§ MR. F. G. BANBURY (Camberwell, Peckham)I beg to ask the Chancellor of the Exchequer (1) why the amount retained out of the Cyprus Tribute on account of the Sinking Fund of the 1855 Turkish Guaranteed Loan is not devoted to the payment of the bonds that have been drawn for repayment; (2) what is the total amount that has been retained from time to time for the purposes of the Sinking Fund; (3) and, where that sum now is?
§ THE CHANCELLOR OF THE EXCHEQUER(1) This can only be done in concert with the Government of Turkey, and at present there are difficulties in the way of carrying out such an arrangement. To the second question the answer is £115,000; and to the third the answer is that the sum is invested in Consols.
§ MR. R. PIERPOINT (Warrington)asked whether any negotiations were taking place as to the devotion of the money which was retained presumably for the Sinking Fund?
§ THE CHANCELLOR OF THE EXCHEQUERWe are very anxious to apply it at once to the Sinking Fund, but, as I mentioned, there are at the present moment difficulties in the way.