§ SIR JULIAN GOLDSMIDasked Mr. Chancellor of the Exchequer, Under what authority the High Commissioner of Cyprus has borrowed or proposes to borrow £34,000 for Public Works, and what is the estimated rate of interest?
§ MR. BOURKE,in reply, said, the authority for the loan was an Ordinance of the Legislative Government of Cyprus. He did not think it expedient at present to say what were the details or provisions of that Ordinance.
§ MR. CHILDERSasked, Whether the Ordinance had been passed?
§ MR. BOURKEThe Ordinance has not yet been passed.
§ MR. CHILDERSHas any loan yet been raised?
§ MR. BOURKENo.
§ MR. RAMSAYasked, Whether it was to be understood that the Legislative Council of Cyprus had power to borrow money for which this country might become directly or indirectly responsible, or in consequence of which it might suffer loss?
§ THE CHANCELLOR OF THE EXCHEQUERThe money will be borrowed, not on the responsibility of this country, but on the security of the Revenues of Cyprus itself.