HC Deb 05 June 1907 vol 175 cc655-6

To ask the Under-Secretary of State for the Colonies what are the precedents for guaranteeing loans to Colonies having full responsible government; and under what circumstances were each of these loans guaranteed.

(Answered by Mr. Asquith.) Guarantees have been given in favour of three loans raised by New Zealand and three raised by Canada.

New Zealand:—

  1. (1) A loan of £500,000 in 1857 (20 and 21 Vic., cap. 51) to provide for the payment of debts due by the 656 Colony and for the purchase of native lands;
  2. (2.) A loan of £500,000 in 1866 (29 and 30 Vic., cap. 104) for the purpose of expenses in connection with the New Zealand war, immigration, and other purposes;
  3. (3) A loan of £1,000,000 in 1870 (33 and 34 Vic., cap. 40) for the construction of roads, bridges, and other communications, and for the introduction of settlers.


  1. (1) A loan of £3,000,000 in 1867 (30 Vic., cap. 16) for the construction of a railway connecting Quebec and Halifax;
  2. (2) A loan of £300,000 in 1869 (32 and 33 Vic., cap. 101) for the purchase of Rupert's Land from the Hudson Bay Company.
  3. (3) A loan of £3,600,000 in 1873 (36 and 37 Vic., cap. 45) for the construction of the Pacific Railway and the improvement and enlargement of the Canadian canals.

This loan was, to the extent of £1,100,00, in lieu of a guaranteed loan of that amount which had been authorised in 1870 (33 and 34 Vic., cap. 82) for the construction of fortifications, but was not raised.