§ MR. BUCHANAN (Perthshire, E.)I beg to ask Mr. Chancellor of the Exchequer what steps he proposes to take for the paying off of debt during the current year, in view of the fact that the £10,000,000 due from the Transvaal under guarantee has not been paid.
§ MR. AUSTEN CHAMBERLAINI do not propose to take any steps which will interfere with the Sinking Fund arrangements made last session.
§ MR. BUCHANANAre we to understand that no attempt will be made by the Government to make a special effort to reduce the Debt during the current year?
§ MR. AUSTEN CHAMBERLAINThe hon. Gentleman is to understand that the arrangements made by my predecessors last year and the year before are to remain in force. I must decline to make any further statement on the subject until the time comes for dealing with the Budget for the coming year.
§ MR. BUCHANANDid not the right hon. Gentleman's predecessors state that the particular way in which they intended to reduce the war debt was by the employment of this sum of £10,000,000 from the Transvaal?
§ MR. AUSTEN CHAMBERLAINNo, Sir; that is not an accurate recollection of the statements of my predecessors. They did intend to employ the money which they expected to recover in this way in further reduction of the Debt; but they restored the Sinking Fund and increased it quite apart from this contribution from the Transvaal.
§ SIR JOHN GORSTCan the right hon. Gentleman say whether his predecessor did not inform the House that this £10,000,000 would be repaid within the financial year?
§ MR. AUSTEN CHAMBERLAINI have not the words of my predecessor before me. But he did anticipate that the loan would be raised in the early part of this year. This is no longer possible.