HC Deb 12 April 1905 vol 144 cc1475-7

"That it is expedient to amend the law relating to the National Debt, Customs, and Inland Revenue."

Resolutions read a second time.

First Resolution.

Motion made, and Question proposed, "That this House doth agree with the Committee in the said Resolution."

MR. AUSTEN CHAMBERLAIN

expressed the hope that the House would consent to allow the Report of this Resolution. His proposal with regard to the Unfunded Debt and increasing the Sinking Fund had met with universal approval——

MR. WHITLEY

But not the method.

MR. AUSTEN CHAMBERLAIN

said that at any rate general approval had been expressed, and as there would be a further opportunity of discussing the matter he hoped the House would concur in the action of the Committee.

MR. EDMUND ROBERTSON

understood that it had been agreed not to take any further proceedings with regard to the Budget proposals until after Easter, and he thought that arrangement should be adhered to. In any case, before this Resolution was proceeded with, Members ought to be in possession of the annual statement on the National Debt and the Blue-book on the Finance Accounts.

MR. AUSTEN CHAMBERLAIN

said that if objection was taken he would not press the Resolution.

MR. COURTENAY WARNER (Staffordshire, Lichfield)

said that while both sides were agreed as to the desirability of paying off the National Debt, many Members objected to the form of this Resolution, which tied up the exact method by which the Debt should be paid in future years. He therefore felt bound to protest against the Resolutions being taken that night.

*MR. GIBSON BOWLES

said that although he had that very day, as he understood, been called the critic of every Government of which he was not a member, he infinitely preferred that and thought it far more creditable, than to be the destroyer of every Government of which one was a Member. Yet he had not adversely criticised the proposal embodied in this Resolution. He believed it to be a perfectly sound and good proposal, and he was sorry hon. Members opposite would not allow the Report stage to be taken that night. There were two questions he desired to ask with regard to this issue of new Treasury Bonds. Were they to be 3 per cent. Treasury Bonds, as was usual, or were they to be a new form entirely both as regards interest and as regards the gambling clement of drawing? And when the issue was made, would interest have to be paid on these bonds as well as on and during the continuance of the Unfunded Debt which they were to replace?

MR. WHITLEY

said the points raised by the hon. Member for King's Lynn were the very questions which made it impossible to allow this Resolution to be taken without debate. On Monday the terms of the Resolution were not on the Paper, and in consequence could not be properly discussed. Several important questions arose as to the nature of the security to be issued, whether it would be issued at par or at a discount, how the bonds were to be used in the nine months during which there would be a double currency, and so forth, which it was impossible to discuss in the remaining few minutes of the sitting. He was glad therefore, that the right hon. Gentleman had agreed not to press the Resolution.

MR. McCRAE

hoped the Chancellor of the Exchequer would not think the Opposition discourteous in opposing the taking of the Resolution that night. According to the Budget speech he understood the National Debt was increased by £2,000,000, and that although the proposed sinking fund, including the £1,000,000, amounted to £10,000,000 a year, the new indebtedness for the current year would be £9,000,000, so that the sinking fund was only £1,000,000.

MR. AUSTEN CHAMBERLAIN

dissented.

MR. McCRAE

said that as the right hon. Gentleman had exhausted his right to speak he would move the adjournment of the debate.

Motion made, and Question proposed, "That the debate be now adjourned."—(Mr. McCrae.)

MR. AUSTEN CHAMBERLAIN

said that with regard to the Question put to him by the hon. Member for King's Lynn as to what was to be done with regard to those bonds a full Answer would be found in his Budget Statement. With reference to the terms of the issue they were possibly available to the public at this moment but at any rate they would be available in the morning and then the hon. Member would get the information he required.

Debate to be resumed to-morrow.

Further Consideration of Subsequent Resolutions deferred till To-morrow.