§ Dr. PETERSasked the Minister of Agriculture whether he is aware that arable farmers, upon whose properties mortgages were granted with the customary margin a few years ago, cannot now obtain from the Agricultural Mortgage Corporation sufficient moneys to pay off such mortgages owing to the depressed values of arable lands and the statutory limitation of the Corporation to advance only two-thirds of the present values; and, seeing that these farmers are being forced to sell at a loss after farming for many years or face bankruptcy, will he introduce legislation at an early date to allow advances to be made by the Corporation beyond the two-thirds statutory limit and up to the average values over a period of years?
2052Wrespectively, on the acquisition of land and/or other compensation to owners or occupiers for severance, disturbance, easements, and the like, on wages, and on material, in the case of the following schemes, respectively: the work on the New North Circular Road at Friern Barnet; the road reconstruction from the north orbital road to Beaconsfield; the Bath Road by-pass scheme at Coventry; the road reconstruction from Newport, Monmouthshire, to Chepstow; and the road widening from Oadby to Market Harborough?
§ Dr. ADDISONThe statutory limitation referred to and the basis upon which the Agricultural Mortgage Corporation may make advances under the Agricultural Credits Act on the security of land were fixed after most careful consideration and consultation with the leading banking authorities, and it would not be possible to adopt the suggestion of the hon. Member.
§ Dr. PETERSasked the Minister of Agriculture the total sums advanced by the Agricultural Mortgage Corporation, Limited, to 31st December, 1930, secured upon lands and secured otherwise?
§ Dr. ADDISONThe total sums advanced by the Agricultural Mortgage Corporation, Limited, to 31st December, 1930, were as follow: 2053W
£ 2,172 Mortgage Loans 6,499,301 41 Improvement Loans 17,474 6,516,775 All these loans are secured on lands.
§ Dr. PETERSasked the Minister of Agriculture the respective numbers of applications to the Agricultural Mortgage Corporation, Limited, upon which advances have been made and refused; and, in the latter case, the total sums applied for to 31st December, 1930?
§ Dr. ADDISONUp to 31st December, 1930, applications received by the Agricultural Mortgage Corporation, Limited, were as follow:
£ 3,571 mortgage loans 12,306,478 149 improvement loans 154,459 £12,456,937 These applications had been dealt with as follow:
Loans completed:
2054W
£ 2,172 mortgage loans 6,499,301 41 improvement loans 17,474 £6,516,775 Loans granted by the directors and awaiting completion:
215 mortgage loans 831,075 13 improvement loans 5,012 £836,087 Loans offered by the directors but refused by the applicants:
201 mortgage loans 788,145 3 improvement loans 1,567 £789,712 Applications withdrawn by proposed borrowers:
£ 411 mortgage loans 1,158,475 29 improvement loans 19,650 £1,178,125 Applications declined by the directors of the corporation:
346 mortgage loans 1,072,625 51 improvement loans 90,091 £1,162,716 On 31st December, 1930, 226 applications for mortgage loans and 12 applications for improvement loans were under consideration.