§ 34. Mr. R. W. SMITHasked the Secretary of State for Scotland if the Agricultural Security Corporation for Scotland has been set up; and if it is now possible for Scottish farmers to obtain long-term credits under the terms of the Agricultural Credits (Scotland) Act, 1929?
§ Sir A. SINCLAIRThe Agricultural Securities Corporation for Scotland has not yet been set up. The draft articles of association, which have been approved by the Department of Agriculture, are at present under consideration by the banks interested. When the articles are adopted by the banks there will, as far as I am aware, be no further cause for delay.
§ Mr. SMITHLast July, when I put a similar question, I was told that it was the Treasury that was holding up the formation of this corporation. Is there any difference in the position now?
§ Sir A. SINCLAIR: Certainly. I cannot speak for what was the position in July, but it certainly is not the case that the Treasury is holding up the matter now. The draft articles of association have been approved by the Government and are now under consideration by the banks.
§ Mr. SMITHWhen does the right hon. Gentleman expect that the corporation will be set up? For over two years we have had to wait.
§ Sir A. SINCLAIRAs I have said, as far as I can see, the moment the articles of association have been approved by the banks there is likely to be no further delay at all.
§ Mr. SPEAKERThe hon. Member had better put any further question on the Paper.
§ Mr. MACPHERSONWhen does the right hon. Gentleman think that this corporation will begin to act? Is he aware that for the last two years English farmers have had the benefit of the Agricultural Credits Act, while the Scottish farmers have had no such benefit?
§ Sir A. SINCLAIRI can only repeat my statement that, as far as I can see, there will be no cause of delay at all when the banks have adopted the articles of association.