§ MR. PATRICK A. M'HUGH (Leitrim, N.)
I beg to ask Mr. Chancellor of the Exchequer (1) is he aware that certain Corporations in Ireland desire to be allowed to pay off at par loans contracted by them with the Treasury, but are not permitted to do so owing to the existing rules in regard to Local Loans Stock; and (2) will he, in view of the advanced state of Parliamentary business, introduce a Bill this Session to enable Corporations in Ireland to relieve themselves from the usurious rate of interest at present charged by the Treasury?
§ THE CHANCELLOR OF THE EXCHEQUER (Sir MICHAEL HICKS BEACH,) Bristol, W.
As far as I am aware, the 848 first paragraph of the Question applies only to one Corporation in Ireland, which has been treated just in the same way as other local authorities in Great Britain. The interest charged cannot be called usurious. It was sanctioned by Parliament at the time that the loan was made. I will consider whether it is at all possible to extend to existing loans of this kind the provisions of the Bill which I hope to introduce.