HC Deb 12 August 1919 vol 119 cc1129-30

(1) The Treasury may borrow from any person, by the issue of Treasury Bills or otherwise, and the Bank of England and the Bank of Ireland may advance to the Treasury on the credit of the said sum, any sum or sums not exceeding in the whole six hundred and thirteen million three hundred and fifteen thousand six hundred and six pounds.

(2) The date of payment of any Treasury Bills issued under this Section shall be a date not later than the thirty-first day of March, one thousand nine hundred and twenty, and Section six of the Treasury Bills Act, 1877 (which relates to the renewal of Bills), shall not apply with respect to those Bills.

(3) Any money borrowed otherwise than on Treasury Bills shall be repaid, with interest not exceeding five pounds per centum per annum, out of the growing produce of the Consolidated Fund, at any period not later than the next succeeding quarter to that in which the money was borrowed.

(4) Any money borrowed under this Section shall be placed to the credit of the account of the Exchequer, and shall form part of the said Consolidated Fund, and be available in any manner in which such Fund is available.

Amendment made: In Sub-section (1), leave out the words "three hundred and fifteen," and insert instead thereof the words "nine hundred."— [Mr. Chamberlain.]

Clause, as amended, ordered to stand part of the Bill.

CLAUSE 4 (Short Title) ordered to stand part of the Bill.

Bill Reported; as amended, considered.

Motion made, and Question proposed, "That the Bill be now read the third time."