§ Major GLYN
asked the Under-Secretary of State for the Colonies why the War Office has assumed responsibility for2014W
rates, it will be possible at an early date to reduce the rate of interest on such advances?
§ Mr. PETHICK-LAWRENCE
Local loans to local authorities for housing purposes are made at the minimum rate obtaining for loans from the Local Loans Fund. This rate which is now 4¾ per cent. is under continuous consideration, though it is not practicable to follow day to day fluctuations in the market price of stocks. Reductions in the rate were made on 20th March last, on 1st October last and again on 11th November.