HC Deb 10 May 1909 vol 4 cc1426-7
Mr. H. H. MARKS

asked whether any part of the unexpended balance of Sinking Fund moneys in the hands of the National Debt Commissioners at the end of March, 1909, had since that date been expended in the purchase of Consols?

Mr. LEVERTON HARRIS

asked the Chancellor of the Exchequer, if he would say what was the amount of the old or new Sinking Funds remaining uninvested in the hands of the Treasury or the National Debt Commissioners at the end of the last financial year; and whether any part of this balance had been applied to the purchase of Consols or to the reduction of debt since 29th April last?

Mr. LLOYD-GEORGE

I will reply to this question and to that of the hon. Member for Stepney, numbered 24, together. The Commissioners for the Reduction of the National Debt, as I stated in my reply to the hon. Baronet the Member for the City of London last Thursday, are continuing to apply the Sinking Fund moneys in the purchase of Consols. The amount of the old and new Sinking Funds at 1st April in the hands of the National Debt Commissioners was, as I informed the House on the 29th ultimo, about £7,667,000.

Mr. H. H. MARKS

May I ask the right hon. Gentleman by how much that amount has now been reduced?

Mr. LLOYD-GEORGE

I do not think it is desirable that information should be given with regard to a transaction of that kind. This is the position of every Chancellor of the Exchequer, for reasons which are known to the hon. Member as well as to anybody in this House.

Mr. H. H. MARKS

How does the amount of the unexpended balance expended this year compare with the amount expended last year in the corresponding period within 10 days' of the Budget?

Mr. LLOYD-GEORGE

The hon. Member is asking me for information with regard to a figure which, of course, he knows I could not possibly carry in my head. If he puts down a question on the Paper, I shall be very glad to answer it.

Mr. B. S. STRAUS

Is not it a fact that the bulk of this money left over from the Sinking Fund for this purpose is not used in the purchase of 2½ per cent. Consols, but in the purchase of short loans, and that, consequently, it cannot affect the price of Consols in the market?