60. Captain FABERasked 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. MACNAMARANo difficulty has yet been experienced in meeting Naval Estimates in the regular way.
§ Dr. MACNAMARAWe do not propose to raise a loan. Our hope and expectation is to pay our way as we go.