§ MR. SHEEI. beg to ask the Chancellor of the Exchequer what are the actual rates of interest at which the Treasury borrowed the money issued as Local Loans stock; whether any Local 271 Loans stock has been issued, what is the aggregate of repayments of Local Loans, and what is the aggregate of borrowings since 1890; and, whether the Government will introduce a Bill to fix the rate of interest charged to local authorities at a sum which will cover the actual cost to the Treasury?
§ * THE CHANCELLOR OF THE EXCHEQUERThe original Local Loans stock (amounting to £36,526,056, and issued at par on August 16th, 1887,) was raised at 3 per cent. Local Loans stock amounting to £1,927,710, and issued at 103¾ on August 20th, 1888, was raised at about £2 17s. 10d. per cent. Local Loans stock amounting to £2,500,000, and issued at about 100⅜ on February 21st, 1889, was raised at about £2 18s. per cent. (a) No Local Loans stock has been issued since 1890. (b) The principal repaid between March 31st, 1890, and March 31st, 1897, was £15,876,852. (c) The advances to lending departments between March 31st, 1890, and March 31st, 1897, for loans to borrowers were £15,764,269. I hope to introduce a Bill this year to reduce the rate of interest in future cases, but I doubt if it will be possible to apply it to existing loans.
§ * THE CHANCELLOR OF THE EXCHEQUERI believe so, but, as the hon. Member will see, nothing has been issued since 1890.