HC Deb 09 July 1918 vol 108 cc274-5

Resolution reported, That the Treasury may borrow in such mariner as they think fit on the security of the Consolidated Fund any sums required for raising, the Supply granted to His Majesty for the service of the year ending on the thirty-first day of March, nineteen hundred and nineteen, and in addition a sum not exceeding two hundred and fifty million pounds, and that there shall be charged on the Consolidated Fund—

  1. (a) any sums which may be required to be so charged in the exercise, in connection with any money to be so borrowed, of any powers which are given by the War Loan Acts, 1914 to 1917, or any other enactment, in connection with money borrowed under the War Loan Acts, 1914 to 1917, or, any other enactment; and
  2. (b) any sums which may be required for the expenses of the redemption of any securities issued for the purpose of money to be so borrowed; and
  3. (c) any sums which may be required for the remuneration of the Banks of England and Ireland in connection with the management of any securities issued for the purpose of money to be so borrowed.

And that it is expedient to amend the War Loan (Supplemental Provisions) Act, 1915."

Motion made, and Question proposed, "That this House doth agree with the Committee in the said Resolution."


I am sure we are obliged to the Chancellor of the Exchequer for his courtesy in coming, and if he would briefly explain the purpose of this I should feel obliged.

The CHANCELLOR of the EXCHEQUER (Mr. Bonar Law)

Every year it is necessary to have a Loan Bill, because without it there is no power to borrow money expended by the House. This Resolution is precisely in the same terms as all others since the War started, and I do not think there is anything new to be explained. I would point out also to the hon. Member that there will be an opportunity for dealing with the Bill itself, as this is only a Resolution, and I hope the House will allow it to go through.

Question put, and agreed to.

Bill ordered to be brought in upon the said Resolution by the Chairman of Ways and Means, Mr. Bonar Law, and Mr. Baldwin.