HC Deb 16 May 1911 vol 25 cc1852-3

A couple of years ago the House of Commons passed a Bill for the purpose of development operations in this country, for light railways, afforestation, small holdings, and generally for assisting more particularly in the development of our awn rural resources. Amongst other proposals we had a proposal for setting aside a sum of £2,500,000 to be invested for capital purposes, for instance, the purchase of land, and anything that would be treated by a business concern as capital expenditure. We proposed that that sum should be spread over five years. We have already paid £500,000 into the capital account. We have got £2,000,000 left. I propose that £1,500,000 should be taken out of the surplus of this year for the purpose of wiping out, except £500,000, of what remains of that statutory liability. With regard to the remaining £500,000, inasmuch as there is something like £500,000 or £600,000 which ought to have been collected last year, and which was paid this year into the account of the Income Tax I propose that that £500,000 should be paid out of the revenue this year for the purpose of wiping out the balance. That means that there will be: £1,500,000 for Sanatoria, £250,000 for Uganda, and £1,500,000 for development on capital account. That gives, £3,250,000, and leaves a balance of £2,357,000 to pay into the Old Sinking Fund. That disposes of the finance of last year.