"I am pretty. confident that help them very materially, Chancellor of the Exchequer added. "It may be that at the end of twelve months the arrangement will have continue and some sort of adjust ment will be made. When we come the question of guaranteeing such money it is not a matter for the House to decide whether we would fix the amount of interests so. that cannot in any circumstances be exceeded without another act of Parliament "or whether we Would take another view if it should turn to. require" some adjustment. Perfectly fair arrangements have been made which will involve the paying of interest by Chinese banks and the Chinese Government that is, behind these banks. I) have the greatest possible confidence that we Shall not be called upon to full the engagement if the Chinese Government continue in the practice which they have most honourably followed the past in doing their utmost to fulOll their engagements, There is no country in the world which has shown a greater effort to deserve the reputation of being honest barmers than the Chinese. I will not agree that the rale of interests can be altered unless circumstances change.
Previously, Mr. Pethick-Lawrence had moved an amendment to Clause One of the Bill which deals with the powers of the Treasury to the effect that a Treasury guarantee of Payment of interest should be quoted at_a rate not exceeding 2% per cent, The amendment was defeated by 72 votes to 33—Havas.
Third Reading Without Division was without division that the Third reading of the China Currency Bill took place in the House.
The Labour amendment does not mean that the Labour opposition obceted to the Bill.
Mr. Pethick-Lawrence urged, fact, "that whereas the Government guarantee insured the British banks against default in the Chinese payment of interest of 2% per cent, it should be further specified that if the agreement is to be renewed after twelve months between the British and Chinese banks at a different rate of interest, the British Government should not, for its own part, guarantee more than the present rate.
Text read from the printed page and cleaned; old type leaves the occasional error.