HC Deb 07 December 1908 vol 198 c74
MR. LEVERTON HARRIS (Tower Hamlets, Stepney)

I beg to ask Mr. Chancellor of the Exchequer if he will state what was the surplus of the financial year 1907–8 available under the old sinking fund for the reduction of the funded debt; how much of this surplus has already been applied to the reduction of the funded debt; and when it is proposed to apply the balance.


The old sinking fund for the year 1907–8 amounted to £4,725,595 16s. 7d., and will be applied in the reduction of debt. Since 1st April last, £2,000,000 has been issued to the Commissioners for the reduction of the National Debt; and the balance will, subject to Section 9 of the Finance Act, 1908, be issued from time to time during the present financial year. It would not be in the public interest to give the details of the application of sinking fund money in anticipation of the Annual Returns presented to this House.


asked whether any part of the surplus referred to would be applied to meet any possible deficit on next year's Budget.


asked the hon. Gentleman to give him notice of that Question.

SIR F. BANBURY (City of London)

asked whether there was any power to use the surplus of last year for anything but the reduction of the debt.


said he thought there was no such power. That was why he hesitated to answer the hon. Member for Stepney.