§ Lieut.-Commander Tufnellasked the Minister of Agriculture whether, in view of the fact that over 80 per cent. of the total indebtedness of British farmers, amounting to £62,000,000, is in respect of advances from the joint stock banks, he can state what is the approximate interest charged on this indebtedness; and whether he will take steps to assist farmers by enabling them to borrow at a rate of interest lower than that charged by these banks?
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§ Mr. W. S. MorrisonI have no definite information about the rate of interest charged by joint stock banks on advances to farmers. As regards the second part of the question I would refer to the reply given to-day to my hon. Friend the Member for Evesham. I would add that my hon. and gallant Friend is under a misapprehension in thinking that the figure for the advances from the joint stock banks represents 80 per cent. of the total indebtedness of British farmers. As pointed out in my reply on 5th December to the right hon. Member for Don Valley (Mr. T. Williams) a considerable amount of credit is extended to farmers from private sources.