§ MR. CALDWELL (Glasgow, St. Rollox)asked Mr. Chancellor of the Exchequer, Whether it is the case that the Government are, during the current financial year, issuing Treasury Bills to the amount of £1,000,000 sterling, dated 4th May, 1888, and payable three or six months after date at the option of the persons tendering, notwithstanding that the Conversion Scheme is now practically assured, and that the balances at the credit of the various accounts of the Government with the Bank of England amounted in the aggregate on 18th instant to close on £8,000,000 sterling; and, whether it would not be possible, by means of legislation or otherwise, to draw upon the above balances at the credit of the Government, and to postpone the issue of Treasury Bills until these balances were very much reduced, thereby effecting a considerable saving to the Imperial taxpayer?
THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)The Treasury propose to renew £1,000,000 of the bills falling due on the 4th proximo, which amounted to £1,500,000. Therefore, £500,000 will be temporarily dropped. Regard being had to further issues which are about to be made out of the Exchequer to the National Debt Com- 328 missioners on account of last year's Old Sinking Fund, and the extraordinary requirements in respect of the payment of the bonus on Converted Consols and Reduced Threes, and of the quarter's dividend on Converted Consols, it would not be possible or prudent, according to the best forecasts that can be made, to lower the Exchequer balance still further. The House may rely on my keeping it as low as possible. At the same time, I may call attention to the fact that when money is extremely cheap—when, for instance, it can be borrowed at 1 per cent.—it is desirable often to secure what we are likely to want while the rate is low, rather than to have to pay more by postponing the borrowing till the last moment, when rates may have risen.