§ Mr. POTTERasked the Chancellor of the Exchequer whether he is prepared to reconsider the whole of the circumstances under which the Public Works Loan Board granted loans to local education authorities for expenditure on school buildings and furniture, with a view to his making a reduction in the rate of interest of five per cent. now payable in respect of such loans during the remaining period thereof?
Mr. CHAMBERLAINNo, Sir; concessions of this kind, which could not reasonably be confined to loans made for the particular purposes mentioned by my hon. Friend, would involve the payment by the State of a direct subsidy to meet the interest on Local Loans Stock.