§ SIR HOWARD VINCENTI beg to ask the President of the Local Government Board if he can state the total amount of the loans contracted by the London County Council between March 1889and March 1907; what sums remained unpaid on 1st March last; and what is the annual charge thereon for interest and sinking fund.
§ THE PRESIDENT OF THE LOCAL GOVERNMENT BOARD (Mr. JOHN BURNS, Battersea)I have communicated with the County Council on this subject, and am informed that the total amount of the loans contracted by them between March 1889 and 31st December 1906, the latest date for which the figures available was, £46,625,500. This sum included a total of £10,248,945 which was advanced to various local bodies in London. The net debt (i.e. outstanding debt, less moneys appropriated or provided for its redemption) was in respect of the above loans on the 31st December last £27,742,585. The charge for interest and sinking fund in respect of this debt will be for the year 1906–7 approximately £1,347,725.
§ SIR HOWARD VINCENTasked whether there was any fund available at the Local Government Board for the public audit of the London County Council accounts.
§ MR. JOHN BURNSIn my judgment such funds are unnecessary and such an audit is undesirable. The same auditors have recently been examining West Ham, Poplar, Hammersmith, and Westminster, and they can be relied upon to do their duty fearlessly and impartially against every local body in this country.
§ SIR HOWARD VINCENTHave there not been some difficulty and many prosecutions in West Ham?
§ MR. JOHN BURNSAnd there would be in Sheffield and in Spring-gardens if the facts warranted them.
§ SIR EDWIN CORNWALL (Bethnal Green, N.E.)asked whether the right hon. Gentleman could arrange that the accounts of the City Corporation should be subject to the same audit as the London County Council accounts.
§ MR. JOHN BURNSAs an ideal, and theoretically, that is an object to be aimed at. I trust the City Corporation will on its own account have the wisdom some day to come within the purview of the Local Government Board's audit.
§ MR. KEIR HARDIEHow much of this million will fall on the rates and how 471 much will come from profit-making under takings.
§ MR. JOHN BURNSI should like notice of that; I should prefer not to speculate as to the proportion.
§ MR. AUSTIN CHAMBERLAIN (Worcestershire, E.)asked whether the Local Government Board's audit showed profit on undertakings.
§ MR. JOHN BURNSYes: the Local Government Board's audit discloses both to the Council and to the inquiring ratepayer all the facts relating to the Council's remunerative and unremunerative undertakings. So far as I know by experience, nothing is hidden; everything is accessible to the auditor in every respect.