§ Order for Second Reading read.
§ 7.38 p.m.
§ Sir K. WoodI beg to move, "That the Bill be now read a Second time."
It has been intimated to me that I need not explain the subject-matter of this Bill again, because many hon. Members were here when I gave a full explanation of the matter on the Ways and Means Resolution. I would remind the House, however, that this Bill makes provision in the main for the extension of the powers taken under the National Loans Act, 1939, and that under Section 1 of that Act the Treasury were given powers to raise in such a matter as they thought fit any money required for Supply grants for the year ending 31st March, 1940, and, in addition, a margin of not more than £250,000,000. It is now necessary, as I explained to the House a few days ago, to take comparable powers in respect of Supply grants for the year ending 31st March, 1941, plus a margin, again, of not more than £250,000,000. Clause 2 of the Bill is designed to release the Treasury from any contractual obligations to issue securities under the National Loans Act in the form of bearer bonds or bond certificates. This is following recent measures that we have taken to tighten our exchange control with special reference to the ability of the enemy to get hold of the sterling assets of countries he has over-run. With these few words I introduce the Bill and now ask the House to give it a Second Reading.
Question, "That the Bill be now read a Second time," put, and agreed to.
Bill read a Second time, and considered in Committee, pursuant to the Order of the House this day; reported, without Amendment; read the Third time, and passed.