§ 49. Lord SCONE
asked the Financial Secretary to the Treasury if he is aware that 5 per cent. is the present rate fixed by the Treasury for interest payable on mortgages by owners of agricultural land for advances made by the Public Works Loan Commissioners under Section 1 of the Agricultural Credits Act, 1923; and whether, as commissioners' rates in Scotland over such security are now only 4 per cent., he will lower the rate of interest under the said Act to 4 per cent. in order to help farmers?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Hore-Belisha)
I would refer my Noble Friend to the answer which I gave to my hon. and gallant Friend the Member for Berwick-on-Tweed (Captain Todd) on 17th November last, of which I am sending him a copy.