CLAUSE 2.—(Certain Debts not to be Reckoned as Assets of Local Loans Fund.)

HC Deb 25 July 1918 vol 108 cc2095-6

Whereas it is expedient that the principal of the several local loans specified in the tables contained in Part I., Part II., and Part III. respectively of the Schedule to this Act should, to the extent specified in the last column of those Tables, not be reckoned as assets of the local loans fund established under the National Debt and Local Loans Act, 1867, and that the several sums specified in the second column of the Table contained in Part IV. of the said Schedule should not be reckoned as assets of the said fund:

Now, therefore, the principal of the said loans to the extent aforesaid and the said sums shall be written off from the assets of the local loans fund, and the provisions of Section fifteen of the said Act shall, so far as applicable, apply thereto.

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

Mr. BOOTH

I think this is the right place to ask for an explanation of the Schedules which are referred to in this Clause. I have had some difficulty in trying to decide what is their meaning. Broadly speaking, I should like to know whether the actual loss falls upon the Exchequer. According to this Clause you are writing off certain assets. In the Schedule one sees £200 in Eyemouth Harbour and nearly £2,000 in Portness. I should like the Minister in charge to give a little explanation. When we come to Part II. there is a list of Irish borrowers who are having a number of amounts written off. I hope it is not writing off bad debts. I think it is a readjustment of accounts, but it is very difficult without an explanation from the Minister really to understand what these amounts are. Why should Jeremiah Murphy have £232 5s. written off his account? I feel sure it would not be done unless it were all right, but there is no explanation, and I do not think it can be considered unreasonable to ask for one.

Mr. BALDWIN

I do not know whether the hon. Member was in the House on the Second Reading.

Mr. BOOTH

I am sorry I was not.

Mr. BALDWIN

I do not think he would wish me to give again the Irish story. A complete explanation was given, and I regret to say these amounts as to Portness and Eyemouth Harbours are all irrecoverable. In eases where it is possible that sums of money may be recovered they go ultimately to the credit of the Exchequer, but they are written off the local loans account. I gave a detailed explanation of the amounts to which the hon. Member has referred on the Second Reading.

Mr. BOOTH

I quite agree it would not be reasonable to ask for it again. It seems that all the bad debts are made either in Scotland or in Ireland. I do not see that any Englishman has absconded or avoided payment. To that extent my own nationality—poor England, often neglected in this House!—deserves to be congratulated that it does not figure amongst the bad debts.

Clauses 3 (Remission of Arrears of Principal and Interest in Respect of Eyemouth Harbour Loan), 4 (Explanation of Effect of Section 4 of 7 and 8, George 5, c. 32), and 5 (Short Title) ordered to stand part of the Bill.

Bill reported, without Amendment; read the third time, and passed.