Agricultural Mortgage Corporation

HC Deb 10 July 1958 vol 591 cc575-6

44. Mr. Willey

asked the Minister of Agriculture, Fisheries and Food whether he will make a statement on the advances made to the Agricultural Mortgage Corporation Limited.

Mr. John Hare

To date, £2,775,000 has been advanced to the Corporation's Guarantee Fund out of the maximum of £3¼ million authorised by the Agricultural Mortgage Corporation Act, 1956.

Mr. Willey

While appreciating that the rate of interest is a matter for the Corporation itself, does not the right hon. Gentleman agree that it ought to reflect the fall in the Bank Rate, and will he see that my Question is brought to the attention of members of the Corporation?

Mr. Hare

Yes, Sir. I am certain that members of the Corporation will read of the hon. Gentleman's supplementary question, but I will certainly draw their attention to it. In fairness to the Corporation, I think that it should be stated that of course the rate of interest is its concern, and that, in fact, the shareholding banks, which put up the capital for the purpose, have not received a penny in dividend since 1935. I am sure that the hon. Gentleman will agree with me that there is no question of private profit being made at the expense of agriculture.