§ 31. Mr. D. Jonesasked the Minister of Agriculture Fisheries and Food whether he is aware that inshore fishermen who took advantage of the Inshore Fishing Act, 1945, between September, 1957, and June, 1958, to replace their 621 fishing boats, now find themselves saddled with repayment of the loan over 20 years at 6¼ per cent. per annum; and what action he proposes to relieve these fishermen of this burden.
§ Mr. GodberNo loans have been made under the Inshore Fishing Act, 1945, since 1952, when the present loan scheme administered by the White Fish Authority came into operation. The rate of interest of 6¼ per cent. at which inshore fishermen obtained 20-year loans from the Authority between September, 1957, and June, 1958, compares with a current rate of 5⅞ per cent. I fear I can see no basis for reopening agreements between the Authority and the fishermen.
§ Mr. JonesDoes the hon. Gentleman realise that these men were forced to secure these loans when the Bank Rate went up to 7 per cent. in December, 1957? They could not wait. If what the Chancellor of the Exchequer is telling us be true, then we understand that the emergency is now past, but these men are saddled with a 6¼ per cent. charge for another 18 years, which makes it extremely difficult for them. Is there nothing he can do about it?
§ Mr. GodberNo, I do not think there is. I can understand and sympathise with the hon. Member, but this applies to everybody who was borrowing money on a long-term basis at that time, and if one made an exception for one section of the community it would have to be extended to others.