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

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

Alert me about debates like this

Photo of Mr John Baird Mr John Baird , Rugby

The proposal applies to the future and not to the past. With regard to the security may I draw attention to the last paragraph, which provides that The Public Works Loans Commissioners shall in any such case require, in addition to a mortgage of any land or dwellings, a further security of such value as they may think fit. Therefore, there is no question of the value of the house and land being the only security for this advance, and the composition of the Public Works Loans Commission is sufficiently wall known to make it quite certain that they will deal with this matter on business lines.

I cannot give the hon. Member for Kettering (Mr. Waterson) an answer about the particular association or company which he has in mind without knowing more of its composition, but if it tomes within the description which is very clearly set forth in considerable detail in the new Clause, obviously, their proper course will be to apply to the Public Works Loan Commissioners, who will have power, if this Clause be passed, to consider every application on its merits, and will be bound to carry out the proposals contained in the Clause. Without further information with regard to these matters of detail, it is impossible for mo to say anything further in regard to any hypothetical case. The reason why we put in this Clause is that certain proposals have been made to the Minister of Health which would enable a very considerable number of houses to be built if this additional assistance could be given, and it appears to us that we can give this assistance with ample security of public funds. If the case which my hon. Friend has in mind comes within the definition contained in the Clause, 1 suggest that his friends should submit their scheme to the Public Works Loan Commissioners.