HC Deb 09 July 1896 vol 42 cc1176-7

Whereas, by the Indian Army Tension Deficiency Act, 1885, the annual charge in respect of certain Indian Army Pensions therein mentioned was made payable out of a fund thereby placed in the hands of the National Debt Commissioners, and called the Indian I Army Pension Deficiency Fund, and in order to make the fund solvent, an annuity of one hundred and fifty thousand pounds, payable to the Commissioners, was by section four of the said Act charged on the Consolidated Fund, until all charges on the Indian Army Tension Deficiency Fund ceased;

And whereas by section five of the same Act the National Debt Commissioners were authorised to lend money, to be repaid out of the said Deficiency Fund by an annuity, with interest at three and a quarter per cent. per annum;

And whereas the charge on the said Deficiency Fund has proved to be larger than was originally estimated, and consequently the Fund is insufficient to meet those charges thereon, and it is therefore expedient to increase the amount of the annuity, and to authorise the reduction of the rate of interest on any money to be lent as above mentioned; be it therefore enacted that—

(1.) The annuity charged on the Consolidated Fund by section four of the Indian Army Tension Deficiency Act, 1885, shall, as from the first day of April one thousand eight hundred and ninety-six be two hundred and fifteen thousand pounds, and the said Act shall have effect as if "two hundred and fifteen thousand pounds beginning on the first day of April one thousand eight hundred and ninety-six," were substituted in the said section for "one hundred and fifty thousand pounds, beginning on the first day of April one thousand eight hundred and eighty-five."

(2.) The rate of interest for any money lent after the first day of April one thousand eight hundred and ninety-six under section five of the said Act shall be such as the National Debt Commissioners, with the approval of the Treasury, may determine.

In answer to Mr. JOSEPH A. PEASE (Northumberland, Tyneside),

*THE CHANCELLOR OF THE EXCHEQUER

explained that the clause provided for an increase of annuity of £65,000 a year. Without this increase the Fund would be bankrupt in the course of the coming year.

Clause read the First and Second time, and ordered to stand part of the Bill.

THE LORD ADVOCATE (Mr. GRAHAM MURRAY, Buteshire) moved to insert the following new clause after Clause 29:—