. J. W. CROMBIE (Kincardineshire)
asked whether that applied to the Board of Works in this country?
§ MR. HANBURY
So far as I understand, it applies to the Public Works Loan Commissioners in this country equally with the Board of Works in Ireland.