§ (CONSIDERED IN COMMITTEE.)
§ [Mr. WHITLEY in the Chair.]
§ Mr. MONTAGUI have to move, "That it is expedient to authorise the payment out of moneys provided by Parliament, and, if those moneys are insufficient, out of the Consolidated Fund, of such sums as may be required for giving effect to obligations incurred for the purposes of the present War or in connection therewith, by or on behalf of His Majesty's Government, and for other purposes in relation thereto."
I will submit this Resolution in a very few sentences. In the emergency which fell upon this country when War was declared, the Chancellor of the Exchequer and his colleogues, in consultation with representatives of the commercial and banking interests in this country, made certain arrangements for the relief of the situation with which the House is generally familiar. There was a scheme dealing with the Moratorium on Bills of Exchange, and also for relief in connection with certain Stock Exchange transactions. If hon. Members will read the documents circulated from time to time in connection with this matter, they will see it is recognised that each and every step taken required the legislative sanction of this House, for the obligations that had been undertaken in the name of the nation at a time when prompt action was absolutely essential, and it was always intended to get the sanction of the House for them at the earliest possible opportunity. We also guaranteed Egyptian Treasury Bills. If the House will be pleased to pass this Resolution in Committee to-day, and report on the subject to-day, a Bill will be introduced to legalise these transactions and upon it my right hon. Friend the Chancellor of the Exchequer will make a full statement and lay Papers before the House.
§ Question put, and agreed to.
§ Reported to be reported upon Monday next.