HC Deb 17 July 1939 vol 350 cc147-9

Resolution reported: That for the purposes of any Act of the present Session to extend the powers of the Board of Trade to give guarantees for the

£ s. d.
Total Surpluses 808,068 9 11
Total Deficits 107,223 15 9
Net Surplus £700,839 14 2

And whereas the Lords Commissioners of His Majesty's Treasury have temporarily authorised the application of so much of the said total surpluses on certain Grants for Air Services as is necessary to make good the said total deficits on other Grants for Air Services.

purpose of establishing or encouraging overseas trade; to enable the Board to acquire and dispose of securities guaranteed by them under the said Act or under the Export Guarantees Act, 1939, and for purposes connected with the matters aforesaid, it is expedient—

A. subject to the limits hereinafter mentioned, to authorise the payment out of moneys provided by Parliament of expenses to be incurred by the Board of Trade under the said Act of the present Session in connection with guarantees given there under for the purposes aforesaid, and to provide that any amount required for fulfilling guarantees so given shall, if not paid out of moneys so provided, be charged on and issued out of the Consolidated Fund.

The limits above referred to are that the aggregate amount of the liability at any time of the Board of Trade in respect of guarantees given under the said Act or under Section four of the Export Guarantees Act, 1939, exclusive of any liability in respect of interest on principal moneys so guaranteed shall not exceed sixty million pounds, and, in so far as those guarantees are given in connection with any matter other than the export or an agreement for the export of home-produced goods (including such guarantees as may be treated by virtue of the said Act as such guarantees as aforesaid), shall not exceed six million pounds.

B. to authorise the Treasury to issue from time to time to the Board of Trade out of the Consolidated Fund such sums as may be required to enable the Board to acquire securities (as defined for the purposes of the said Act) guaranteed by them in the exercise of their powers either under the said Act, or under the Export Guarantees Act, 1939;

C. to authorise the Treasury for the purpose of providing money for making issues under the last preceding paragraph, or for replacing sums so issued, to raise money in any manner in which they are authorised to raise money under and for the purposes of Sub-section (1) of Section one of the War Loan Act, 1919; and

D. to make provision for certain consequential or incidental matters including, in particular, authority to the Board of Trade to pay into the Exchequer such sums as they may be directed by the said Act so to pay, and authority for the issue out of the Exchequer of sums so received into it and their application to the redemption or repayment of debt or, so far as they represent interest, in payment of interest other wise payable out of the permanent annual charge for the National Debt."