§ Viscount CASTLEREAGHasked what was the amount of Treasury Bills outstanding on 1st December, 1909; what was the amount paid in interest on them; what was the amount of Treasury Bills outstanding on 11th March, 1910, and the interest paid thereon; what is the estimated amount outstanding on 15th April, 1910, and the estimated interest thereon; and by what would the amount of bills outstanding be reduced if the collection of Income Tax under the Finance Bill, 1909, were legalised without delay?
§ Mr. LLOYD-GEORGEThe amount of Treasury Bills outstanding on 1st December, 1909, was £26,000,000, and the amount issued from the Consolidated Fund in respect of interest thereon was £283,126. The a mount outstanding on 11th-March was £31,800,000, and the interest thereon £323,058, of which £73,446 was in respect of bills issued prior to 1st December, and is therefore also included in the amount I have already given (£283,126) for interest on bills outstanding on 1st December. On the other hand, interest to the amount of £40,336 was paid upon bills issued after 1st December and paid off before 11th March, and does not, therefore, appear in either figure. I am not in a position to say what will be the amount of bills which it will be necessary to issue between now and the 15th proximo. As interest upon Treasury Bills is paid in advance in the shape of discount upon issue, the whole of 194 the interest in respect of outstanding bills has been paid already, and any saving of interest which might result from expediting the collection of revenue would be wholly in respect of future borrowing. The figures I have given include the £14,500,000 Treasury Bills issued for Supply under the Act 40 Vict., c. 2, as well as the issues for Ways and Means under the Appropriation Act, 1909, and the Treasury (Temporary Borrowing) Act of the present Session.
§ Viscount CASTLEREAGHWill the right hon. Gentleman say whether it is impossible to legalise the collection of the Income Tax, or whether it is owing to the fact that the Government are unwilling to create what the right hon. Gentleman calls a precedent?
§ Mr. LLOYD-GEORGEI think we have debated that matter on two or three different occasions. The reason is a very adequate one: It is no fault of ours that the collection of the Income Tax is overdue.
§ Mr. GIBSON BOWLESMay I ask the right hon. Gentleman whether he can, offhand, state what is the average rate of interest per annum paid on the whole of these Treasury Bills?
§ Mr. LLOYD-GEORGEI think the average would be over 2. I know that in several issues it was under 2, but several issues were over 2. I really could not give my hon. Friend the average rate.
§ Mr. JAMES HOPEIf the right hon. Gentleman submitted a Resolution authorising the collection of the tax, and that were reported, would it not be possible to collect under it?