asked the President of the Board of Agriculture what is the221W
highest and lowest rate of interest, including the sinking fund in each case, payable in respect of loans made to county councils for the purchase of land for small holdings under the Small Holdings and Allotments Act, 1908; the highest and lowest rate payable in respect of loans made for the erection of farm buildings under the Act; and in what years were the rates respectively fixed?
§ Mr. RUNCIMAN
The rate of interest charged by the Public Works Loan Commissioners for loans to county councils under the Small Holdings and Allotments Act, 1908, is 3½ per cent. This rate was fixed by Treasury Minute of the 9th September, 1907. Loans for the purchase of land are sanctioned for a term of eighty years, and the rate of interest, including sinking fund, is 3¾ per cent. The term for which loans are granted for the erection of farm buildings varies, according to the character and construction of the buildings, up to a maximum of fifty years. The rate of interest, including sinking fund, on loans for fifty years is £4 5s. 3¼d. per cent.; on loans for forty years, £4 13s. 7¾d per cent.; on loans for thirty-five years, £5 per cent; on loans for thirty years, £5 8s. 9d. per cent.; on loans for twenty-five years, £6 ls. 4d. per cent.; and on loans for twenty years, £7 Os. 8¾d. per cent.
§ Mr. MORTON
asked the Secretary for Scotland whether the case as to increase of holdings in Strath, Halladale, Sutherland, from another owner has yet been presented to the Land Court; and, if not, when the case will be brought before that Court?
Mr. McKINNON WOOD
The reply to the first part of the question is in the negative. The Board, as stated in my reply to the hon. Member for Caithness last Tuesday, will bring a test case before the Land Court as soon as possible, but owing to statutory formalities some time must elapse before a decision can be given.