§ 34. Major MILNERasked the Prime Minister whether he will give details of the special conditions of borrowing to which the credit of £80,000,000 was subject?
§ The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)The hon. and gallant Member misunderstands the position. There were no conditions such as those imputed by him. No Government is in a position to insist on foreign countries lending large sums to this country, and therefore we had to consider what steps on our part were best calculated to secure the subscription abroad of a loan on the necessary scale.
§ Major MILNERAre we to understand that the offer was made that unemployment cuts would be made if a loan was given to this country? Is that the position?
§ Mr. SNOWDENThe hon. and gallant Member must understand nothing of the sort.
§ Major MILNERWhat other interpretation can the House and the country place on the answer given by the Chancellor of the Exchequer? [interruption.]
§ Mr. SPEAKERWe really cannot have a debate on this question.