THE NATIONAL DEBT

Otago Daily Times, Issue 20291, 27 December 1927, Page 9

THE NATIONAL DEBT

OFFER TO THE TREASURY. BIG SUM TOWARDS PAYMENT. (British Official Wireless.) {Frees Association— By Telegraph—Copyright ; RUGBY, December 25. (Received Dec. 24, at 5.5 p.m.) It is stated in political circles that an offer was recently made to the Treasury of a considerable sum of money, which the donor proposed should be allowed to accumulate for a long period so that it might ultimately be devoted towards paying off the national debt. The Chancellor of the Exchequer, it is understood, was ready to accept the gift, but there were found to be legal difficulties in the way of it s use in the manner proposed. It was decided that provision should be made to give effect to the donor s wishes, and for this purpose a new clause was proposed to the Funds Validation Bill, which was considered in committee. In the House of Commons on Wednesday Sir Thomas Inskip, Solicitor-general, moved a new clause to exempt a benevolent fund from the law against perpetuities in order that it may accumulate for a longer time than' the law against perpetuity allows, and that it may in the end be used to pay off the national debt The new clause was added to the Bill, which was given royal assent before Parliament was prorogued. Though it was generally understood that a define offer has been made to the Chancellor, the sum was not known. A report to-day puts it at £IOO,OOO.