Agricultural Credits

– in the House of Commons on 25th April 1944.

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While speaking about capital expenditure in the farming industry, I should like to refer to a further measure of assistance which the Government will shortly be proposing to Parliament. My right hon. Friends the Minister of Agriculture and the Secretary of State for Scotland and I are agreed that it is desirable that ample loan facilities for long-term loans at reasonable rates should be available to agriculturists to enable them, among other things, to repair and improve farm buildings, and to carry out other capital works. For this purpose we shall shortly introduce a proposal that the Government should grant further appreciable financial assistance to the Agricultural Mortgage Corporation and the Scottish Agricultural Securities Corporation, in order that they may make a substantial reduction in their lending rates of interest.