HC Deb 29 April 1887 vol 314 cc346-7
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. MACDONALD CAMERON

May I ask what are the terms?

MR. GOSCHEN

Three per cent.

MR. MACDONALD CAMERON

Why is it?

MR. GOSCHEN

It 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 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.