§
Resolution reported—
That it is expedient to authorise the creation of a Colonial Loan Fund for the purpose of granting loans to Colonies out of money to be raised (a) by the issue of Colonial Guaranteed Stock, the dividends on which are to be paid out of the Colonial Loans Fund, and, in default, out of the Consolidated Fund; or (b) by the issue of bonds, the principal and interest of which are to be paid out of the Colonial Loans Fund, and, in case of default, out of the Consolidated Fund.
That it is expedient to make provision for securing the repayment, with interest and expenses, of such loans out of the revenues of the Colonies; and to authorise the payment, out of the Consolidated Fund, of the sums necessary to meet the guarantee in respect of the Colonial Guaranteed Stock, or Bonds, such sums, so far as not repaid out of the Colonial Loans Fund, to be repaid out of moneys to be provided by Parliament.