§ MR. J. L. CAREW (Dublin, College Green)I beg to ask the Secretary to the Treasury (1) with reference to the refusal of the Treasury to grant a loan to the Wicklow Harbour Commissioners except at 3½ per cent., equivalent to £4 5s. 3d. per cent., to cover repayment of principal and interest, whether he is aware that the local cesspayers are willing to guarantee 3⅛ per cent., equivalent to 4 per cent., to cover principal and interest; and (2) whether, having regard to the much easier terms on which the Treasury is willing to make advances to Foreign Governments and to the fact that Wicklow Harbour is, according to Naval experts, the only one between Waterford and Kingstown that can be used for Naval purposes, it will reconsider its refusal and make the concession asked for?
§ MR. HANBURYThe answer to the first paragraph is in the affirmative, so far as the respective rates of interest are concerned. The rate offered by the Treasury is exceptionally low, and on that account would require special legislation, the statutory rate being 4 per cent. No advances to Foreign Governments are made out of the Local Loans Fund. I presume that the "Naval Experts'" opinion is contained in the letter to the Harbour Board from the captains of eight torpedo boats who used the harbour in 1895. The possible naval advantages of the harbour have been considered in proposing to introduce legislation allowing an exceptional rate of interest and wiping out the first loan entirely.