HC Deb 25 June 1930 vol 240 cc1285-97

On a point of Order. I do not know whether the Chancellor of the Exchequer will make a statement with regard to the reasons for this Clause?


There was a deficit of £14,500,000 on last year's balance-sheet. That sum had to be borrowed by an addition to the Floating Debt. It is no use paying off debt if at the same time you are borrowing an equal amount and adding to the debt. I am proposing in this Clause not to pay off the deficit in one year, because in the present financial position of the country that would be a very heavy burden, but to spread the repayment over three years—£5,000,000 this year, £5,000,000 next year and the balance of £4,500,000 in the following year. The justification for that is that if we are ever going to reduce debt we shall have to avoid borrowing to make up a deficit. When you borrow to make up a deficit you are drawing money out of the market and away from industrial purposes. When you pay off debt you pay back money into the industrial market. In the application of this particular proposal the £5,000,000 which will be appropriated for the reduction of the £14,500,000 deficit will go back into the industrial market, and will therefore be available for the extension of industry. That is the reason why I have adopted this Clause.


I beg to move, in page 34, to leave out lines 17 to 19 inclusive.

The Amendment of which I have given notice proposes to strike out the words of the Clause which refer to the first repayment of £5,000,000 in the financial year ending 31st March, 1931. I asked the right hon. Gentleman to explain what the Clause meant, and he has given the most extraordinary explanation I have ever heard. He said that if this money were not repaid to the Sinking Fund we should be drawing money from the markets which would otherwise——


No, but that we have been doing so.


Then that we have been drawing money from the market which would have been available otherwise for industrial purposes. The right hon. Gentleman now proposes to increase taxation by £5,000,000. Where does he think that money is coming from if it is not coming from the taxpayers who would otherwise have had it available for the markets for industrial purposes? The right hon. Gentleman does not create an extra penny of available money for industrial purposes whether he has this Clause or not. The reason which he has given is utterly fallacious. He disclaimed any desire to borrow in order to make up a deficit but that is precisely what he is doing. He is doing even worse. He is borrowing in order to find £5,000,000 for a perfectly illusory Sinking Fund. Since the Budget was introduced the Unemployment Fund has been running into debt at the rate of £500,000 a week. The right hon. Gentleman has given notice to-day that he must have additional borrowing powers and at the same moment that he is borrowing for the Unemployment Fund he pretends that he is repaying money to the Sinking Fund.

It is an absolutely ridiculous position. It is the position which the right hon. Gentleman himself condemned in his opening statement. He condemned borrowing for the purposes of the Sinking Fund, but that is precisely what he is doing. At the same moment he is putting an extra £5,000,000 into the Sinking Fund and borrowing more for the purposes of the Unemployment Fund. All the money which he borrows for the Unemployment Fund, of course, comes from that very fund to which he has been referring, the fund which would otherwise be available for industrial purposes. But there is no need to do that. Since the Budget was introduced a windfall has come to the Treasury. When the Budget was introduced, the right hon. Gentleman told us about the British share of the Reparations Loan. I forget whether he told us the exact figure or not, but, at any rate it has turned out to be £10,750,000. That sum, so he tells us, is going into the new Sinking Fund in addition to the £5,000,000 proposed under this Clause. In our present circumstances, and in view of the fact that we have to borrow for the Unemployment Fund, I ask the Committee not to approve of the payment of this £5,000,000 into the Sinking Fund. That it is a desirable thing to have a Sinking Fund when you can afford it, of course goes without saying, but to overload it and to attempt to create a Sinking Fund out of what is equivalent to borrowed money is indeed a stupidity and, especially when there is an extra £10,750,000 going into that Sinking Fund, it would be proper and wise for the Chancellor of the Exchequer not to propose any further addition to it.


The Chancellor of the Exchequer has enunciated the new principle that taxation creates wealth. He has told the Committee that if he imposes taxes, he brings new money into industry. I wonder where it comes from. Is it hidden in stockings? It is a delightful theory. I quite agree with my right hon. Friend the Member for St. George's (Sir L. Worthington-Evans), and I see no sort of pretence for taxing the people of this country in order to provide this money for a sinking fund. I am aware that this is not the occasion on which to enter into a long disquisition on the principle of the repayment of debt, but certain things ought to be said, and I shall say them quite shortly. On certain occasions it is a good thing to pay off debt, and as fast as you can, but on certain occasions also it is a better thing to reduce taxation and not to pay off debt so fast. Above all, it is surely ridiculous to pretend to pay off debt and at the same time to pile up fresh debt of an equal or greater amount.

My complaint does not end there. My right hon. Friend the late Chancellor of the Exchequer very wisely, in my opinion, stabilised the debt repayment at £355,000,000, a sum which was sufficient to pay the interest on the Debt and to pay off a certain amount of the capital every year. When you stabilise like that, it is important that you should keep that sum fixed, for several reasons. First of all, it is a good thing that you should not vary it, for otherwise all Chancellors of the Exchequer will do the same, but if you say that you think the sum is too small, and you tax the people to provide more, equally when there is a bigger surplus on the fund and more is going to pay off capital, it is certain that future Chancellors of the Exchequer will raid that fund.

In those years when the interest is smaller, you may pay off rather more, and, on the other hand, when interest is high, you pay off rather less, but it is extremely important that you should not break into that stabilisation when it has once been created. I cannot see why this occasion of all occasions is chosen to increase taxation. I should have thought that if at any time it is right to make the choice in favour of reducing taxation and not paying off Debt quite so fast, this was the occasion. It seems to me a piece of foolishness to pretend to pay off Debt when really you are not, and to break into the very wise provision for Debt made by my right hon. Friend, who stabilised Debt redemption. It was done in the year 1928, and, owing to it, this country is to be entirely free from all the debt of the War in a term of years which will be within the lifetime of a good many Members sitting round me. If that comes off, it will be amost remarkable thing, for persons in this country who fought during the War will live to see us pay off every penny of the cost. There is no other country in the world which would have attempted to do it. I believe that my right hon. Friend's arithmetic was accepted by financial opinion in this country. I never heard it criticised, and now suddenly it is broken into, and of course, if it is broken into once, it will be again, and it will not stand as a permanent goal for all Chancellors of the Exchequer to aim at. I think it is a very great mistake, and the mistake has been made at a time when it is even more disastrous than it would otherwise have been. I suppose the Chancellor of the Exchequer will not give way. It would relieve his necessities if he did for there would be less money to raise. If my right hon. Friend goes to a Division, I shall certainly vote with him.


I rise to give my support to the Amendment moved by the right hon. Gentleman the Member for St. George's (Sir L. Worthington-Evans) which has been reinforced by the right hon. and gallant Gentleman below the Gangway. I ask the Chancellor of the Exchequer to give his serious attention to the views expressed from this side on this question. This Debt treatment requires to be brought into proper relation with the financial and economic state of the country. You may do far more harm to your credit and reproductive energies by extra taxation than you will gain in the prestige which comes from additional redemption of Debt at this juncture. I ask myself whether, on the whole, we have not cast the emphasis since the War unduly upon a speedy amortisation of old Debts instead of giving a greater stimulus to the creation of new wealth. Of course, the Socialist party naturally applaud the most stringent methods of fortifying the rentier class. There they have their champions. For my part, I think the productive side has to be considered, especially when you are already making an immense provision which has only to be steadfastly pursued across several generations to secure, even within the lifetime of people to-day, a complete clearance of this hideous legacy of the Great War. I consider that the right hon. Gentleman, at the present juncture in our financial affairs, is making an unnecessarily large provision for the redemption of Debt, and I do not believe that I am unsupported by solid financial and political opinion in making that statement.

If I remember aright, the quota in the fixed Debt charge appropriate to this year is over £70,000,000 on a four per cent. basis. The right hon. Gentleman can borrow money at a little over two per cent., owing, it is said, to his careful guidance of the finances, or owing, some say, to the fact that industry is almost dead, and that people will not throw money into enterprises. Whatever be the cause, the fact remains that he can borrow at £2 3s., or even less, in the City from week to week. When he spoke to the bankers and got on so well with them, he said that he was saving about £12,000,000 a year through much cheaper borrowing on Treasury Bills resulting from his extremely skilful reduction of the Floating Debt. If that be so, the £68,000,000 or £69,000,000, which would have been the contribution under the fixed Debt charge to the amortisation of the Debt appointed for this year, will be increased by that amount; in addition to which he has got £10,500,000, to which the right hon. Member for St. George's has drawn attention which comes to him in course of the Reparation payments. The figures for the reduction of Debt this year will be enormous, and yet this is the worst year we have gone through with our unemployment bounding up 100,000 in a fortnight. This is the year which the Government select for laying upon this country, staggering and gasping under its burden, the heaviest burden of Debt repayment. Is it good sense? Is the only thing to do to keep on repaying Debt, no matter where you have to borrow it, and to borrow with one hand and repay with another?

I am sure that the right hon. Gentleman will be well advised to strike out this additional provision. He has had his opportunity of bringing it forward and scoring off his predecessor. My contention is that the right hon. Gentleman, by assenting to new expenditure and by muddling the final months of the collection of the revenue, caused the trouble and that there would have been no deficit if the right hon. Gentleman had not been in power. He has had his score, and he has had the advantage of showing his superior virtue. Now let him drop this nonsense, and come back to the real position in which we stand, where what we require is not to lay all the heaviest burdens of Socialistic expenditure and of financial prudery upon the nation at the same moment, but where we wish as far as possible to give encouragement to industry, and to show that their fortunes are not entirely obnoxious to the Government of the day.

11.0 p.m.

Five million pounds extra over and above the fixed Debt charge, over and above the Reparation money, over and above the great economies on Treasury Bills, is to be provided statutorially in this Measure. Where is that £5,000,000 to come from? I will tell you where it is coming from. It is coming from the additional 6d. on the reserves of companies, on the reserves of productive enterprises. Sixpence is to be taken additional to the present 4s. in order that the right hon. Gentleman shall be able to preen himself on reducing debt. Here is a definite division of principle between the two sides of the House. I wonder whether in their heart of hearts hon. Members opposite are quite such vehement supporters of this principle of rapid debt amortisation? I should have thought that what was required at present was a little encouragement for industry and employment; that they should be given a feeling that they were not, as it were, under the ban and bar of the Government of the day. I suggest to the right hon. Gentleman that he removes from the scope of the increase in the Income Tax the reserves of limited companies and industrial enterprises, and, in order that his Budget shall suffer no disadvantage, he should strike out——


The Amendment before the Committee is that the £5,000,000 should be excluded from this year's payment, and on that the right hon. Gentleman is not entitled to discuss the whole system of national taxation.


Am I to understand that in arguing that this sum of £5,000,000 need not be added to our burdens I am not entitled to mention in passing the strain and stress which could be relieved——


I did not rule that. What I have ruled is that the right hon. Gentleman must not discuss the general system of taxation. He has made a reference to Socialist schemes and other matters which do not come under this particular Amendment. He must confine himself to the question of the money raised in the Amendment.


Indeed, I am doing so. I am saying that this money ought not to be paid because it can be found only by making a further inroad upon the already depleted reserves of our industrial and productive undertakings.


The right hon. Gentleman was urging the Chancellor of the Exchequer to refrain from placing the extra 6d. of Income Tax on the reserves of limited companies, and I say that is not in order on this Amendment.


Then I trust you will permit me to say that if the right hon. Gentleman were willing to accept this Amendment he would be in a position to give that great remission. I am content to leave it at that. That would be doing something which would be a great encouragement to our industries. But, seriously, I want to ask the Chancellor of the Exchequer—[Interruption.] If you want to mock, we will mock. Why should there be these taunts when, with astonishing chivalry, we are helping you to-night in a manner which, I am bound to say, has gone beyond the limits of generosity? Why should there be these mocking interruptions? Anybody is allowed to have an opinion in this House. [Interruption.] I say to the right hon. Gentleman that if he wishes to facilitate the course of this Budget he ought to try to meet the opinions which are put forward from this side of the House, even when they do not altogether represent his complete view of our financial policy. After all, he is the head of only a minority Government—[Interruption]—he is the Minister of only a minority Government, and the House has a right to be associated with them to some extent in shaping legislation. Why should every suggestion we make be brushed aside? Why should the right hon. Gentleman imagine that simply by threatening us, as he has done to-day, with the Guillotine Closure on the Budget, he will be able to carry——


Has this anything to do with the Amendment before the Committee?


I hope the right hon. Gentleman will confine himself to the Amendment before the Committee, and also that we shall not have these taunts across the Floor.


I certainly claim the ordinary freedom and liberty of debate which has always been given to an Opposition which is almost as strong as the Government of the day. Will not the right hon. Gentleman try to make his Budget scheme more agreeable to the judgment and general feeling of the House, and not adhere to his original plan as if that was the only method by which our affairs could be well conducted? I hope very much that the Chancellor of the Exchequer will be willing to try to meet the reasonable and moderate views of the Opposition. I know it is no use asking the right hon. Gentleman for any concession which places him at a disadvantage, but in this Amendment we are asking him to relieve himself of a portion of the burden which he has thought it right to undertake. I ask the right hon. Gentleman to weigh the facts and not treat the views which we have put forward as if they are bound to be excluded from any consideration of our financial system. We claim a right to, take our share in the shaping of legislation, and if we are denied that right, and if reasonable proposals made from this side count for nothing—[Interruption]—and are snarled and yawned at by hon. Members opposite, do not let it be supposed that that will deprive us of our effectual resisting power.


I gather that the case of the Chancellor of the Exchequer for the increase of the Sinking Fund is that if there has been over-spending in the past, it has generally been at the expense of the Sinking Fund. I contend that there is only one remedy for over-spending, and that is to have a more economic spending of public funds. The Chancellor of the Exchequer on the present occasion, instead of effecting economies, is increasing the load of expenditure. If the Chancellor had economised and got a surplus, then there might be some virtue in deciding to use that surplus for increasing the Sinking Fund, instead of remitting taxation. But that is not the case at the present time, and I can see no virtue whatever in the operation he proposes. On the contrary, it appears to me to be very similar to the case of a man who, imagining himself to be in bad credit, borrows a sum of money from a moneylender and puts it into his bank, in the hope that thereby he may give a semblance of credit to those who may inquire.

Question put, "That the words proposed to be left out stand part of the Clause."

The Committee divided: Ayes, 235; Noes, 119.

Division No. 391.] AYES. [11.10 p.m.
Adamson, Rt. Hon. W. (Fife, West) Hall, F. (York, W. R., Normanton) Moses, J. J. H.
Adamson, W. M. (Staff., Cannock) Hall, G. H. (Merthyr Tydvil) Muff, G.
Addison, Rt. Hon. Dr. Christopher Hall, Capt. W. P. (Portsmouth, C.) Murnin, Hugh
Alexander, Rt. Hon. A. V. (Hillsbro') Harbord, A. Naylor, T. E.
Alpass, J. H. Hardie, George D. Noel Baker, P. J.
Ammon, Charles George Hartshorn, Rt. Hon. Vernon Oliver, George Harold (Ilkeston)
Arnott, John Haycock, A. W. Oliver, P. M. (Man., Blackley)
Attlee, Clement Richard Hayday, Arthur Palin, John Henry
Ayles, Walter Hayes, John Henry Paling, Wilfrid
Baker, John (Wolverhampton, Bilston) Henderson, Right Hon. A. (Burnley) Palmer, E. T.
Barnes, Alfred John Henderson, Arthur, Junr. (Cardiff, S.) Perry, S. F.
Barr, James Henderson, Thomas (Glasgow) Pethick-Lawrence, F. W.
Batey, Joseph Henderson, W. W. (Middx., Enfield) Phillips, Dr. Marion
Bellamy, Albert Harriotts, J. Picton-Turbervill, Edith
Bennett, Capt. Sir E. N. (Cardiff C.) Hirst, G. H. (York W. R. Wentworth) Potts, John S.
Bennett, William (Battersea, South) Hirst, W. (Bradford, South) Quibell, D. J. K.
Benson, G. Hoffman, P. C. Ramsay, T. B. Wilson
Bentham, Dr. Ethel Hollins, A. Rathbone, Eleanor
Bevan, Aneurin (Ebbw Vale) Hopkin, Daniel Raynes, W. R.
Birkett, W. Norman Hudson, James H. (Huddersfield) Richards, R.
Blindell, James Jenkins, W. (Glamorgan, Neath) Richardson, R. (Houghton-le-Spring)
Bondfield, Rt. Hon. Margaret John, William (Rhondda, West) Riley, F. F. (Stockton-on-Tees)
Bowen, J. W. Johnston, Thomas Ritson, J.
Bowerman Rt. Hon. Charles W. Jones, F. Llewellyn- (Flint) Roberts, Rt. Hon. F. O. (W. Bromwich)
Broad, Francis Alfred Jones, J. J. (West Ham, Silvertown) Romeril, H. G.
Bromfield, William Jones, Morgan (Caerphilly) Rosbotham, D. S. T.
Brooke, W. Jones, T. I. Mardy (Pontypridd) Rowson, Guy
Brothers, M. Jowett, Rt. Hon. F. W. Russell, Richard John (Eddisbury)
Brown, C. W. E. (Notts, Mansfield) Jowitt, Rt. Hon. Sir W. A. Salter, Dr. Alfred
Brown, Rt. Hon. J. (South Ayrshire) Kelly, W. T. Sanders, W. S.
Buchanan, G. Kennedy, Thomas Sawyer, G. F.
Burgess, F. G. Kenworthy, Lt.-Com. Hon. Joseph M. Sexton, James
Burgin, Dr. E. L. Kirkwood, D. Shaw, Rt. Hon. Thomas (Preston)
Caine, Derwent Hall- Lansbury, Rt. Hon. George Shepherd, Arthur Lewis
Cameron, A. G. Lathan, G. Sherwood, G. H.
Cape, Thomas Law, Albert (Bolton) Shield, George William
Carter, W. (St. Pancras, S. W.) Law, A. (Rosendale) Shiels, Dr. Drummond
Charleton, H. C. Lawrence, Susan Shillaker, J. F.
Chater, Daniel Lawrie, Hugh Hartley (Stalybridge) Short, Alfred (Wednesbury)
Clarke, J. S. Lawson, John James Simmons, C. J
Cluse, W. S. Lawther, W. (Barnard Castle) Sinkinson, George
Cocks, Frederick Seymour Leach, W. Smith, Ben (Bermondsey, Rotherhithe)
Colfox, Major William Philip Lee, Jennie (Lanark, Northern) Smith, Frank (Nuneaton)
Compton, Joseph Lees, J. Smith, Rennie (Penistone)
Daggar, George Lewis, T. (Southampton) Smith, Tom (Pontefract)
Dallas, George Lindley, Fred W. Smith, W. R. (Norwich)
Dalton, Hugh Logan, David Gilbert Snell, Harry
Day, Harry Longbottom, A. W. Snowden, Rt. Hon. Philip
Dickson, T. Longden, F, Snowden, Thomas (Accrington)
Dudgeon, Major C. R. Lunn, William Sorensen, R.
Dukes, C. Macdonald, Gordon (Ince) Stamford, Thomas W.
Duncan, Charles MacDonald, Rt. Hon. J. R. (Seaham) Strachey, E. J. St. Loe
Ede, James Chuter MacDonald, Malcolm (Bassetlaw) Strauss, G. R.
Edge, Sir William McElwee, A. Sullivan, J.
Edmunds, J. E. McEntee, V. L. Sutton, J. E.
Edwards, E. (Morpeth) McKinlay, A. Taylor, R. A. (Lincoln)
Egan, W. H. MacLaren, Andrew Thurtle, Ernest
Elmley, Viscount Maclean, Nell (Glasgow, Govan) Tillett, Ben
Evans, Capt. Ernest (Welsh Univer.) McShane, John James Tinker John Joseph
Foot, Isaac Malone, C. L'Estrange (N'thampton) Tout, W. J.
Forgan, Dr. Robert Mansfield, W. Townend, A. E.
Freeman, Peter Marley, J. Trevelyan, Rt. Hon. Sir Charles
Gardner, B. W. (West Ham, Upton) Marshall, F. Turner, B.
Gardner, J. P. (Hammersmith, N.) Mathers, George Vaughan, D. J.
Gibbins, Joseph Matters, L. W. Viant, S. P.
Gibson, H. M. (Lancs, Mossley) Messer, Fred Walkden, A. G.
Gill, T. H. Middleton, G. Walker, J.
Gillett, George M. Millar, J. D. Wallace, H. W.
Gossling, A. G. Mills, J. E. Watkins, F. C.
Gould, F. Milner, Major J. Watson, W. M. (Dunfermline).
Watts-Morgan, Lt.-Col. D. (Rhondda)
Graham, D. M. (Lanark, Hamilton) Montague, Frederick Wellock, Wilfred
Graham, Rt. Hon. Wm. (Edin., Cent.) Morgan, Dr. H. B. Welsh, James C. (Coatbridge)
Grenfell, D. R. (Glamorgan) Morley, Ralph Westwood, Joseph
Griffiths, T. (Monmouth, Pontypool) Morrison, Herbert (Hackney, South) Whiteley, William (Blaydon)
Groves, Thomas E. Morrison, Robert C. (Tottenham, N.) Williams, Dr. J. H. (Llanelly)
Grundy, Thomas W. Mort, D. L. Williams, T. (York, Don Valley)
Wilson, C. H. (Sheffield, Attercliffe) Winterton, G. E. (Leicester, Loughb'gh) TELLERS FOR THE AYES.
Wilson, J. (Oldham) Wright, W. (Rutherglen) Mr. Charles Edwards and Mr.
Wilson, R. J. Jarrow) Young, R. S. (Islington, North) Allen Parkinson.
Acland-Troyte, Lieut.-Colonel Gibson, C. G. (Pudsey & Otley) Roberts, Sir Samuel (Ecclesall)
Ainsworth, Lieut.-Col. Charles Glyn, Major R. G. C. Robinson, Sir T. (Lancs, Stretford)
Albery, Irving James Graham, Fergus (Cumberland, N.) Rodd, Rt. Hon. Sir James Rennell
Amery, Rt. Hon. Leopold C. M. S. Grattan-Doyle, Sir N. Ross, Major Ronald D.
Baldwin, Rt. Hon. Stanley (Bewdley) Gunston, Captain D. W. Ruggles-Brise, Lieut.-Colonel E. A.
Beamish, Rear-Admiral T. P. H. Hacking, Rt. Hon. Douglas H. Russell, Alexander West (Tynemouth)
Betterton, Sir Henry B. Hall, Lieut.-Col. Sir F. (Dulwich) Salmon, Major I.
Birchall, Major Sir John Dearman Hammersley, S. S. Samuel, A. M. (Surrey, Farnham)
Bird, Ernest Roy Hanbury, C. Samuel, Samuel (W'dsworth, Putney)
Bourne, Captain Robert Croft Henderson, Capt. R. R. (Oxf'd, Henley) Sandeman, Sir N. Stewart
Bowyer, Captain Sir George E. W. Heneage, Lieut.-Colonel Arthur P. Sassoon, Rt. Hon. Sir Philip A. G. D.
Bracken, B. Hennessy, Major Sir G. R. J. Savery, S. S.
Braithwaite, Major A. N. Herbert, Sir Dennis (Hertford) Shepperson, Sir Ernest Whittome
Brass, Captain Sir William Hills, Major Rt. Hon. John Waller Smith-Carington, Neville W.
Briscoe, Richard George Iveagh, Countess of Smithers, Waldron
Brown, Col. D. C. (N'th'l'd., Hexham) Jones, Sir G. W. H. (Stoke New'gton) Somerset, Thomas
Brown, Brig.-Gen. H. C. (Berks, Newb'y) Jones, Henry Haydn (Merioneth) Somerville, A. A. (Windsor)
Butler, D. A. Lamb, Sir J. Q. Somerville, D. G. (Willesden, East)
Cayzer, Sir C. (Chester, City) Leighton, Major B. E. P. Southby, Commander A. R. J.
Christie, J. A. Lewis, Oswald (Colchester) Spender-Clay, Colonel H.
Churchill, Rt. Hon. Winston Spencer Llewellin, Major J. J. Stanley, Lord (Fylde)
Cockerill, Brig.-General Sir George Macdonald, Sir M. (Inverness) Steel Maitland, Rt. Hon. Sir Arthur
Cohen, Major J. Brunel Macdonald, Capt. P. D. (I. of W.) Stuart, Hon. J. (Moray and Nairn)
Crookshank, Cpt. H. (Lindsey, Gainsbro) Maitland, A. (Kent, Faversham) Sueter Rear-Admiral M. F.
Croom-Johnson, R. P. Makins, Brigadier-General E. Titchfield, Major the Marquess of
Culverwell, C. T. (Bristol, West) Margesson, Captain H. D. Train, J.
Davies, Dr. Vernon Mason, Colonel Glyn K. Vaughan-Morgan, Sir Kenyon
Davies, Maj. Geo. F. (Somerset, Yeovil) Meller, R. J. Warrender, Sir Victor
Dixon, Captain Rt. Hon. Herbert Merriman, Sir F. Boyd Waterhouse, Captain Charles
Duckworth, G. A. V. Mitchell-Thomson, Rt. Hon. Sir W. Wells, Sydney R.
Edmondson, Major A. J. Morrison, W. S. (Glos., Cirencester) Williams, Charles (Devon, Torquay)
Elliot, Major Walter E. Nield, Rt. Hon. Sir Herbert Wilson, G. H. A. (Cambridge U.)
England, Colonel A. O'Neill, Sir H. Windsor-Clive, Lieut.-Colonel George
Erskine, Lord (Somerset, Weston-s-M.) Ormsby-Gore, Rt. Hon. William Winterton, Rt. Hon. Earl
Falle, Sir Bertram G. Peake, Capt. Osbert Womersley, W. J.
Ferguson, Sir John Peto, Sir Basil E. (Devon, Barnstaple) Wood, Rt. Hon. Sir Kingsley
Fermoy, Lord Power, Sir John Cecil Worthington-Evans, Rt. Hon. Sir L.
Fleiden, E. B. Ramsbotham, H.
Forestier-Walker, Sir L. Remer, John R. TELLERS FOR THE NOES.
Fremantle, Lieut.-Colonel Francis E. Rentoul, Sir Gervais S. Sir Frederick Thomson and Sir
Gault, Lieut.-Col. Andrew Hamilton Richardson, Sir P. W. (Sur'Y, Ch't'sy) George Penny.

Question, "That the Clause stand part of the Bill," put, and agreed to.