HC Deb 25 June 1907 vol 176 cc1133-4
MR. BRIDGEMAN (Shropshire, Oswestry)

I beg to ask Mr. Chancellor of the Exchequer if the Estimates of revenue and expenditure in the Transvaal Colony for the current year show any surplus out of which the interest on the proposed loan of £5,000,000 can be paid; and, if so, what is the amount available for that purpose.


The Estimates of the Transvaal Government will in due course be laid by Ministers before the Parliament to which they are responsible. In the meantime the hon. Member will have learnt from the Answer given by the Chancellor of the Exchequer yesterday that the maximum amount required during the next twelve months is not likely to exceed £1,000,000.

MR. LYTTELTON (St. George's, Hanover Square)

asked whether the promise of His Majesty's Government to guarantee the Transvaal loan to the extent of £5,000,000 was unqualified or not, and, if it wore unqualified, whether the information which the Chancellor of the Exchequer gave yesterday, to the effect that £1,000,000 only would be granted, was obtained only within the last two or three days.


His Majesty's Government intimated that they were, in principle, prepared to guarantee a loan of £5,000,000, if such a measure should pass the Transvaal Parliament. Of course, the period when that loan should be floated depends upon when the Transvaal Government requires the money. At present only £1,000,000 is required, and upon that the Chancellor of the Exchequer made the statement yesterday.


Was that fact known when the promise of a guarantee of £ 5,000,000 was given?


Yes. The actual dates on which specific sums would be required were not known in complete detail. But at a very early stage of the negotiations we were informed by the representatives of the Transvaal Government that they would not want the whole loan at once, but that it would be spread over a period more or less long.


In view of the debate on this Loan Bill, can the right hon. Gentleman give some idea of the revenue and expenditure of the Transvaal?


I think a full statement of the financial position of the Transvaal should be before the House, and before the loan is made I will take steps to bring that about.

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