§ Order for Second Reading read.
§ Motion made, and Question proposed, "That the Bill be now read a second time."—(Mr. Chancellor of the Exchequer.)589
§ MR. RYLANDS
wished to point out that the Bill had only just been printed, and had not yet been placed in the hands of hon. Members. It was, therefore, somewhat inconvenient that it should be taken on that occasion. There was one point in the Bill upon which he should like some information. It was proposed to raise a sum or sums not exceeding, in the whole, £4,200,000, by the issue of Exchequer Bonds. The Bill stated the Exchequer Bonds issued in pursuance of that power should be repaid within a period not exceeding three years and less than 12 months from the date of such Bonds. It seemed to him that the result of the Bill was to be the postponement for an indefinite period of the sum of money which it was proposed to raise—practically, to make up for the deficiency of the last three years. Although the Bonds were, as he had said, for throe years, yet there was a power to renew them for a considerably longer period.
§ SIR GEORGE CAMPBELL
remarked that, he was about to call attention to the same point. They had already given the Government power to raise £2,000,000, and they were then asked to give power to raise a further sum of £4,200,000. It was desirable to have some assurance from the Government as to whether or not it was intended that the sum should be made an addition to the permanent Debt.
§ THE CHANCELLOR OF THE EXCHEQUER
said, that the Exchequer Bonds which were to be issued, were, in a great measure, to renew other bills which became due in the course of a few days. The present Bill was drawn in the same form as similar Bills were always drawn, and named three years as the period of currency for the Bonds. It was only contemplated to pursue the usual course in respect of the Bonds in question.
§ Motion agreed to.
§ Bill read a second time, and committed for To-morrow.