Mr. CHAMBERLAIN:

I regret that in spite of the powerful advocacy of the hon. Member I cannot accept the Amendment. I do not question the authority of the Colwyn Committee or dispute the value of the general proposition which they advance, but in this case I do not think it is desirable that the Treasury should be fettered in any way in the exercise of their discretion in the future. The Committee themselves admitted that the hypothecation of a special sinking fund to a particular loan is a stronger guarantee to the creditor than the operation of a general sinking fund fixed by Statute but variable by Parliament, and it cannot be denied that it is conceivable that the Treasury may get better terms where a specific sinking fund is attached than without. The hon. Member will understand I am not suggesting that it is the policy of the Treasury to attach a specific sinking fund; it may never wish to do so. Yet I cannot accept a limitation which makes it impossible for them, if they wished at some future date, to do so, if they thought it was in the best interests of the country.