§ 62. Mr. CHADWICKasked the Chancellor of the Exchequer if he is able to state the chief features of the proposed French lottery loans; and whether he is able to say which of the Great Powers have adopted the principle of Premium Bonds or lottery loans for State purposes?
§ Mr. BALDWINMy right hon. Friend believes that the scheme for a French Lottery Loan has not yet been approved by the Government, but the scheme suggested was for an issue in 500 franc bonds, repayable without interest by drawings spread over twenty years. Every bond would be repaid at least at par, and those holders who gain prizes would receive sums varying from 1,000 to 1,250,000 francs. The prizes, taken as a whole, would be actuarially equivalent to about 3 per cent, on the capital.
M. Lefevre, who made the proposal, put the amount of the issue at 60 milliards of francs, and the expenses of the issue at 10 per cent. The Budget Commission put it at 20 to 25 milliards, and the expenses at 2 to 2½ per cent. Particulars of former issues of Premium Bonds in different countries are to be found in the evidence given before the Select Committee of last year.
So far as my right hon. Friend knows, no Great Power has had a State Lottery Loan in recent years, but he believes that proposals for such a Loan have been made in Germany.
§ Mr. CHADWICKCan the hon. Gentleman say when this House is to have an opportunity of discussing the whole question of Premium Bonds?
§ Mr. BALDWINThat question should be addressed to the Leader of the House.
§ Sir C. KINLOCH-COOKEIs he aware that a similar proposal is being made in France at the present moment for Premium Bonds?
§ Mr. BILLINGIs the cost of raising money in this way more or less than the cost of raising it through Treasury Loans in the ordinary way?
§ Mr. BALDWINI should require notice of that question.
Mr. J. JONESDoes the hon. Gentleman not think Derby Day would be a suitable day for discussing this question?
§ Mr. BALDWINThat is a Question for the House.