EARL OF RONALDSHAYI beg to ask the President of the Local Government Board what is the total amount of the local debt of the country, as compared with the National Debt, at the present time, or at the latest date for which figures are available.
§ MR. JOHN BURNSThe aggregate amount of the outstanding loans for all purposes of the local authorities in the United Kingdom was £564,645,200 at the end of the year 1905–6, the latest year for which the complete figures are available. The amount of the National Debt at the end of the same year was £788,990,187.
§ MR. WEDGWOODCan the right hon. Gentleman give the figures showing the assets?
§ MR. JOHN BURNSYes, they have been stated in a previous Return.
§ MR. BELLOC (Salford, S.)Is it not the fact that a very much larger proportion of the local indebtedness represents profit-bearing expenditure than is the case with the National Debt?
§ MR. JOHN BURNSYes, a very much larger proportion.