§ Mr. CASSELSasked the Financial Secretary to the Treasury whether he is aware that between September, 1922, and September, 1931, the ratepayers of the Union of West Ham will be called upon to pay £286,075 by way of interest on loans for unemployment relief amounting to £1,400,000; whether, in view of the great burden which is being borne locally, the Government could lend money for this purpose at a lower rate of interest than 4¾ per cent., and whether this rate of interest represents a profit or a loss to the Government?
Mr. GRAHAMI would refer the hon. Member to the reply given on the 28th July to my hon. Friend the Member for Plaistow (Mr. W. Thorne). As then stated, these loans were made at the current market rate of interest for loans of similar currency, and could certainly not have been obtained by the guardians at a less rate.