THE BRITISH PARLIAMENT.

Otago Witness, Issue 3513, 12 July 1921, Page 17

THE BRITISH PARLIAMENT.

DEBT TO AMERICA. LONDON, July 4. In the House of Commons Mr Hilton Young, Financial Secretary to the Treasury, stated that the British debt to America was approximately £856,000,000. The accrued interest unpaid thereon totalled approximately 408,000,000d01. The only definite araiigement for the reduction of the debt at present was for the payment of 122,000,000d0l (which sum was for the purchase of silver dollars), and under which a further 30,500,000d0l will be repaid in April and May next. BRITISH AGRICULTURE. LONDON, July 4. In the House of Commons members for agricultural constituencies sharply criticised the Corn Production Act Repeal Bill, some saying that the Agricultural Wages Board should he saved. Mr F. D. A eland described the Bill ae a black, deliberate, and incorrigible breach of faith. The debate was adjourned. July 5. Tn the House of Commons the Agriculture Bill was read a second time by 268 votes to 113 amid ironical cheers and cries of “Resign.” Mr Chamberlain, in replying at the close of the debate, emphasised that a mistake was made, but the change of policy was announced before the farmers had spent a penny upon next season's crops. The agricultural labourers were now organised, and were able to defend themselves. BRITISH FINANCE. LONDON, July 5. In the House of Commons the Chancellor of the Exchequer announced the issue of 5j peT cent, treasury bonds at 97 maturing in 1929. Holders of 5 per cent. Exchequer and war bonds maturing in the ensuing three years have been invitede to convert. July 7. The Treasury has suspended the sale of six months' Treasury hills, which were placed on the market Only a week ago, presumably to assist the Treasury bond issue. BRITISH PENSIONS. LONDON, July 8. Mr J. I. Macphex-son (Minister of Pensions), moving the second reading of the Pensions Bill, stated that pensioners totalled 3.500,000, which would probably bs the maximum. The Bill proposed to remove the control of the payment of pensions from the local committees, in order to secure greater efficiency and economy. During seven months there had been 126 cases of fraud among the officials of the local committees.