I move that the Bill be now read a Second Time. The purpose of the Bill is twofold — and each is very simple. The first purpose is to increase the existing statutory limit on advances from the Local Loans Fund from the figure of £50,000,000 to the figure of £70,000,000. The second purpose of the Bill is to provide for the writing-off of loans which are now regarded as irrecoverable — one of them dates back, I think, for over 40 years — and totalling, in all, a little over £5,000. The need of having that express provision in the statute arises from the fact that the original Local Loans Act of 1935 provided that no advances from the fund should be written off without express statutory authority.
Committee on Finance. - Local Loans Fund (Amendment) Bill, 1953—Second Stage.
Mr. O'Higgins
As I understand the position, the purpose of this Bill is to give statutory authority to the Minister to extend the amount of loans that may be available for housing to local authorities. In that respect, of course, there could be no opposition from this side of the House. We can only express the hope that what isnow being made lawful will, in fact, be carried out. For the past 18 months there has been considerable apprehension in this country with regard to the slowing-down of local authority housing. When this House gives the Minister power to make these increased loans, we hope that that will be followed by greater financial assistance to local authorities in this very necessary and worth-while work of housing our people.
The Minister to conclude?
As no objection has been taken to the Bill, I do not think it is necessary for me to say anything.
We shall be out of here by five o'clock.
Question put and agreed to.
Acting-Chairman
When is it proposed to take the next stage?
I do not know whether I would be in order in asking for all stages of this Bill now. The advances actually sanctioned are up to the 31st December, and when I say that already they amount to £48,270,000 it will be realised that the limit is very rapidly being approached. I should be grateful, therefore, to have all stages to-day.
Agreed to take the remaining stages now.