§ MR. J. P. FARRELL
I beg to ask the Secretary to the Treasury whether, in view of the price at which the recent flotation of the Irish Land Loan was effected and the present ease in the money market, the former rate of interest to Irish local bodies will be restored.
§ MR. VICTOR CAVENDISH
The present rates of interest on loans out of the Local Loans Fund to local authorities in Great Britain as well as in Ireland, were fixed by a Treasury Minute of the 3rd March last. There has since been 259 some improvement in money-market conditions; but it would be necessary to have much longer experience of the extent and stability of that improvement before a further change of the rates could be considered.