§ MR. THOMAS O'DONNELLOn behalf of the hon. Member for North Longford, I beg to ask the Secretary to the Treasury if he will state the grounds upon which it has been decided to increase the interest on loans to public bodies in Ireland, as outlined in a recent circular of the Local Government Board for Ireland.
§ MR. VICTOR CAVENDISHThe recent increase in the rates of interest applies to all loans made out of the Local Loans Fund on the security of local rates, in Great Britain as well as in Ireland. The money required for the purpose of these loans has to be raised by the issue of Local Loans Stock; and, under present conditions, the price at which the stock can be issued would not enable the previous rates of interest to be continued without loss to the Local Loans Fund.