CLASS V. (Hansard, 15 March 1892)

§ MR. MORTON
I desire to call attention to a matter reported last year, when I called attention to a balance on 31st March, 1890, at Hong Kong, which has been further increased on the 31st March, 1891.

THE CHAIRMAN
The hon. Member is not entitled to enter into a general examination of the Treasury Chest on this Supplementary Estimate; he must confine himself to the purpose of the Supplementary Vote.

§ MR. MORTON
I desire to ask for information with regard to this extraordinary balance at Hong Kong.

THE CHAIRMAN
Order, order!

§ MR. MORTON
I suppose I must not allude to this Report, sent down to us by the Auditor General in this matter.

§ MR. BUCHANAN (Edinburgh, W.)
Surely in Committee on the Supplementary Estimates the hon. Member may allude to the balance at Hong Kong.

THE CHAIRMAN
The hon. Member is aware this is a different subject; this loss arises from the issue of Treasury bills at Hong Kong.

§ MR. BUCHANAN
I understand the hon. Member for Peterborough (Mr. Morton) is simply asking the Financial Secretary to the Treasury for some explanation of what is stated here.

§ MR. MORTON
May I point out that the first paragraph of this Report, which distinctly alludes to the Vote you have now submitted, says "the transact- 904 tions of the Treasury Chest for the year 1890–1 have resulted in a loss of £716 6s. 1d." I respectfully ask whether we cannot get some particulars of this loss?

THE CHAIRMAN
The hon. Member is entitled to ask an explanation in these circumstances, but that is a totally different matter from reading the Report.

§ MR. MORTON
I would respectfully ask the right hon. Gentleman the Financial Secretary to the Treasury whether he will give some explanation in regard to this particular Vote?

SIR J. GORST
The Treasury Chest has always been subject to the fluctuations in the rate at which bills can be bought and sold at such remote places as Hong Kong. On this particular occasion the result of the operations of the Treasury Chest has been a small loss of £717. In a place like Hong Kong you cannot always sell your bills at the same rate as you buy them, or buy them at the same rate as you sell them, therefore there are sometimes small losses or gains each way. The small depreciation in the value of silver has rendered those having transactions in the East liable to considerable gains and losses.