HC Deb 07 July 1920 vol 131 cc1488-9

Considered in Committee.

[Mr. WHITLEY in the Chair.]

Motion made, and Question proposed, That the Treasury may borrow by means of national savings certificates issued on such terms as they think fit such sums as they think proper to raise for the purpose as to one-half thereof of being invested in local loans stock or bonds and as to the other half thereof of being applied, together with any sums received by way of interest on any investments made as aforesaid, in reduction of debt, and may issue out of the Consolidated Fund or the growing produce thereof any sums which may be required to be invested or applied as aforesaid, and that there shall be charged on the Consolidated Fund or the growing produce thereof—

  1. (a) the principal and interest of any national savings certificates issued for the purpose aforesaid; and
  2. (b) any expenses incurred in connection with the issue of any such national savings certificates."

[Mr. Chamberlain.]

Mr. HOGGE

May we have an explanation of this Resolution?

The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)

This is a Resolution necessary to enable us to discuss the correlative Clause in the Finance Bill. I can state the object of it almost in a sentence, and I am sure that it will have the acceptance of the Committee. It authorises the Treasury to continue to issue Savings Certificates. Our powers to issue them at present cease six months after the termination of War, and, as the movement for national thrift has been an invaluable movement, so the certificate has formed an invaluable part of that movement, and I am sure that I shall be responding to the general feeling of the Committee when I ask that it shall be continued after the emergency which gave rise to it. The other part of the Resolution is to authorise the Treasury to devote half the proceeds of such certificates to local loans, and, in particular at the present time, to housing loans. That is a concession which I am proposing with some reluctance at the very urgent request of the Savings Committee, in the interests of the Savings Movement, and in order to secure the continued cooperation and goodwill of the local authorities in the movement, so that their movement for housing bonds and our movement shall not be rivals, but shall be jealous workers in friendly co-operation. Of course, there will be an opportunity of discussing the matter on the Clause, and, if any hon. Members who wish to raise any points would reserve their observations for the Clause, I venture to submit that would be the more convenient course. This is merely an enabling Resolution.

Question put, and agreed to.

Resolution to be reported To-morrow; Committee to sit again To-morrow.

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