HC Deb 30 July 1897 vol 51 cc1687-8

Considered in Committee.

New Clause,— APPLICATION OF ACT TO LOANS UNDER 55 AND 56 VIC., C. 13; 60 AND 61 VIC; AND 57 AND 58 VIC., C. 60. The provisions of this Act with respect to loans on the security of a local rate shall extend,—

  1. (a) to loans under the Military Lands Acts 1892 and 1897, on the security of land, and of a grant out of money provided by Parliament; and
  2. (b) to loans under section six hundred and sixty-three of the Merchant Shipping Act 1894, on the security of the Mercantile Marine Fund, or of the several dues, rates, fees, and payments to be carried to that fund, or of any part thereof.— (The Chancellor of the Exchequer.)

Brought up, and read a First time.

Motion made and Question proposed, "That the Clause be read a Second time."

THE CHANCELLOR OF THE EXCHEQUER (Sir MICHAEL HICKS BEACH, Bristol, W.)

said that he proposed to accept the principle of an Amendment to the schedule, standing in the name of the hon. Member for East Mayo. The effect of the change would be that 5 per cent. per annum would be charged on arrears.

MR. J. DILLON (Mayo, E.)

thanked the right hon. Gentleman for his concession. The clause which he proposed to repeal (55 and 56 Vic. c. 61, Section 6) gave power to levy a fine of one shilling in the £ when a loan was overdue, even for a single week. By the right hon. Gentleman's concession it would now only be possible to levy interest upon overdue loans at the rate of 5 per cent. per annum. That, he thought, was reasonable.

Clause read a Second time and added to the Bill; as amended, to be considered To-morrow.