§ MR. BUCHANAN
I beg to ask Mr. Chancellor of the Exchequer whether the sums, amounting in all to more than £1,148,000, which have been borrowed by the Crown Agents in anticipation of the passing of the Colonial Loans Bill, have been borrowed with the consent of the Treasury; and in what form and at what times was such consent given.
§ SIR M. HICKS-BEACH
These sums were borrowed in anticipation of the issue of loans authorised by the Colonial legislatures and sanctioned by the Secretary of State, which did not require the consent of the Treasury. The issue of the loans, however, was deferred in consequence of the introduction of the Colonial Loans Fund Bill in the last and present sessions, and it is now proposed 1046 to substitute for them loans from the Local Loans Fund under the Bill now before the House.