§ Mr. W. TAYLORasked the Minister of Agriculture, having regard to the fall in the Bank Rate, whether he will consider the desirability of arranging for a corresponding reduction in the rate of interest charged under the Agricultural Credit Acts?
§ Dr. ADDISONThe rate of interest charged by banks for short-term loans under Part II of the Agricultural Credits Act, 1928, is, I understand, the usual rate charged upon bank overdrafts. The reductions in Bank Rate since last autumn have, of course, led to a reduction in the rate of interest charged by banks to farmers. With regard to mortgages effected under Part I of the Act, the rate depends upon the terms on which funds, out of which advances are made, are raised by the Agricultural Mortgage Corporation.