§ SIR JOHN HAY (for Mr. J. G. HUBBARD)asked Mr. Chancellor of the Exchequer, At what rate of interest the annuities terminable at 1885 are to be converted into stock, and existing stock converted into annuities terminating in 1906, and what amount of stock is to be so converted; and, whether he will, previous to the discussion of the Budget, lay upon the Table of the House a statement showing for each of the ensuing twenty-five years the reduction proposed to be effected in the National Debt, distinguishing the amounts resulting from the operation of the terminable annuities, and the amounts estimated to result from the sinking funds?
MR. GLADSTONEWe have not thought that the time was yet come to determine the rate of interest at which the Annuities terminable at 1885 are to be converted into Stock, because I am not prepared to bring in a Bill for the purpose until the Budget Bill is out of the way. I therefore think it will be better for me to postpone the explanation until the introduction of the Bill; but the necessary information will be in the hands of hon. Members before that time. The second part of the inquiry of my right hon. Friend refers to two subjects. The first is as to the reduction expected to be made in the National Debt by the operation of the Annuities and the Sinking Fund, distinguishing between each. I confess I would rather be excused from expressing any opinion as to the amount of reduction likely to occur in a series of years, as I am asked to do. It was done in the time of the late Government, but, as I think, rather in deference to the opinion of my right hon. Friend than out of any distinct approval of such a course. There is this strong objection in my mind to such a course, that it appears in the face of the world to bear the appearance of a promise on the part of the Chancellor of the Exchequer that there shall be a surplus—a promise which it is out of the question for any man in his senses to make as applying to a series of years. I therefore think it is better to avoid even the appearance of making such a promise.