§ MR. FIELD
To ask Mr. Chancellor of the Exchequer whether he can explain the policy of the Treasury in postponing the payment of its debts and increasing balances; and whether, seeing that the total receipts, including payments on Exchequer bonds, are greater and the expenditure less than at a similar date last year, he can explain why, under these circumstances, Treasury bills are renewed.
(Answered by Mr. Austen Chamberlain.) In order to avoid an undue amount of 1320 borrowing in December next, when a very large amount of Exchequer bonds has to be paid off, the balance in the Exchequer has to be gradually built up. and thus it seems to be unnecessarily large during the first eight months of the financial year.