§ Captain JESSELasked the Prime Minister why, in stating on 8th May to the. Central Association of Bankers that during the six years from 31st March, 1906, to 31st March, 1912, the aggregate gross liabilities of the State were reduced from £789,000,000 to £725,000,000, or by £64,000,000, he omitted to take into account the contingent liabilities of the State, including the liability to make good the insolvency of the Post Office Savings Bank and the guaranteed loans for which the State is liable, the aggregate whereof increased from £170,000,000 on 31st March, 1906, to approximately £230,000,000 on 31st March, 1912, or by £60,000,000?
§ The PRIME MINISTERThe hon. and gallant Member will find the figures given by me on the occasion mentioned on page 7 of the Return relating to National Debt, presented to this House on the 1st ultimo (House of Commons 84). It has never been the practice for Chancellors of the Exchequer, nor would it be accurate, to include figures as to the nominal or contingent liabilities of the State in statements of the aggregate gross liabilities.