§ 21. Mr. LUNN
(for Mr. T. WILLIAMS) asked the Minister of Health whether, in view of the lower rates of interest now prevailing, he will consider the advisability of taking steps to reduce the interest on loans made under the Small Dwellings Acquisition Act, which still remains at 5i or 51 per cent.?
§ Mr. SHAKESPEARE
The rate of interest for advances under the Small Dwellings Acquisition Acts was reduced to 4¼ per cent. by order dated 8th November last as regards advances on and after that date. Orders fixing the rate of interest cannot apply to advances already made. The rates applying to such advances were fixed in relation to the rates at which the local authorities were themselves able to borrow at the time the advances were made, and ordinarily the rates for the advances could only be reduced now at the expense of the general body of ratepayers.