§ SIR EDWARD WATKIN (Hythe)asked Mr. Chancellor of the Exchequer, Why, in such cases as the laying down of a telegraphic cable between Halifax and the great Atlantic arsenal, port, and depôt of Bermuda, and in other similarly urgent cases of essential necessity, the Government do not act upon the recommendation of the late Select Committee on Harbours, and raise the money needed by the issue of Terminable Annuities having 99 years to run?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square), in reply, said, he could not conceive any course that would be more contrary to sound finance than to borrow on Annuities having 99 years to run for a submarine cable between Halifax and Bermuda, the life of which would be infinitely shorter than that of the loan.