§ Order for Second Reading read.
§ Motion made, and Question proposed, "That the Bill be now read a second time."—(Mr. Chancellor of the Exchequer.)
363§ MR. WHITWELLsaid, that before they passed that Bill for second reading, he hoped the Chancellor of the Exchequer would explain that he was intending to make provision for a portion of this money, so that they might not goon from year to year borrowing on renewed Bills of this kind. Under this Bill, if the Chancellor of the Exchequer chose—which he did not believe he wished to—he could, before the expiration of another 12 months, bring in another Bill of this kind, thus carrying on this heavy debt another year. He did not ask the right hon. Gentleman to disclose his Budget, though the country was anxiously awaiting it; but he did ask for some intimation that steps would be taken to provide for it. He was quite aware that the right hon. Gentleman had great difficulties to meet as to the loans to be made up, on account of the demands upon him for South Africa. He remembered that last Session the right hon. Gentleman had promised a statement as to how the expenses for South African affairs would be met; but they had never obtained any statement of the kind. He was good enough to say, early in the year, that it would be a question of distribution between the Imperial Government and the Cape Government, but was not then able to say in what proportion. He afterwards stated, however, that the money would first be supplied by England. The House would be glad to know what proportion the Cape Government would bear in the expenditure?
§ THE CHANCELLOR OF THE EXCHEQUERsaid, this subject was a very important one. He had not the matter in his hands at the moment which would enable him to give the hon. Member the full statement, and he would prefer not to give him a mutilated one. In bringing in the Budget he would be prepared to make a complete statement. As to the provision to be made for these Bonds, what was now proposed by the Bill was simply to enable them to meet Exchequer Bonds immediately falling due, which, of course, could not be dishonoured. He proposed to renew those Bonds for a period of 12 months; but, further, he could not at that time indicate what his other proposals would be. At the usual time, however, it would, of course, be entirely in the hands of the House to assent or not.
§ MR. RYLANDSsaid, the fact remained that they were giving the Government power to issue Exchequer Bonds running to the end of the year.
§ Motion agreed to.
§ Bill read a second time, and committed for To-morrow.