HC Deb 23 March 1899 vol 69 cc158-9

Amendment proposed— To omit '5' and substitute '4.'"—(Mr. Weir.)

* MR. WEIR (Ross and Cromarty)

I regret that it is necessary to move this Amendment upon clause 3, but it does seem to me that the rate of interest for the money which it is proposed to borrow by this Bill is too high. I beg to move that the word "five" be left out in order to insert "four." It appears to me that, having regard to the fact that Consols are only paying 2¾ per cent. per annum, and that the Bank Rate stands at 3 per cent., we ought to reduce the percentage. We may be told that money might be difficult to obtain, but, in my opinion, in any great crisis, whether it be a war or financial crisis, this country would not have the slightest difficulty in borrowing money at 4 per cent. I think the time has arrived when 5 per cent. should be taken out of this Bill, and 4 per cent. should be substituted.

THE FINANCIAL SECRETARY TO THE TREASURY (Mr. R. W. HANBURY, Preston)

I hope the honourable Gentleman will not press this Amendment to a Division. It is the usual clause, which is generally inserted in the Bill, and though I quite admit that 5 per cent. does seem to be a high rate of interest to pay—and in future I will take into consideration what the honourable Member suggests—the press- ing of this Amendment to a Division would put the House to considerable inconvenience. I hope, therefore, the honourable Member will not press his Amendment.

* MR. WEIR

I have no desire, Sir, to put the House to any inconvenience, and the honourable Gentleman having promised to take my suggestion into consideration, I beg leave to withdraw my Amendment.

Amendment, by leave, withdrawn.

Clause 3, and remaining clauses agreed to.

House resumed.

Bill reported, without Amendment; to be read the third time to-morrow.