59. Mr. SILVESTER HORNEasked what is the amount of money standing to the credit of the Development Commissioners at the present time?
§ Mr. LLOYD GEORGEThe cash balance at the credit of the Development Fund is £279,104, and in addition there are invested funds to the amount of £2,500,000.
§ Mr. C. BATHURSTCan the right hon. Gentleman indicate what is going to happen to this invested sum of about £2,000,000? Is it only the interest that is going to be given for development purposes?
§ Mr. LLOYD GEORGEThe hon. Gentleman knows perfectly well that it is not. The idea is that it will be used for schemes prepared by the Department with the approval of the Development Commission for afforestation and matters of that kind; but it is rather capital expenditure, and certainly it is not the interest.
§ Mr. KINGWill this large sum be available if there is depression in trade and an increase of unemployment?
§ Mr. LLOYD GEORGEIt is part of the proposal of the Bill that the money should be expended with a view to giving additional employment.
§ Mr. KEIR HARDIEMay I ask whether any schemes have been prepared to meet that contingency?
§ Mr. LLOYD GEORGEI know that afforestation schemes have been considered, but it is very desirable that we should proceed very carefully with regard to afforestation, and I think the hon. Gentleman, on going into the matter, will fully approve of that precaution. I know that they are going into it very carefully and preparing schemes.
§ Sir RYLAND ADKINSWill the annual Grant remain the same, no matter how large the accumulations may be?
§ Mr. LLOYD GEORGEThe annual Grant is a matter for the Estimates of the year. It is voted in each year.