HC Deb 26 February 1934 vol 286 cc903-6

Resolution reported. That it is expedient to provide—

  1. (a) for the making to the Cunard Steamship Company, Limited, or to any company (hereinafter referred to as 'the merger company') formed to take over the interests of that company in the North Atlantic shipping trade and all or 904 any of the interests in that trade belonging or formerly belong to the Oceanic Steam Navigation Company, Limited, of advances, not exceeding in all nine million five hundred thousand pounds, out of the Consolidated Fund for the purposes of constructing one or more large vessels for the North Atlantic shipping trade and for providing working capital for the merger company;
  2. (b) for the payment into the Exchequer of interest on such advances, and for the application to the redemption of debt of sums received in repayment of such advances;
  3. (c) for enabling the Treasury to borrow under Section one of the War Loan Act, 1919, for the purpose of providing for such advances;
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  4. (d) for the transfer to the merger company of the benefits and obligations conferred and imposed on the Cunard Steamship Company, Limited, by and under the Cunard (Insurance) Agreement Act, 1930;
  5. (e) for other matters in connection with the said advances and the said transfer, and in connection with the formation of the merger company."

Motion made, and Question proposed, "That this House doth agree with the Committee in the said Resolution."

11.42 p.m.

Mr. ALBERY

At this stage of this Financial Resolution, I wish to make a further protest against some of the provisions contained in it and especially against paragraph (a) which refers to providing the working capital of the merger company. I shall take the opportunity at a later stage of raising that matter further.

Bill ordered to be brought in upon the said Resolution by the Chancellor of the Exchequer and Mr. Hore-Belisha.

NORTH ATLANTIC SHIPPING [ADVANCES]—

"to provide financial facilities in connection with the construction of large vessels for the North Atlantic shipping trade, and in connection with the merger of certain shipping companies in respect of their interests in that trade, and for purposes connected with the matters aforesaid," presented accordingly, and read the First time; to be read a Second time upon Thursday, and to be printed. [Bill 64.]

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