HC Deb 03 August 1916 vol 85 c493
74. Mr. WATT

asked the Secretary to the Treasury whether he has any statistics showing how much remuneration has been paid under Section 18 of the Local Loans Act of 1887 to the Bank of England out of the Local Loans Fund during the last five years in respect of loans made to public authorities in Scotland; and, if so, will he say what this commission amounted to?


No, Sir. The remuneration paid to the Bank of England from the Local Loans Fund for the management of Local Loans Stock depends on the amount of that stock outstanding, and not on the amount of loans made by the Public Works Loan Commissioners from the Local Loans Fund to any particular part of the United Kingdom in any particular period.


Will the right hon. Gentleman say why the Bank of Scotland is not utilised for loans in Scotland in the same way as the Bank of Ireland is utilised in Ireland?


If my hon. Friend will read my answer, I think he will see that he is labouring under a misapprehension.


No, no!