§ MR. YERBURGH) (Chester)I beg to ask the First Lord of the Treasury whether Her Majesty's Government were prepared to undertake the sole responsibility of guaranteeing a loan of 16 millions to the Chinese Government; whether there is any precedent for such a guarantee, and with what object it was to have been given; and whether, if the Government were prepared to guarantee such loan, they will, in view of the vast importance to our trade in general and to the trade of Lancashire in particular of developing and opening up markets in the Yang-tsze region, guarantee such schemes of railway enterprise by British subjects in that region as they may be advised are requisite?
§ THE FIRST LORD OF THE TREASURYThe Papers already presented to Parliament contain full information as to the character and objects of the loan which Her Majesty's Government were prepared to make to China in January last. Such a loan would be much more 1161 secure than any guarantee of a railway on foreign soil could be, and having a national character, it would be on a different footing from the guarantee of a railway undertaken by private enterprise.
§ MR. YERBURGHCan the right honourable Gentleman answer the second paragraph and say whether there is any precedent for such a loan?
§ THE FIRST LORD OF THE TREASURYI do not remember at this moment any precedent.
§ THE FIRST LORD OF THE TREASURYWell, yes; I suppose the Turkish loan would be.
§ MR. YERBURGHBut on the sole responsibility of the Government?
§ THE FIRST LORD OF THE TREASURYThat, I am afraid, makes no difference.