§ MR. J. STUARTI beg to ask the First Lord of the Treasury what are the grounds on which Her Majesty's Treasury has declined to sanction a loan of £5,000 by the London County Council to the Free Library Commissioners of Shoreditch repayable on the annuity principle, in view of the fact that the approval of the Local Government Board was obtained to the loan on an estimated expenditure for repayment calculated on the annuity principle, and that the same method of repayment was also proposed by the London County Council?
§ MR. GOSCHENThe Treasury has not declined to sanction a loan of £5,000 by the London County Council to She Free Library Commissioners of Shoreditch. It was proposed that the loan should be repaid in certain terms of years under the annuity system, and 45 the Treasury sanctioned the proposed terms provided that repayment were made upon the instalment system in place of the annuity system. This course was taken in accordance with the principles laid down in the Treasury letter of 24th February to the London country Council as those which should be adopted pending a settlement of the general question. One of the considerations which the Treasury took into account was the opinion of those members of the London Country Council who, I think the House will agree, may rightly be regarded as the highest financial authorities among its members. I understand that the sanction of the Local Government Board was given merely to the raising of the money and not to the particular method of repayment.