I beg to move, in page 4, line 9, to leave out the word "fifteen," and to insert instead thereof the word "ten."
The purpose of the Amendment is to alter the rate of interest for calculating the capital value of contributions made by the Minister. The first point is that, so far as one can calculate in these difficult times, 4½ per cent. appears to be a more correct rate of interest than 4¾ per cent. The second point is that, when the right hon. Member for Penryn and Falmouth (Sir J. Tudor Walters) mentioned in his speech on the unemployment Debate a rent of 2s. 6d., he said that this was based on borrowing the money at a rate of interest of 5 per cent. If the rate were 4½ per cent. or ½ per cent. down, that would make a difference of 6d. in the rent. If we gain ¼ per cent. on the rate of interest, we may hope to benefit by 3d. in the rent.