HC Deb 06 December 1928 vol 223 cc1561-2

Resolution reported. That, for the purpose of any Act of the present Session to secure in Scotland by means of the formation of a company and the assistance thereof out of public funds the making of loans for agricultural purposes on favourable terms, and to facilitate the borrowing of money in Scotland on the security of agricultural assets, and for purposes connected therewith, it is expedient—

  1. (a) to authorise the payment out of the Consolidated Fund, or the growing produce thereof, of such sums not exceeding one hundred and thirty-five thousand pounds as may be required for making advances to the company to be formed under the said Act and for procuring the underwriting of debentures or debenture stock to be issued by such company as aforesaid for raising sums not exceeding eight hundred thousand pounds;
  2. (b) to authorise the payment out of moneys provided by Parliament of sums not exceeding one thousand seven hundred and fifty pounds a year for ten years as contributions towards the cost of administration of the said company;
  3. (c) to authorise the payment into the Exchequer of sums paid by the said company by way of repayment of or interest on such advances as aforesaid."

Motion made, and Question proposed, "That this House doth agree with the Committee in the said Resolution."


We have no desire to debate this problem to-night, but on the Committee stage of the Financial Resolution the Government promised to tell us whether an agreement had been reached with the Scottish banks. I should like to ask the Secretary of State for Scotland whether that agreement has been completed, and whether he can properly make a short statement to that effect. Then it might be better to discuss the proposal during the Committee stage of the Bill.

The SECRETARY of STATE for SCOTLAND (Sir John Gilmour)

Yes, Sir, I am obliged to the right hon. Gentleman. I am happy to be able to report to the House that, since my right hon. Friend dealt with this subject, the whole of the Scottish banks have undertaken to assist the Government to carry out this scheme. We shall be able to discuss this problem more fully on the Committee stage, and I hope that that will meet with approval.