HC Deb 16 April 1935 vol 300 cc1815-6

Considered in Committee, under Standing Order No. 69.

[Captain BOURNE in the Chair.]

Resolved, That it is expedient to make provision for the creation of other securities in lieu of Local Loans stock, for the redemption and conversion of Local Loans stock and securities issued in pursuance of this Resolution, and for matters relating thereto, and in particular to authorize—

  1. (1) the creation and issue by the Treasury of such securities bearing such rate of interest and subject to such conditions as to redemption, repayment, or otherwise as they think fit for any of the following purposes
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    1. (a) for the purposes for which Local Loans stock may be created;
    2. (b) for raising money for the redemption of any such stock or securities;
    3. (c) for the purpose of exchange with any such stock or securities, and for raising money if required as further consideration for any such exchange;
    4. (d) for raising money for the repayment to the Exchequer of sums issued out of the Consolidated Fund under the next following paragraph;
  2. (2) the issue out of the Consolidated Fund—
    1. (a) of any sums required to be paid in respect of the interest or the expenses of issue or management of any such securities, in so far as they cannot be paid out of the income account of the Local Loans Fund; and
    2. (b) of any sums required to be paid in respect of the principal of any such securities, or in respect of the redemption of Local Loans stock, in so far as they cannot be paid out of the capital account of the Local Loans Fund;
    and the repayment out of the Local Loans Fund to the Exchequer of any sums so issued;
  3. (3) the raising of money by the Treasury under Section one of the War Loan Act, 1919, for the purpose of providing for the issue out of the Consolidated Fund of sums mentioned in sub-paragraph (b) of the last foregoing paragraph, and the advance by the Bank of England to the Treasury of any money which the Treasury are so authorised to raise;
  4. (4) the giving of relief, at any time after Local Loans stock has been redeemed or exchanged in pursuance of this Resolution, from outstanding obligations to the Local Loans Fund either in respect of interest or in respect of capital, so, however, that no such relief shall be given unless the assets of the Fund exceed in value its liabilities by an amount not less than ten million pounds, or so as to reduce the said excess to less than five million pounds;
  5. (5) the application to securities issued in pursuance of paragraph (1) of this Resolution of any enactment relating to Local Loans stock."—(King's Recommendation signified.)—[Mr. Chamberlain.]

Resolution to be reported To-morrow.

The remaining Orders were read, and postponed.

    c1816
  1. ADJOURNMENT. 18 words
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