MR. MACDONALD CAMERON (Wick, & c.)asked Mr. Chancellor of the Exchequer, Upon what terms the debt to the Issue Department of the Bank of England of £11,015,000 is controlled, and the loss or gain to the Exchequer by its continuance?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)I do not quite understand what the hon. Member means by the word "controlled." If he means by that on what terms the money is borrowed, it is a permanent 3 per cent loan, so that, as compared with Consols, there is neither loss nor gain to the Revenue by its continuance.
§ MR. GOSCHENThree per cent.
§ MR. GOSCHENIt is by Act of Parliament, and it is a loan on the same terms as the general Funded Debt of the country—namely, 3 per cent; but I understand that if this loan were dealt with, it would involve dealing with the whole 347 charter of the Bank of England. The origin of the loan is very complicated; but I shall be glad to give the hon. Member, either pubticly or privately, any further information he may desire.