HC Deb 30 July 1912 vol 41 c1837
60. Captain FABER

asked the First Lord of the Admiralty whether he will recommend the issue of a national loan in order to finance a British Navy law parallel with the German law, which would insure up to 1920 the due relative strength of the fleet; and whether the proceeds of such a loan could be called up as needed, so that the Admiralty could build as progressively out of loan as out of revenue?

Dr. MACNAMARA

No difficulty has yet been experienced in meeting Naval Estimates in the regular way.

Captain FABER

Will the right hon. Gentleman answer the second part of my question?

Dr. MACNAMARA

We do not propose to raise a loan. Our hope and expectation is to pay our way as we go.