§ 15. Mr. DUNCAN MILLARasked the Secretary of State for Scotland what arrangements have now been completed for providing credits to agriculturists under Part I of the Agricultural Credits (Scotland) Act, 1929; whether a company has now been incorporated under the provisions of this Part of the Act; and when applications for loans from the company will be entertained?
Mr. W. ADAMSONAs stated in my reply of the 27th February to the hon. and gallant Member for Caithness and Sutherland (Sir A. Sinclair) four of the Scottish banks have agreed to subscribe the necessary share capital for setting up an Agricultural Security Company under Part I of the Act. Steps are being taken for the incorporation of a company, but I am not in a position to say when it will be ready to begin operations.
§ Mr. MILLARIs the right hon. Gentleman aware of the urgency of providing these credits for Scottish agriculturists; and will he undertake to announce to the House at the earliest possible moment, when it will be possible to entertain claims?
Mr. ADAMSONI am perfectly well aware of the urgency and that is one of the reasons why I have taken particular care to overcome the difficulties standing in the way of setting up such a corporation.
§ Mr. SMITHERSWhat interest will be charged on these credits?