HC Deb 17 May 1909 vol 5 cc17-8
Mr. AUSTEN CHAMBERLAIN

Does the right hon. Gentleman adhere to the proposed method of dealing with the old Sinking Fund announced in his Budget statement, or whether he has decided to adopt the alternative method outlined by Lord Crewe at the county bankers' dinner last Wednesday; and, if so, would he now inform the House what that method is?

Mr. LLOYD-GEORGE

There is no inconsistency between my proposals and those outlined by my right hon. Friend the Secretary of State for the Colonies, as will become apparent when the text of my proposals has been laid before the House.

Mr. AUSTEN CHAMBERLAIN

May I ask whether in his Budget speech he stated that all unanticipated accretions and economies shall in future pass into the Development Fund; and whether Lord Crewe said it was not the Chancellor of the Exchequer's intention to propose, whatever the surplus might be, that it should go automatically to the new development grant? Are we to understand that it is the intention, as stated in the Budget speech, that these accretions and economies will go automatically to the Development Fund?

Mr. LLOYD-GEORGE

This shows the inconvenience of discussing these Questions now. If the right hon. Gentleman had taken the trouble to read what I did say he would find that I said exactly the same thing. If he extends his quotation to the end of my reference to this subject he will see that I said it would be under the direction of Parliament, and that is practically what Lord Crewe said.

Mr. AUSTEN CHAMBERLAIN

I am sorry to have to press the right hon. Gentleman on this matter, but it is one of great importance. The right hon. Gentleman's speech in the quotation I have made, which I have verified again this morning, referred to the issues from the Development Fund, and he said that all these accretions and economies would pass into the Development Fund. [Cries of "Order, order."]

Mr. SWIFT MacNEILL

Is the right hon. Gentleman in order in referring to what was stated in the House of Lords?

Mr. AUSTEN CHAMBERLAIN

Lord Crewe gives another version.

Mr. LLOYD-GEORGE

I think that the right hon. Gentleman is incorrect. What I said was that the whole thing would be under the direction of Parliament. That is what I meant to convey. I stated in the Debate when I had a fuller opportunity that it was intended that it should be under the control of Parliament.