HC Deb 16 July 1918 vol 108 cc993-5

(1) Regulations made under Section one or Section five of the War Loan (Supplemental Provisions) Act, 1915 (in this Section referred to as "the said Act"), may contain a provision directing that all or any of the provisions Of the Regulations shall, with such modifications as appear necessary or expedient, apply and be deemed always to have applied as respects stock or securities issued or money raised, as the case may be, before the date on which the Regulations come into force, as they apply to stock or securities issued or money raised after that date.

(2) Section one of the said Act shall have effect, and shall be deemed always to have had effect, subject to the following modifications:—

  1. (a) The following shall be substituted for Subsection (1) thereof:
    • "(1) The Treasury may provide for the establishment of a Post Office register (in this Act referred to as the 'register') and may direct that any stock or securities issued in connection with any loan raised for the purposes of present War, and not inscribed or not registered in the names of individual holders in the books of the Bank of England or the Bank of Ireland, shall be inscribed or registered in the register";
  2. (b) There shall be inserted after the word "stock" wherever it occurs the words "or securities";
  3. (c) There shall be inserted after the word "inscribed" wherever it occurs the words "or registered."

(3) Sections two and four of the said Act shall have effect, and shall be deemed always to have had effect, as though there were inserted therein after the word "inscribed" the words "or any securities registered" and after the word "stock," where that word secondly occurs in each Section, the words "or securities."

(4) Section five of the said Act shall have effect, and shall be deemed auways to have had effect, as though there were inserted therein after the words "under the War Loan Act, 1915," the words "or under any subsequent Act authorising the raising of any money for the purpose of the present War," and as though for the words "relating to deposits in savings banks" there were substituted the words "relating to the Post Office, to savings banks, to the Post Office register, or to any other matter under the administration of the Postmaster-General, or of any Regulations made under any such Act."

(5) The said Act as amended by this Act shall extend to the Channel Islands and to the Isle of Man, and the Royal Courts of the Channel Islands shall register the same.

Motion made, and Question proposed, "That the Clause stand part of the Bill."

Mr. BOOTH

I wish to ask a question with reference to Sub-section (5), which deals with the position of the Channel Islands and the Isle of Man, a subject which I have often raised here. I cannot ask my usual question, though it seems beyond the wit of any man on that bench to say what is our real concern with the Channel Islands and the Isle of Man. I will confine my inquiry to the subject of this Bill. I would like to know what response those islands have made to the appeal of the Home Office or if they are to be pressed in connection with the issue of these War Bonds and War Savings Certificates. Take the island of Guernsey, with which I am more familiar. They have helped tremendously with their manpower. An appeal has been issued to them by the Home Office asking them to contribute both in men and money to the resources of this country, but I venture to submit that a poor agricultural community which is at present raising food is using its money in the most profitable way, and I hope that there will be no pressure put upon the islands to transfer money, which they can legitimately and properly use in the growing of fruit and vegetables, and invest it in War Loan. After all, what they can do is very small in proportion. One would like them to do something, and if the appeal is confined to investing their surplus money or their savings there can be no exception taken; but they are keenly patriotic, and unless wisdom is exercised they may be led to strain their resources, thinking that £20,000 or £50,000 will really be of some use to us, whereas we know that it can only be a mere drop in the ocean. Therefore, if the Treasury should support the appeal of the Home Office, I hope that the islands will not be pressed to go beyond what is fair and just and that they will be only asked to invest in War Stock such money as they can spare from fruit growing. It is quite right for the Government to appeal to them to put any money that they have to invest in War Loan but I hope that there will be no pressure put upon them to realise in any way in order to keep up their reputation for patriotism. They are tenacious of their connection with the British flag, and an appeal to them on patriotic grounds comes very strongly indeed. It might lead them to make a financial effort which really would not be of very much help to us, but which might cripple them in growing fruit and vegetables for this country. I should like an assurance from the Treasury with regard to the Channel Islands

Mr. BONAR LAW

The hon. Member has pointed out what is a new feature, in this Bill. The Channel Islands are almost the only part which is not mentioned in any previous Bill of the same kind. They are included because we have found it possible to extend the sale of Saving Certificates to those islands. Although I cannot give the figures, I am glad to say there has been a reasonable response to the appeal. I do not think that the hon. Member need be alarmed about our asking more from them than they can spare, because the effort is entirely voluntary, and I am quite sure that those who are contributing to it would feel that they are giving to a good cause.

Clause 3 (Short Title) ordered to stand part of the Bill.

Bill reported, without Amendment; to be read the third time To-morrow.