HC Deb 12 August 1904 vol 140 cc488-9

Considered in Committee.

(In the Committee.)

Mr. J. W. LOWTHER (Cumberland, Penrith) in the Chair.]

Clause 1.

MR. EDMUND ROBERTSON (Dundee)

said it was impossible to properly discuss the Bill now. He would merely ask the Chancellor of the Exchequer what was the mechanism by which Sub-section 2 could be carried into effect. Instead of borrowing money by terminable annuities, the right hon. Gentleman proposed to borrow by means of Exchequer Bonds. But how would the sinking fund be provided in that case?

MR. GIBSON BOWLES (Lynn Regis)

asked if the £9,250,000 to be provided under the Bill would be an addition to the funded debt.

THE CHANCELLOR OF THE EXCHEQUER (Mr. AUSTEN CHAMBERLAIN,) Worcestershire, E.

said that the figure which his hon. friend had mentioned was the outstanding balance on a particular day. With regard to the Question of the hon. Gentleman opposite, it was certainly their intention to provide for a sinking fund and also for interest. The system would follow as closely as possible the existing system in reference to terminable annuities. A sum for the interest on the capital, and also such an additional sum as would repay the capital in thirty years, would be provided.

MR. EDMUND ROBERTSON

said that the reply of the right hon. Gentleman was quite satisfactory, but from the, language it would appear as if the sinking fund could be put off for a late period.

MR. AUSTEN CHAMBERLAIN

said he was advised not.

MR. LOUGH (Islington, W.)

said it to a future period, when they could see appeared that the floating debt was being what terms the French proposed. further extended.

Clause 1 agreed to.

Clause 2 agreed to.

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