§ MR. WALKER (Leicestershire, Melton)I beg to ask the Under-Secretary of State for the Colonies what was the office reserve fund of the Crown Agents' Office on 31st December last; and, if it was anything like the sum of nearly £300,000 at which it stood on 31st December, 1902, whether, seeing that the reserve fund would suffice to meet current requirements for some years, he will suspend the system under which the funds at the disposal of the Crown Agents' Office increase in direct ratio to any increase in expenditure upon public works of the Colonies and Protectorates for which they are the commercial and financial agents in the United Kingdom, with a view to the substitution of a system under which the Crown Agents will no longer have a direct interest in such increase of expenditure in these Colonies and Protectorates, some of which 1508 are supported by grants-in-aid from the Treasury.
§ MR. CHURCHILLOn 31st December last the nominal value of the investments held on behalf of the Crown Agent's Office reserve fund amounted to £314,023. The Secretary of State is satisfied that it is not at present in excess of actuarial requirements, but if at any future time it should show a tendency to undue increase, the question of a reduction in the charges made to the Colonies will as heretofore receive consideration. The hon. Member does not appear to have perused fully the Papers referred to in my replies to him of the 31st July and the 19th November,†as paragraphs 3 and 17 of the memorandum in Cd. 1944 show clearly that the Crown Agents have absolutely no interest,, direct or indirect, in an increase of expenditure by the Governments for which, they act.