§ Major OWENasked the Minister of Agriculture whether, in view of the prevailing low rate of interest, any arrangements can be made for the reduction of the interest charges made to borrowers by the Agricultural Mortgage Corporation?
§ Mr. ELLIOTOwing to the terms upon which the Corporation's Debenture Stock was issued and advances made, it has not been found possible for the Corporation to reduce interest rates to existing borrowers. The rate of interest for new loans was reduced by the Corporation a year ago from 5 per cent. to 4¼ per cent.