§ Mr. Piratinasked the Chancellor of the Exchequer (1) whether he will revise the terms prescribed by Treasury Circular, of 18th November, 1944 so as to enable local authorities to secure loans for terms exceeding six months at low rates of interest, thus reducing the burden on the rates;
(2) on what grounds the request of the Stepney Borough Council to permit short-term loans bearing interest at if per cent.. to be extended has been refused.
§ Mr. DaltonAs a general rule, it is not in the national interest, or in the interest of local authorities, that the latter should finance long-term developments by short-term loans. That is why this particular application was refused