§ 63. Captain A. GRAHAM
asked the Minister of Health whether an early reduction of mortgage rates may be expected for those who borrowed money under the terms of the Small Dwellings Acquisition Act, 1899, when rates were high?
§ The PARLIAMENTARY SECRETARY to the MINISTRY of HEALTH (Mr. Shakespeare)
The rates of interest for advances made under the Small Dwellings Acquisition Acts have been fixed from time to time by Order made by the Minister of Health with the approval of the Treasury and my right hon. Friend has no power to vary the rates already fixed for past advances. 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 cannot now be reduced.