§ 33. Captain P. MACDONALDasked the Minister of Agriculture what amount of long-term credits has been advanced to date under the provisions of the Agricultural Credits Act, 1928?
§ Mr. N. BUXTONAs the reply contains a number of figures, I propose, with the permission of the hon. and gallant Member, to circulate it in the OFFICIAL REPORT.
§ Following is the reply:
§ Under Part I of the Agricultural Credits Act, 1928, the Agricultural Mortgage Corporation had advanced, up to the close of business on 31st March, 1930, the following loans:
| £ | ||
| Loans on mortgage (1,372) | … | 4,185,640 |
| Improvement Loans (20) | … | 8,770 |
| £4,194,410 |
§ In addition, the Directors of the Corporation had approved loans, subject to the satisfactory completion of the formalities, as follows:
| £ | ||
| Loans on mortgage (287) | … | 1,120,605 |
| Improvement loans (22) | … | 12,991 |
| £1,133,596 |
§ 35. Mr. BLINDELLasked the Minister of Agriculture whether he is aware that the Agricultural Mortgage Corporation have refused to consider applications for loans under Part I of the Agricultural Credits Act on the ground that Mort- 1763 gages involving large sums of money cannot be entertained; whether under the Act any limit is fixed as to the amount which may be advanced to any person or company; and what action he proposes to take in order that every application may be considered on its merits?
§ Mr. N. BUXTONPart I of the Agricultural Credits Act, 1928, fixes no limit as to the amount which may be advanced to any person or company. The decision as to whether a loan is granted by the Agricultural Mortgage Corporation and the amount of such loan, are matters entirely within the discretion of the Directors.
§ Mr. BLINDELLSeeing that no limit has been fixed in the Agricultural Credits Act with regard to the amount that may be advanced, may I ask whether the Department or the right hon. Gentleman has any power to instruct the Mortgage Corporation to give consideration to any application that is made irrespective of the amount involved?
§ Mr. BUXTONNo, Sir, the Minister has no power to interfere.
§ Mr. BLINDELLSeeing that the sum of £750,000 of public money has been granted to this Corporation free of interest, are we to understand that the Minister of Agriculture has no control whatever over the money once he has parted with it?
§ Mr. BUXTONWe are bound by the terms of the Act of 1927.
§ Mr. BLINDELLCan the Minister of Agriculture take any steps that would ensure that due consideration would be given to every application
§ Mr. BUXTONNo, Sir, I do not think the Act gives us any power in that direction.