§ 52. Sir W. DAVISONasked the Chancellor of the Exchequer whether he will submit to this House all proposals to give a British guarantee to loans to be issued under League of Nations supervision before the British Government commits itself to the liability?
§ Major ELLIOTAny undertaking on the part of His Majesty's Government to guarantee loans requires legislation by Parliament and this rule would of course apply to any guarantee of the kind referred to by my hon. Friend.
§ Sir W. DAVISONIs it not advisable that they should be submitted to this House in advance? Will the right hon. and gallant Member see that it is explained to any one who requires a loan that it is entirely subject to the consent of Parliament, which may refuse it?
§ Major ELLIOTI do not think any foreign Power is under any misapprehension as to the control of this House over finance.