New Clause. — (Loans to companies for housing.)

Part of Orders of the Day — Finance Bill. – in the House of Commons on 13th July 1922.

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Photo of Mr John Baird Mr John Baird , Rugby

I beg to move, "That the Clause be read a Second time."

This Clause, which very clearly expresses its purpose, is intended to enable the Public Works Loan Commissioners to advance up to 75 per cent. of the value of houses to be built in certain cases which are set forth in the Clause. Under the Housing of the Working Classes Act, 1890, the Public Works Loan Commissioners are authorised to advance up to 50 per cent. of the value of the land and dwellings, which are mortgaged, but under the proposal contained in this Clause the Commissioners are authorised to advance up to 75 per cent., on receiving what they consider to be sufficient additional security. The reason for the Clause is that certain proposals have been received by the Ministry of Health, under which private enterprise by companies will come into operation. provided that the necessary capital is forthcoming, and such schemes will not involve the payment of any housing subsidy. Therefore no additional charge is involved on the State by this proposal. There is every reason. to hope that by perfectly legitimate use of national credit there will be quite an appreciable increase in the number of houses which will be built for the people who are particularly in need of them.