§ Considered in Committee:—
§ (In the Committee.
§ (12.40.) MR. SYDNEY BUXTON (Tower Hamlets, Poplar)
asked for further information as to what was proposed to be done under the new Clause in the Bill which the Chancellor of the Exchequer stated would enable him, not merely to go into the market more freely when borrowing and with less disturbance to the market, but in some cases to borrow at a cheaper rate. He wanted to know particularly what was meant by the words "or otherwise" in the Clause.
§ THE CHANCELLOR OF THE EXCHEQUER (Sir M. HICKS BEACH, Bristol, W.)
said it was proposed by the Clause to enable the Government to borrow from any person by the issue of Treasury Bills or otherwise.
§ MR. LOUGH (Islington, W.)
said that the effect of any change in the method of borrowing would undoubtedly be to weaken the control of Parliament over the expenditure of the nation. If they freed the Treasury from the re 1076 straint of Parliament, undoubtedly the effect would be to facilitate greater expenditure.
In Clause 3, page 2, line 4, to leave out from "whole," to end of sub-section, and insert "twenty millions at any one time."— (Mr. Lough.)
§ MR. CALDWELL (Lanark, Mid)
said that the Government, when they had such large balances in the hands of the Bank of England, might have utilised these without borrowing at all.
§ MR. M'CRAE (Edinburgh, E.)
said he hoped his hon. friend would not press his Amendment. He thought the Clause was in the public interest, and gave greater facilities as to the methods of raising the money.
§ Amendment, by leave, withdrawn.
§ Bill reported without Amendment; to be read the third time tomorrow.