§ MR. MURPHY (Kerry, E.)
I beg to ask the Secretary to the Treasury what is the reason for increasing the rate of interest under the Labourers (Ireland) Acts from 3½ per cent. to 4 per cent.; and whether the Treasury would consider the necessity for changing same, and bringing it into agreement with the financial arrangements of The Land Act, 1903.
§ THE FINANCIAL SECRETARY OF THE TREASURY (Mr. VICTOR CAVENDISH,) Derbyshire, W.
These loans are made out of the Local Loans Fund, and cannot, therefore, be made subject to the financial arrangements under the Land Act. The rates of interest on loans out of the Local Loans Fund had to be increased in view of the less favourable terms on which money can be raised to supply the requirements of the fund.