§ 80. Mr. E. J. WILLIAMSasked the Chancellor of the Exchequer whether he will take steps to assist the conversion of interest charges on loans upon public works constructed by local authorities as a means of reducing the burden of rates, particularly in the distressed areas of Great Britain?
Mr. CHAMBERLAINLocal authorities in Very many cases have been able to convert their securities to a lower rate of interest. Where that is impossible or not yet possible because the contract between the lender and the borrower does not give the borrower an option to convert at present, the State cannot interfere.
§ Mr. WILLIAMSDoes not the right hon. Gentleman realise that high interest charges on public loans seriously affect the revival of industry in distressed areas and will he not put the matter right?
§ Mr. T. WILLIAMSWill the right hon. Gentleman give the Minister of Health a lecture on the wisdom of conversion as applied to the Small Dwellings Act?