§ 53. Mr. ROBERT YOUNG
asked the Minister of Health to what extent the provisions of the Small Dwellings Acquisition Acts, 1899 to 1923, have been taken advantage of during the past five years; what was the rate of interest charged and shared by local authorities on money advanced for the building and purchase of houses and if he will state the reason for increasing the rate of interest this year?
As the answer involves a number of figures, I will, with 590 the hon. Member's permission, circulate it in the OFFICIAL REPORT.
§ Following is the answer:
§ During the past five years loans amounting to £12,100,515 have been sanctioned by my Department to local authorities for the purpose of advances under the Small Dwellings Acquisition Acts, and a further £7,477,382 have been sanctioned for the purpose of advances to builders and purchasers of houses, under Section 92 of the Housing Act of 1925.
§ Since the 1st January, 1923, the London County Council have sanctioned loans under the former Act amounting to £268,630 and made direct advances of £334,370 under the Small Dwellings Acquisition Act and of £1,084,890 under Section 92 of the Act of 1925. Under special powers, and in connection with their Municipal Bank, the Birmingham Corporation have advanced £1,039,983 since the 1st January, 1923, for the purchase and building of houses.
§ The rates of interest approved by my Department for loans by local authorities for this purpose have been as follow:—
|July, 1921—June, 1922||6½|
|June, 1922—December, 1922||6|
|December, 1922—August, 1923||5½|
|August, 1923—January, 1926||5|
|From January, 1926||5¼|
§ As regards the last part of the question, I would refer the hon. Member to the answer given on 4th March, 1926, to a question by the hon. Member for Tottenham, N.