§ Mr. ROYDSasked what sums have been borrowed by county councils from the Public Works Loan Commissioners under the provisions of Section 62 of the Small Holdings and Allotments Act, 1908, for the purchase of land and for any other purpose, respectively; and what are the terms on which such borrowings have been made as regards rate of interest and period of repayment?
§ Mr. HOBHOUSEThe aggregate amount of loans granted to date is £1,059,818, of which £1,026,356 has been actually advanced. The rate of interest is in all cases 3½ per cent., namely, the minimum rate for the time being for loans out 2115 of the Local Loans Fund, as provided by the Act. The periods vary from five to eighty years according to the nature of the services for which the loans have been made, the bulk of them (more than four-fifths) being for eighty years for the purchase of land.
§ Mr. ROYDSDoes the right hon. Gentleman recollect stating in this House last Friday week that to the best of his belief no money had been advanced for this purpose?
§ Mr. HOBHOUSEWhat I said was that I could not pledge myself, but I thought not.