§ MR. McCRAE (Edinburgh, E.)I beg to ask Mr. Chancellor of the Exchequer whether, having regard to the sum locked 91 up in Exchequer Balances, amounting to £9,075,000 on June 20th, 1905, as against £5,591,000 on June 18th, 1904, he will take steps to reduce the floating debt created in the form of Treasury bills.
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. AUSTEN CHAMBERLAIN,) Worcestershire, E.The Exchequer Balance is specially increased this year by the receipts from the recent issue of Exchequer bonds. Those receipts will be required later on for paying off the Exchequer bonds which mature this year. Advantage has been taken of the state of our balances to drop a certain number of Treasury bills temporarily. It would not be possible to drop more of these bills without having to reissue them in the autumn in quantities which would be very inconvenient to the market. Last year, owing to the depleted state of the Exchequer Balance, it was necessary to borrow large sums for payment of the July dividends. This year no such borrowing will be required.
§ MR. McCRAEIs any interest receivable on these large sums?
§ MR. AUSTEN CHAMBERLAINNo, Sir.