HC Deb 17 July 1929 vol 230 cc589-90

Resolution reported, That it is expedient—(1) to authorise the Treasury, after consultation With a committee appointed by them, to guarantee at any time within the period of three years from the thirty-first day of August, nineteen hundred and twenty-nine, the payment of the principal of and the interest on any loans to be raised for the purpose of meeting capital expenditure to he incurred under schemes for development, reconstruction, or re-equipment in connection with public utility undertakings in Great Britain carried on under statutory powers by bodies of persons other than local authorities or such statutory bodies as are mentioned in paragraph (3) of this Resolution (including loans the proceeds of which may be applied in part towards the payment of interest on the loans during a limited period), and to charge on the Consolidated Fund any moneys required to fulfil any guarantees given under this provision; Provided that the aggregate capital amount of the loans so guaranteed shall not exceed such amount as is sufficient to raise the sum of twenty-five million pounds; (2) to authorise the Treasury, with the concurrence of the appropriate Government department and after consultation with the committee aforesaid, to make at any time within the period aforesaid grants for the purpose of assisting persons carrying on any such public utility undertakings as are mentioned in paragraph (1) of this Resolution in defraying, during a period not exceeding fifteen years from the raising of the loan, the interest payable on any loan (not being a loan in respect of which a guarantee has been given under the said paragraph (1) to be raised for such purpose as is mentioned in the said paragraph (1); (3) to authorise the Minister of Labour, with the approval of the Treasury and on the recommendation of a committee appointed by him with the approval of the Treasury, to make at any time within the period aforesaid to any local authorities and any such statutory bodies as carry on undertakings under statutory powers otherwise than for profit grants towards any expenditure to be incurred for the purpose of carrying out works of public utility calculated to promote employment in the United Kingdom; Provided that in the case of a grant made by way of assistance in defraying charges for interest and sinking fund in connection with a loan, payments on account of the grant shall not be made in respect of charges for any year after the expiration of thirty years from the raising of the loan; (4) to authorise the payment out of moneys provided by Parliament of—

  1. (a) such sums as may he required for the purpose of grants under paragraphs (2) and (3) of this Resolution; and
  2. (b) any expenses, so far as not otherwise provided for, which may be incurred by the Treasury or the Minister of Labour in connection with the committees aforesaid;
(5) to make provisions ancillary to certain of the matters aforesaid.

Resolution agreed to.

Bill ordered to be brought in upon the said Resolution by Mr. J. H. Thomas, Miss Bondfield, Mr. Lansbury, Mr. Herbert Morrison, Sir Oswald Mosley and Mr. Pethick-Lawrence.

    c590
  1. DEVELOPMENT (LOAN GUARANTEES AND GRANTS) BILL. 91 words