HC Deb 14 July 1920 vol 131 cc2557-60

(1) The Treasury may at any time after the thirtieth day of September, nineteen hundred and twenty, borrow in accordance with the provisions of this Section such sums as they think proper to raise for the purpose of being invested or applied in manner provided by this Section.

(2) Any sums which may be raised under this Section shall be raised by the issue through the Post Office of national savings certificates, and any certificates so issued shall bear such rate of interest and shall be subject to such conditions as to repayment or otherwise as the Treasury think fit.

(3) The principal of and interest on any national savings certificates issued under this Section and any expenses incurred in connection with the issue thereof shall be charged on the Consolidated Fund of the United Kingdom or the growing produce thereof.

(4) The Treasury shall from time to time as they think fit issue out of the Consolidated Fund or the growing produce thereof to the National Debt Commissioners sums equal to one-half of the moneys raised under this Section, and any sums so issued to the National Debt Commissioners shall as soon as practicable be invested by those Commisioners in local loans stock or in bonds secured on the Local Loans Fund, and may, pending such investment, be invested temporarily in such manner, subject to the approval of the Treasury, as the Commissioners think proper.

(5) All sums received by the National Debt Commissioners by way of interest on investments made by them under this Section shall be paid into the Exchequer.

(6) The Treasury shall from time to time as they think fit issue out of the Consolidated Fund or the growing produce thereof and apply in the purchase, redemption, or paying off of any description of debt sums equal to one-half of the moneys raised under this Section, together with the sums paid into the Exchequer by the National Debt Commissioners under this Section.

(7) The powers conferred on the Treasury by this Section shall be in addition to and not in derogation of any other power to borrow for the time being exerciseable by by the Treasury.—[Mr. Chamberlain.]

Brought up, and read the First and Second time.

Motion made, and Question proposed, "That the Clause be added to the Bill."

Captain W. BENN

I only rise to ask whether the Chancellor of the Exchequer will give us some explanation of this Clause?

Mr. CHAMBERLAIN

I did not rise owing to the lateness of the hour. This is to enable us to apply a portion of the proceeds of the sale of savings certificates for the purposes of housing—such portion as is raised in a locality to go to that locality. This is a matter to which the Savings Committee attach the very greatest importance for the purpose of their work. They say that it will promote good relations between them and their local committees and local authorities, and that the closer co-operation and the additional stimulus and interest so given will lead to a great revival of the movement, which, I think, has been recognised as one of the most valuable by-products of the War.

Question put, and agreed to. Clause read a Second time, and added to the Bill.

Motion made, and Question, "That the Chairman do report Progress, and ask leave to sit again," put, and agreed to.—[Mr. Chamberlain.]

Committee report Progress; to sit again upon Friday next (16th July).

The remaining Orders were then read, and postponed.

It being after Half-past Eleven of the Clock upon Wednesday evening, Mr. Deputy-Speaker adjourned the House, without Question put, pursuant to the Standing Order.

Adjourned at Two minutes before One o'clock a.m.