HC Deb 04 April 1940 vol 359 c342W
Mr. Parker

asked the Minister of Agriculture whether he is aware that many farmers do not like having to appeal for financial aid to the war executive committees as they do not like to submit their private affairs to local competitors; that the rate of interest they have to pay is too high; and whether he will consider making better arrangements for granting necessary credits through the banks?

Sir R. Dorman-Smith

I am not aware that there is any reluctance on the part of farmers to apply for assistance under the Agricultural Requisites Assistance Scheme on the grounds mentioned. As regards the rate of interest, I have already stated that the scheme is intended to supplement, not to compete with, existing sources of credit. To lower the rate would defeat this object. From the applications already forwarded to me, I do not think that farmers regard the rate of 5 per cent. at present charged as unreasonable. In the circumstances, I see no reason to consider making other arrangements through the banks; and I have every confidence that the banks will do their utmost to meet the needs of farmers under war-time conditions.