HC Deb 25 April 1928 vol 216 cc1049-50
1049
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Considered in Committee under Standing Order No. 71A.
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[Mr. JAMES HOPE in the Chair.]
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Resolved,
That, for the purposes of any Act of the present Session to make provision, among other matters, for amending the Law relating to the National Debt, it is expedient—
1050
- (a) in substitution for the existing provisions with respect to the New Sinking Fund and the other annual sums for the National Debt now charged on the Consolidated Fund—
- (i) to authorise the issue out of the Consolidated Fund of the following sums, that is to say:—
- In the financial year ending on the thirty-first day of March, nineteen hundred and twenty-nine, the sum of three hundred and sixty-nine million pounds;
- In the financial year ending on the thirty-first clay of March, nineteen hundred and thirty, and in every subsequent year, the sum of three hundred and fifty-five million pounds:
- (ii) to provide for the application of the sum so issued in any year in meeting the annual charges in respect of that year for the National Debt in respect of interest and management (exclusive of any interest payable in respect of national savings certificates which is otherwise provided for), and for the application of the balance of the said sum in purchasing, redeeming, or paying-off of debt:
- (b) to authorise the Treasury to borrow, in such manner as they think fit, on the security of the Consolidated Fund any sums required for meeting the interest from time to time becoming payable in respect of national savings certificates."— [King's Recommendation signified.]—[Mr. Churchill.]
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Resolution to be reported To-morrow.
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The remaining Orders were read, and postponed.