§ 33. Mr. LOFTUSasked the Minister of Agriculture whether he is aware that many of the herring boats are mortgaged; and whether he will therefore consider waiving the condition that loans from the Herring Board for equipment and reconditioning must be a first mortgage on the boats, as this condition prevents the scheme being properly utilised?
§ The PARLIAMENTARY SECRETARY of the MINISTRY of AGRICULTURE (Mr. Ramsbotham)My right hon. Friend is aware that many herring boats are already mortgaged, but it is believed that reconditioning, by increasing the value and efficiency of the boats, should improve, rather than impair, the security of the mortgagees, despite the priority which it is proposed to give to the board's mortgages. As at present advised, therefore, my right hon. Friend sees no reason why the condition in question should be waived.