May I go back for a brief moment to the queries I put to the Minister? I consider that, from the State's point of view and, indeed, from the point of view of local authorities, it would be an excellent idea to get an assessment made of what we are likely to require in the not distant future in regard to expenditure from the Local Loans Fund.
I seem to have a recollection that during the inter-Party régime a requisition was sent to local authorities to make an estimate of what their total expenditure was likely to be. I do not know whether that was for one year or for a period. I suggest to the Minister that it would be a very sound idea. It is not possible, naturally, to have an exact estimate. My colleague on the county council, Senator Cole, is younger and his mind is probably more alert and he will probably be able to say exactly, but, as far as I can recall, the repayment of our borrowings in our county amounts to 5/- in the £ on the rates in the year, though I cannot be quite sure of that figure.
We are coming to the point in all local authorities when the representatives are rather frightened of taking on additional liabilities. At the same time, there is necessity for the completion of schemes on which the State and the local authorities embarked a number of years ago. Those left unexecuted are as necessary, the equities in the position are the same and there is as much justification for carrying out the schemes not yet started as there was for those completed.
Local authorities, because of the dimensions of their borrowings and liabilities, are rather frightened and it would be well for us to clarify our minds on this. We are nearing the end of this type of expenditure; it will mean so much expenditure in the year for local authorities and they have to face it. When you know what you are likely to have to face, you are able to cut your coat according to the cloth and there can be an effort to bring in income to meet the burden which will have to be carried.
No one can expect an estimate to be exact—it cannot be any more than an estimate—but it would be a healthy thing to have it as near as possible. There is a total of £95,000,000 going out from the Local Loans Fund. How much comes back into the fund through the Exchequer annually of this total sum? When those repayments of original loans come back, at what rate of interest is that money lent out again to local authorities? Obviously, out of £95,000,000, a considerable sum is repaid annually. What happens to it? Does it come back into the fund from the Exchequer by some process of revolution; does it go out again to local authorities and at what rate of interest? These are points I should like to have clarified, if the Minister has the information available.
