§ Mr. WISEasked the Financial Secretary to the Treasury if the Wheal, Jewell, and Marytavy Mines, Limited, has received an advance under the Trade Facilities Act; and, if so, what is the security for the advance?
§ Major BOYD-CARPENTERThe Advisory Committee under the Trade Facilities Acts have recommended a guarantee of the principal and interest on a loan of £10,000 to be raised by the Wheal, Jewell and Marytavy Mines, Limited, subject to certain conditions, and the Treasury have expressed their willingness to give such a guarantee accordingly. The security for the loan will be a first charge on the whole assets of the undertaking. In addition to the considerable sum which has already been expended by the company, the company is under the obligation to spend on necessary works a further £10,000 which will rank behind the guaranteed loan, the whole of this £10,000 raised by the company to be expended before any part of the guaranteed loan is utilised.