HC Deb 30 June 1903 vol 124 cc911-3
MR. LABOUCHERE (Northampton)

To ask Mr. Chancellor of the Exchequer what is the precise nature of the undertaking on the part of certain persons connected with the mining industry in the Transvaal to subscribe £10,000,000 to the loan of £30,000,000 that is to be issued by the Transvaal Government to meet its share of the expenses of the late war; is this undertaking such as can be

1811, 1821, 1831, 1841, 1851, 1861, 1871, 1881, 1891, 1901, and 1902, in the following form:—

enforced by law; is it assumed by individuals or firms who each subscribe for a certain proportion of the £10,000,000; is it in this case joint and several; will he lay upon the Table of the House the names of the contracting firms or individuals; is there any date specified before which the loan will be issued; is the Transvaal paying at present interest on the £30,000,000; will he take care that a large amount of the proceeds of the £35,000,000 loan guaranteed by this country will be retained by the Treasury until the £30,000,000 loan has been issued, and the proceeds of the issue been paid into the Treasury, in order to ensure to some extent this country not being losers by the £30,000,000 loan not being subscribed; and is it to be understood that the payment of the interest and sinking fund of the £30,000,000 loan is solely a charge upon the Transvaal, and that this country in no way, either directly or indirectly, is liable for such payments.

(Answered by Mr. Secretary Chamberlain.) I would refer the hon. Member to my speech of the 6th May last,† which gives all the information which it is desirable to furnish in the present stage of the negotiations for the issue of this loan. He will see that the arrangement made does not provide for the payment of interest to His Majesty's Government pending the issue of the three instalments. I have only to add that the loan of £35,000,000 having been guaranteed by Parliament for certain specific purposes, its proceeds cannot be applied in the manner suggested by the hon. Member in the latter part of his Question.