CLAUSE 188.—(Special provisions as to certain funds.) (Hansard, 21 May 1935)

§ The SOLICITOR-GENERAL

I beg to move, in page 112, line 22, to leave out from "and," to "at," in line 23, and to insert: the Federal Government shall credit each such fund with interest on the untransferred balance thereof. Under the Clause, railway depreciation funds, reserve funds, or provident funds, which are at present in the hands of the Central Government, may, when the Federal Railway authority is set up, re main in the hands of the Federal Government, the beneficiaries getting sums of money as they require. All that this and the following Amendment does is to make it clear that interest shall be credited on any balances in the hands of the Federal Government, and to make clear, what was not quite clear before, that the obligation is on the Federal Government to pay that interest. It might have been thought from the Clause as originally drafted that the interest could be taken into the general revenues of the Railway Authority, whereas our intention is that the interest on the 980 balance in a fund should be kept for that fund. It is to make these points clear that I move these Amendments.