Mr. WISEasked the Under-Secretary of State for the Colonies what Crown Colonies are authorised to raise money by the issue of Treasury bills; and has the Secretary of State considered the dangers inherent in the system of unfunded and floating debt and the difficulty which might arise when the bills fall due for repayment if the Colonies are not in a position to redeem their bills?
§ Mr. ORMSBY-GOREOrdinances have been passed in the Colonies of Barbados, British Guiana, Fiji, the Gambia, the Gold Coast, Grenada, Jamaica, Kenya, the Leeward Islands, Nigeria, St. Lucia, St. Vincent, Sierra Leone, and Trinidad and the Protectorates of Uganda and Nyasaland, empowering the Governor to issue Treasury bills in London through the Crown agents for the Colonies whenever authorised thereto by a resolution of the Legislative Council up to the amounts specified in such resolution. Similar legislation is under consideration elsewhere. It, is not to be expected that these powers will be used without prior consultation with the Secretary of State and my Noble Friend has considered the advantages and possible disadvantages of the system and is confident that all such bills as may be issued will he duly met as they fall due.