§ *MR. REESI beg to ask the President of the Local Government Board whether, in view of the increase in the debt of local authorities in the United Kingdom, any action is contemplated in the direction of limiting their borrowing powers; and to say that the adjective "alarming" which was originally inserted before the substantive "increase" has been struck out at the Table.
§ MR. JOHN BURNSI am rather glad that it has been. I am afraid that, so long as Parliament continues to impose additional duties on local authorities which involve capital expenditure, it would not be practicable to take action with a view of limiting their borrowing powers.
§ *MR. REESasked the right hon. Gentleman if he could say anything to allay the alarm existing on the subject.
§ MR. JOHN BURNSreplied that if alarm existed he could only call attention to the case of London. London had 1337 a gross debt of £105,000,000, of which £51,000,000 were revenue-producing.
§ *MR. LEVERTON HARRIS (Tower Hamlets, Stepney)Does revenue-producing debt produce any revenue?
§ MR. JOHN BURNSIn the matter of electric lighting no one knows better than the hon. Member that there is a substantial surplus, and in water, housing, tramways, and many other undertakings there is a considerable surplus.
§ *MR. LEVERTON HARRISSteam boats?
§ MR. JOHN BURNSYes, even the steamboats might pay if they were properly managed.