§ (2) Notwithstanding anything contained in the Public Works Loans Act, 1875, or any Act amending that Act, where a loan is made by the Public Works Loans Commissioners under Section sixty-seven of the principal Act to a public utility society for the purpose of carrying out a scheme for the provision of houses for the working classes approved by the Local Government Board:
§ (c) During such period as may be specified by the Board, with the consent of the Treasury, the money advanced on the security of a mortgage of any land or dwellings solely shall not exceed seventy-five per cent. of the purchase price of the land and of the cost of its development and of the houses proposed to be mortgaged as certified by the Local Government Board; but advances may be made by instalments in respect of the purchase money of the land to be acquired, and of the cost of its development, and in respect of the building of any house or houses on the, land mortgaged as such building progresses, so that the total of the advances do not at any time exceed the amount aforesaid; and a mortgage may acordingly be made to secure advances so to be made from time to time.
§ Lords Amendments:
At the beginning of paragraph (c), insert the words
In the course of loans made.
§ —Agreed to.
After the word "period,"' insert the words
after the passing of this Act.
§ —Agreed to.1300
§ Lords Amendment:
After the word ("solely," insert the words
may exceed two-thirds but
Lords Amendment read a second time.
§ Mr. SPEAKER
This Amendment deals with the money advanced on the security of a mortgage on any land or dwellings, which, the Bill says, shall not exceed 75 per cent., and the Lords Amendment says it may exceed two-thirds but shall not exceed 75 per cent. 1 do not understand quite whether that really has anything of substance in it, but it is not open to the Lords to decide in anyway the amount of the security or mortgage which the Treasury may consent to. It may or may not be a desirable Amendment. I cannot say, but it is not really open to the Lords to deal with this matter, which is one of money, and is, therefore, only within the province of the Commons.
§ Dr. ADDISON
I beg to move,That this House doth agree with the Lords in the said Amendment.I do not think the point is of any great substance, and, therefore, I do not desire to ask the House to insist on its privilege in this case.
§ Captain ORMSBY-GORE
May I ask for a further explanation of this Amendment? It seems to me quite unnecessary, and I do not see the point of it at all. As the Bill left this House I gather that anything from 5 up to 75 per cent, was allowed. Why this two-thirds should be put in, I am at a complete loss to understand, unless it has some reference to some special Building Act or to something like the Lands Clauses Consolidation Act. Therefore I should be very glad if the right hon. Gentleman would give some explanation; otherwise, I hope we shall disagree with what appears to me an unnecessary Amendment.
§ Dr. ADDISON
It is a point of no substance from the point of view expressed by my hon. and gallant Friend. The point is that the existing Act is limited to two-thirds, and we bring it up here to 75 per cent., and this says it may exceed 75 per cent. It appears to be a point of no substance, and, therefore, I have no desire to press the House to agree with the Amendment.
§ Question put, and negatived.