HC Deb 07 March 1855 vol 137 cc228-9

Order for Third Reading read.

SIR HENRY WILLOUGHBY

said, he wished to know whether the House had any assurance that none of these Exchequer bills in the course of the year would be converted into funded debt. He mentioned this, because in 1853 a portion of the Exchequer bill debt was turned from unfunded into funded debt, to the extent of about 1,500,000l. He asked, therefore, for an assurance that that process would not be resorted to again without coming to Parliament for the requisite authority.

MR. WILSON

said, that the Motion now before the House had reference to the Exchequer bills at present floating, and the customary Bill for renewing those bills was that to which the assent of the House was now required. As the law now stood, it was impossible, without an Act of Parliament, to convert unfunded into funded debt, and he had therefore no difficulty in giving the hon. Baronet the assurance he required.

SIR HENRY WILLOUGHBY

said, that the process he referred to might be carried on without an Act of Parliament through the medium of the savings bank stock.

Bill read 3°, and passed.

The House adjourned at Five o'clock.