HC Deb 24 February 1899 vol 67 c579

Resolution reported:

"That it is expedient to authorise the creation of a Colonial Loans Fund, out of which loans may, if authorised by Act of Parliament, be granted to certain Colonies; such fund to be raised—

  1. "(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
  2. "(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 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, or to make good any sum due from, but unpaid by, a Colony in respect of the interest on any such loan; such sums, so far as not repaid out of the Colonial Loans Fund, to be repaid out of moneys to be provided by Parliament."

Resolution agreed to.

Ordered, That a Bill be brought in upon the said Resolution, and that Mr. Chancellor of the Exchequer and Mr. Secretary Chamberlain do prepare and bring it in; presented accordingly, and read the first time; to be read a second time upon Monday next, and to be printed. (Bill 98.)