IX. Local Authorities and the
Movement

I October, 1920, an interesting development took
place which resulted in a closer linking up of the
National Savings Movement and Local Authorities.
A scheme was introduced by which it was made
possible for the Local Authority of any area to apply
to the Public Works Loan Board for a loan, based on
sales of Savings Certificates in the area, of an amount
up to a maximum of 50 per cent. of the sum brought
in by those sales during the twelve months preceding
the date of application. When this system of borrowing
was first introduced, the use of the money obtained was
restricted to Housing purposes. In October, 1921,
however, its use was extended to cover all the purposes
for which the Public Works Loan Board has power to
lend. This arrangement has since been extended to
include County Councils so far as loans for Housing
purposes are concerned.

Figures as to Loans
Many Local Authorities have been glad to take
advantage of the facilities offered by this Scheme.
From the time of its institution in 1920 to December
31st, 1930, the total number of loans granted was
2,735, representing a total sum of [21,464,004 lent
to 715 Authorities, many of which had borrowed
more than once.