THE HOUSE OF COMMONS

Otago Daily Times, Issue 21254, 7 February 1931, Page 11

THE HOUSE OF COMMONS

AN ALL-NIGHT SITTING, (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, February 5. (Received Feb. 6, at 5.5 p.m.) The House of Commons spent all night sitting on the Agricultural Land Utilisation Bill. The House rose shortly after 8 o'clock this morning. CHANCELLOR DENIES RUMOURS. NO DEVELOPMENT LOAN. LONDON, February 5. (Received Feb. 6, at 11 p.m.) In the House of Commons Mr Winston Churchill asked the Chancellor of the Exchequer (Mr Philip Snowden) whether there was any justification for the rumours that he was contemplating a very considerable development loan, as the rumours had resulted in a considerable depreciation of gilt-cdgeds. He personally believed that Mr Snowden had repulsed all inroads in his financial impeccability.

Mr Snowden thanked Mr Churchill for giving him the opportunity to deny the rumour, which had resulted in a fairly considerable fall in most Government securities. “My financial orthodoxy is still in a state of virginity,” he said. “ The Government is prepared to foster every sound economic scheme of national development, but they will be financed in the ordinary way. I have no idea of a spectacular national loan.”