§ Dr. TANNER (Cork County, Mid)I beg to ask the Chief Secretary to the Lord Lieutenant of Ireland if he is aware that the highest rate of interest—namely, 5 per cent.—is charged by the Commissioners of Public Works in Ireland on advances of public moneys for public libraries, and the construction of fishery piers and harbours, and can he explain why these particular items are so weighted with a maximum period of repayment of twenty-five years.
§ MR. HANBURYThe maximum period in both cases is that fixed by 1 and 2 Will. IV. cap. 33, s. 40. The interest, in cases where the security of local rates 789 is given, follows the rate fixed by the Treasury for such loans under the Public Works Loans Act of 1897. That rate is at present 3½ per cent., not 5 per cent. Where the security of local rates is not given, the rate of interest on pier and harbour loans would be, under 46 and 47 Vict. cap. 26, 3½ per cent.; under 9 Vict, cap. 3, 5 per cent. As a matter of fact, however, no loans have for many years been made under either of these Acts.