HC Deb 01 June 1927 vol 207 c390
71. Sir F. WISE

asked the Secretary of State for the Colonies to state why the British Guiana Government 5½ per cent. Sterling Loan, 1922, is not registered under the Colonial Stock Acts and thus become a trustee security?

The SECRETARY of STATE for the COLONIES (Mr. Amery)

It was not thought advisable to issue this loan under the Colonial Stock Acts owing to the fact that in British Guiana the bulk of the revenue is collected under ordinances passed for 12 months only, and that owing to the present form of the Constitution the control of the Secretary of State over the service of the loan is not as complete as it is in other Colonies. I should add that, when acquainting the Governor of his decision in the matter, the then Secretary of State took care to make it quite clear that he had no doubt whatever as to the capacity and willingness of the Colony to provide the interest and sinking fund required for the service of the loan, and I desire to associate myself with my predecessor in this expression of confidence.

Sir F. WISE

Would it not have been advantageous to British Guiana to have issued this loan to British Guiana under the Colonial Trustee Act?

Mr. AMERY

Yes, I think it would have been of some advantage, but in view of the aspect of the situation I have just mentioned it was thought that it was better not to issue in that way.

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