§ Mr. TAYLORasked the President of the Board of Trade whether, under the provisions of the Trade Facilities Act, a loan for work to be executed on behalf of the Lithuanian Government, amounting to £1,000,000, is to be floated in this country; and, if so, to what purposes will the proceeds of the loan be devoted and what terms are laid down as to interest charges and repayment?
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Mr. GUINNESSAs stated in House of Commons Paper No. 121 of 1924, the Treasury have expressed their willingness to give a guarantee for a loan of £1,000,000 to be raised on behalf of the Lithuanian Government for the purchase of machinery, etc., for certain grain elevators and railways in Lithuania. I understand that the Lithuanian Government have since decided to amend the scheme in some respects and that a fresh application in respect of a revised scheme is expected shortly. Loans guaranteed by the Treasury under the Trade Facilities Act must be raised and spent in this country. Terms of repayment are settled when the application is under consideration and the rate of interest is fixed when the loan is floated.