HC Deb 12 August 1907 vol 180 cc943-4

Considered in Committee.

(In the Committee.)

Motion made, and Question proposed, "That it is expedient to authorise the Treasury to guarantee, on the security of the Consolidated Fund, the interest of a Loan to be raised by the Colony of the Transvaal, not exceeding in the aggregate an amount sufficient to raise five million pounds, and the principal of any such Loan by means of the guarantee of Sinking Fund payments, and also to guarantee the payment of any sums temporarily raised by the Colony of the Transvaal in anticipation of the Loan, with interest thereon."

SIR A. ACLAND-HOOD (Somerset, Wellington)

said it was generally agreed that the main debate should take place on the Second Reading. Still he thought the House might have some statement from the Under-Secretary of State for the Colonies.

THE UNDER-SECRETARY OF STATE FOR THE COLONIES (Mr. CHURCHILL,) Manchester, N. W.

explained that it was not with any desire of concealing anything that he had not risen to speak. The question raised by the Bill was one of principle, not of detail. It was not a complicated measure. Although the Session was so far advanced the Government had decided to give up a sitting to the consideration of the question. He thought it would be convenient to bring the question forward on Monday next. This was to be done to Suit the convenience of hon. members. As the Second Reading would be a more convenient stage he would not go into the merits of the Bill then The House was familiar with many of the arguments.

MR. HARMOOD-BANNER

said it would be possible to issue stock at eighty which would be a guarantee for as much as six and a half millions. The Committee ought to know whether they were to guarantee five millions or some larger sum.

MR. ASQUITH

replied that the actual arrangement made with the Transvaal was that our liability should not exceed five million pounds worth of stock, no matter at what price it was raised.

VISCOUNT TURNOUR

said that no one would quarrel with the reason the right hon. Gentleman had given for not discussing the matter at that stage. But would he tell them if the whole of the amount to be raised would be devoted to the matter which came under the Bill? Could the Chancellor of the Exchequer, between now and Monday, issue a Memorandum dealing with the question, and, as was the case with the Territorial Army Bill, distribute it with the Papers?

MR. ASQUITH

said the Bill would be taken as the First Order on Monday, when the discusstil eleven o'clock if necessary. Papers had been printed, and would be issued on Tuesday or Wednesday.

SIR A. ACLAND-HOOD

said he only raised the point because he felt that a loan of this great importance should not be passed without one word of discussion in the House, and he did not want the right hon. Gentleman to say, at two o'clock in the morning, that he had not had an opportunity of expressing his views.

Question put, and agreed to.

Resolution to be reported to-morrow (Tuesday).

Whereupon Mr. SPEAKER, pursuant to the Order of the House of the 26th day of July last, adjourned the House without Question put.

Adjourned at Four minutes after Two.