§ MR. KNOXI beg to ask the Chancellor of the Exchequer whether he can state what terms the Treasury proposes to grant for leans for asylum purposes in Ireland if the Public Works Loans Bill becomes law?
§ *THE CHANCELLOR OF THE EXCHEQUER (Sir MICHAEL HICKS BEACH, Bristol. W.)If the Public Works Loan hill becomes law, loans for asylum purposes in Ireland being secured On local rates will be made on the more favourable terms which the Pill contemplates. The new scale of rates of interest will he subsequently laid down by Treasury Minute.
§ MR. KNOXMay I ask whether it is possible for the right hon. Gentleman to tell us before the Bill is passed what is the rate of interest contemplated under it?
§ *THE CHANCELLOR OF THE EXCHEQUERI can only say, quoting the words of the Bill, that no rate can be charged which does not secure the solvency of the fund, and it is calculated that nothing less than 2¾ per cent. will attain that object. The rates will be fixed upon a scale depending upon the duration of the loan; but, of course, we shall endeavour to make the minimum as low as we can.
§ MR. KNOXI beg to ask the Chancellor of the Exchequer whether, under Section 2 of the Local Loans Bill, it will be possible for Irish asylum boards to secure hauls repayable in a short period at par, with the intention of raising the money by an issue of country stock so soon as county councils are established in Ireland?
§ *THE CHANCELLOR or THE EXCHEQUERClause 2 of the Bill relates solely to the raising of money for loan purposes, if fresh' capital should be required. Under Clause 1 the lunatic asylum loans will be made on more favourable terms than they now are; and therefore there will be less reason than ever to sanction any departure from the terms of the agreement. But there would be nothing to prevent an asylum board from making an agreement to repay within a short period.
§ MR. KNOXI beg to ask the Chancellor of the Exchequer if he will state what is the present capital value of the sums paid to the National Debt Commissioners for the purpose of the Restitution Fund under the Local Loans Act 187; and what is the total amount written off the assets of the Local Loans Fund since the passing of the Local Loans Act 1887?
§ *THE CHANCELLOR OF THE EXCHEQUERTen annual payments of £130,000 have been made to the Restitution Fund, and the sum of £1,300,000 thus obtained has enabled debt to he cancelled to the amount of £1,291,866. A sum of £63 4,000 was written off the assets of the Local Loans Fund in 1887, after its establishment, in order to start it in a solvent condition; and since then further sums amounting in the aggregate to £231,000 have been written off and made good by Votes of Parliament.