§ MR. JOHN REDMONDI beg to ask Mr. Chancellor of the Exchequer if the Bank of Ireland advanced £1,000,000 to the Government during the South African War; and, if so, how was this advance made; whether it was advanced free of interest, and, if not, what rate of interest was paid by the Government for this advance, and for how long; and if this £1,000,000 was derived from the Exchequer balances or other funds standing to the credit of the Government at the Bank of Ireland.
§ MR. AUSTEN CHAMBERLAINAs provided for by Section 2 of the Appropriation Act, 1900, the Bank of Ireland 1397 advanced a sum of £750,000 to the Treasury on the 20th September, 1900. That advance was repaid on the 20th December in the same year, on which day the bank made a further advance of £1,000,000, which was repaid by instal-merits between 11th February and 4th March, 1901. Both advances bore interest at the rate of 3½ per cent, per annum, regard being had in fixing this rate to the current rate at which the Government could temporarily borrow. I have no means of saying from what source the bank drew money for these advances.
§ MR. JOHN REDMONDAm I to understand that the Bank of Ireland, having public funds at its disposal to the amount of £1,250,000, for which it pays no interest at all, lent £1,000,000 of that to the British taxpayer and charged 3½ per cent? Will the right hon. Gentleman consider the advisability of appointing a Commission or a Committee to inquire into the relations of the Bank of Ireland and the Government?
§ MR. AUSTEN CHAMBERLAINI informed the hon. and learned Member a few days ago that I thought the time for reconsidering the relations of the Government and the Bank of Ireland would come when the period for which those relations were fixed expired. I believe that will be in 1912. The relations between the two have been fixed by statute, the arrangement being made in view of all the circumstances of the case.
§ MR. JOHN REDMONDBut will you consider the desirability of appointing a Committee?
§ MR. AUSTEN CHAMBERLAINThe hon. Member is asking me to appoint a Committee to re-open a matter settled after full consideration, a matter to which there are two parties—
§ MR. JOHN REDMONDAnd a third, the taxpayer.
§ MR. AUSTEN CHAMBERLAINI cannot undertake to re-open the matter.