§ Viscount DUNCANNONasked the Chancellor of the Exchequer if arrangements can be made whereby part of any sums raised by war savings certificates can be made available for loans to local authorities?
Mr. CHAMBERLAINOn the urgent representations of the National Savings Committee I propose, if the House will agree to the necessary legislation, that 50 per cent. of the proceeds of savings certificates bought after the 1st October next should be made available for loans to local authorities. Arrangements are being made to work out a scheme under which each area will be able to borrow from the Local Loans Fund in proportion to the amount of its subscriptions to certificates.