HC Deb 07 March 1923 vol 161 cc481-2
87. Mr. THOMSON

asked the Parliamentary Secretary to the Overseas Trade Department, as representing the Ministry of Health, whether, in view of the prolonged period of unemployment and consequent. heavy burdens thrown on the local rates by out-relief charges, he will considerably extend the period for which he has authorised loans to be raised by hoards of guardians and, in those cases where money has been lent by the Public Works Loans Commissioners, will he make representations so that the rate of Interest charged is not more than the cost, so that the taxpayer does not make a profit at the expense of the ratepayer?

Sir W. JOYNSON-HICKS (Secretary, Overseas Trade Department)

The maxi- mum period for which my right hon. Friend (Sir A. Griffith-Boscawen) had power to sanction loans in respect of current expenses in ten years. The circumstances of every application are carefully considered with a view to fixing an appropriate period within that maximum. The interest charged is the prevailing market rate for loans of similar currency.

Mr. A. V. ALEXANDER

Has not the time come when these necessitous areas should get a lower rate of interest on these special loans?

Mr. LANSBURY

Who is my hon. Friend's "right hon. Friend" mentioned in the reply?

Sir W. JOYNSON-HICKS

If the hon. Member reads the answer, he will see that "my right hon. Friend," who had power to sanction loans, was the right hon. Gentleman the late Member for Taunton.