§ 4.35 p.m.
§ The Secretary of State for India (Mr. Amery)I beg to move,
That an humble Address be presented to His Majesty, in pursuance of the provisions of Section 309 of the Government of India Act, 1935, praying that the Government of India (Family Pensions Funds) (Amendment) Order, 1945, be made in the form of the draft laid before Parliament.The House will want me, in the fewest possible words, to explain the purpose of this Order. In 1936, the Government of India transferred to four commissions the balances of four contributory family pensions' funds. Since then the rate of interest has steadily decreased, and there was some apprehension lest there should not be enough income to cover the pensions. Accordingly, it is proposed to widen the sphere of investment by allowing these commissions to invest in mortgages of leasehold property with more than 60 years to run, and also to combine together in holding these mortgages. The Public Trustee is a member of each one of these commissions, and approves of this modest extension.
§ Question put, and agreed to.
§ To be presented by Privy Councillors or Members of His Majesty's Household.