§ 59. Sir A. YEOasked the Minister of Health if the inquiry which his Department is undertaking will cover the whole of the expenditure of the Poplar Borough Council and Guardians separately; whether, in view of the present financial position of the guardians and their demands upon the ratepayers, any application to his Department for a loan has been made; whether it has been granted; and, if so, what is the amount, and on what conditions?
§ Sir A. MONDThe inquiry extends only to the expenditure of the guardians. Application has been made for sanction to temporary loans amounting to £352,143, the amount actually sanctioned being £221,250. The loans are repayable out of sums which the guardians will receive from the Metropolitan Common Poor Fund.
§ Mr. W. THORNECan the right hon. Gentleman give any reasons why, when 1327 loans are granted to the local authorities for unemployment pay and outdoor relief, 1½ per cent. more is charged than is recognised by the bank rate?
§ Sir A. MONDThe bank rate is not the rate at which we can borrow money.
§ Mr. THORNEWhy should the charge be very much higher?
§ Sir A. MONDThe rate and conditions of these loans are regulated by a committee, of which Sir Harry Goschen, a banker of great experience, is chairman, and they lay down the conditions under which this money ought to be lent.