§ 58. Mr. D. GRAHAMasked the Financial Secretary to the Treasury why objection was taken to the county council of Lanark raising a loan at 3 per cent, interest?
§ Mr. HORE-BELISHAThe hon. Member is under a misapprehension. No objection so far as I am aware has been taken by any Government Department to the Lanarkshire County Council's borrowing money at 3 per cent. When the council asked that 3 per cent. should be fixed as the rate applicable to their borrowings by Local Housing Bonds, the Treasury had no hesitation in acceding to their request.
§ Mr. KIRKWOODThen there is no truth in the statement that is made in Scotland at the moment that the Government did turn down the Lanark County Council loan because they had got money at 3 per cent. interest?
§ Mr. HORE-BELISHANo, Sir; there is no foundation for that statement.
§ Mr. T. WILLIAMSIs it not the case that the Treasury refused to permit the Lanark County Council to obtain money at 3 per cent. unless and until they had given their approval?
§ Mr. HORE-BELISHAI have answered the question, and I think I have made the circumstances perfectly plain.