HC Deb 10 July 1950 vol 477 cc961-2
Sir H. Williams

On a point of order. I wish to raise a point, Sir, arising out of the document I hold in my hand entitled "Currency and Bank Notes Act, 1928. Copy of Treasury Minute dated the 27th June, 1950. …" Under the Currency and Bank Notes Act, 1928, Section 8 (3), it is laid down that any Minute of the Treasury authorising an increase of the fiduciary note issue under this Section shall be laid forthwith before both Houses of Parliament.

The meeting of the Lords Commissioners took place on 27th June but this document was not presented to the House until Monday, 3rd July—six days later—which does not sound very much like "forthwith." A statutory obligation was laid upon the Treasury which I think they have failed to carry out. If my recollection is right, on the first occasion on which an increase of the fiduciary note issue took place after this Act was passed, the then Chancellor of the Exchequer announced it verbally to the House before the actual document was laid, and as this is an increase in the fiduciary issue of £50 million, which is a substantial inflation, I think it ought to have been reported forthwith to the House so that, if necessary, the House could have had an opportunity of debating it and, if necessary, of objecting to it.

Mr. Speaker

This is a complicated question. I have only heard what the hon. Member has said, and, therefore, I cannot be expected to give a reply. All I can say is that I will take note of what the hon. Member has said.

Sir H. Williams

Thank you very much, Mr. Speaker. I only learned of the existence of this document this morning, and I realise you could not give a Ruling now. May I raise the question again Tomorrow, or on a later occasion, because if there is a failure of duty on the part of the Treasury to do something forthwith then this House ought to take notice of it.

Mr. Speaker

Yes, but there is one point that strikes me. I think the hon. Member is referring to the second Order on the Order Paper?

Sir H. Williams

No, Sir. There is nothing on the Order Paper about this.

Mr. Speaker

Very well. I have taken note of what the hon. Member has said. I cannot do anything now.