Hon. R. A. Bell (Carleton):
Mr. Speaker, may I ask the parliamentary secretary to the President of the Treasury Board whether he is in a position to answer my question of yesterday regarding N.H.A. interest rates.
Inquiries of the Ministry Mr. J. E. Walker (Parliamentary Secretary to President of the Treasury Board): Mr. Speaker, the maximum interest rate that may be charged on N.H.A. loans in the second quarter of 1968 will be established on April 1 by the application of a formula which works automatically. This rate is the average long term government bond rate for the last four Wednesdays in March, plus 2J per cent. Section 4 of the National Housing Act provides the basis for this formula.