MR. WHITE (for Mr. SEELY)asked Mr. Chancellor of the Exchequer, Whether the sum of £430,000, taken from Post Office Revenue to repay moneys taken from Savings' Bank balances would not form part of the general balances and increase the Revenue by that amount; whether, if he still considered himself justified in anticipating that the Post Office Revenue would be nearly equal to that of last year, the Post Office Revenue would not be £430,000 in excess of his Estimate; whether the effect would not be that next April the right honourable gentleman would have the sum of £860,000 to deal with, in addition to his estimated working surplus of £291,000; and, whether the probability of any increase in the Unfunded Debt being necessary at the end of the year was not thereby greatly diminished?
THE CHANCELLOR OF THE EXCHEQUERSir, the first Question of the hon. Gentleman I answer in the affirmative. The sum of £430,000 taken from Post Office revenue to repay moneys taken from Savings Bank balances would form part of the general balances, and increase the Revenue by that amount. The hon. Gentleman's second Question I answer in the negative. The Post Office Estimate for the year 1873–4 was £5,012,000. Had this Estimate been made by the Treasury, ignorant as they were of the fact that a large part of the Post Office revenue had been directed to another purpose, no doubt the observation of the hon. Gentleman would be correct, and we might reasonably expect an increase in the Revenue of the year in proportion to the sum named. Inasmuch, however, as the Estimate was 1522 made by persons in the Post Office who were aware of what had been done with the money, I am afraid that it was allowed for, and that no such increase can be expected. But that is only a small part of the Question. Putting aside this matter of Post Office revenue, diverted for the purpose of repaying money taken from Savings Bank balances, a large sum belonging to the year 1872–3 has been withhold from the Exchequer. That sum in a Bill just passed is estimated at £812,000. The larger part of this is due to Post Office revenue, and the remainder to Miscellaneous Estimates. That sum will, under the Bill, be paid into the Exchequer, and come into the excess of Revenue as estimated by the Budget, and will therefore tend to swell the estimated surplus of £291,000. On the other hand, that estimated surplus is diminished by Supplementary Estimates—among which heavy expenses for the Metropolitan Police and the Irish Constabulary figure largely—to the extent of from £400,000 to £500,000. The House is aware also that advances for Public Works are made out of balances in the Public Exchequer, and the Estimates which are given us of the loans required for schools and for sanitary purposes under the respective Acts of Parliament are so large that we shall be obliged to ask Parliament for borrowing powers; but, of course, we shall not use them until our balances are exhausted, and this large sum of money to be paid in will interpose an obstacle between us and the necessity for borrowing.