HC Deb 20 December 1937 vol 330 cc1719-20

Question proposed, "That the Clause stand part of the Bill."

Sir S. Cripps

I desire to ask the President of the Board of Trade on this Clause whether it is the intention of the Government that the Treasury shall guarantee any stock that is issued by the Commission?

10.0 p.m.

The Financial Secretary to the Treasury (Lieut.-Colonel Colville)

I cannot say at this stage whether it is the intention that the Treasury shall guarantee any stock that is issued by the Commission. It will depend on the conditions at the time. We think, however, that it would be wise to empower the Treasury to give this guarantee, so that it may be available should it appear at the time that the assistance which could be given by a Government guarantee would be desirable. That is the only answer that I can give to the hon. and learned Member's question. It must depend on the conditions at the time. I hope that the Committee will see their way to agree to the giving of that power.

Sir S. Cripps

Certainly we are in favour of the inclusion of this power, but we want to know what is the criterion of necessity. The Financial Secretary says that the power will be exercised if it is necessary, but what is that criterion? Is it the intention that the Commission shall be put into the position of raising money as economically as the Treasury could?

Lieut.-Colonel Colville

Yes, the object is that the money shall be raised as economically as possible. That is the reason for providing this power.

Clause 26 ordered to stand part of the Bill.