HC Deb 05 November 1945 vol 415 cc943-4

Resolution reported: That for the purposes of any Act of the present Session to bring the capital stock of the Bank of England into public ownership and bring the Bank under public control, to make provision with respect to the relations between the Treasury, the Bank of England, and other banks and for purposes connected with the matters aforesaid, it is expedient—

  1. (a) to authorise the Treasury to issue to holders of capital stock of the Bank of Eng land (hereinafter referred to as 'Bank stock'), in exchange for Bank stock held by them, such an amount of stock (herein after referred to as 'Government stock') bearing interest at the rate of three per cent. per annum that the sum payable annually by way of interest thereon will be equal to the average annual gross dividend declared during the period of twenty years immediately preceding the thirty-first day of March, nineteen hundred and forty-five, upon the amount of Bank stock held;
  2. (b) to authorise the charge on the Consolidated Fund of the principal of and interest on the Government stock, and any expenses incurred in connection with its issue or redemption and any remuneration payable in respect of its management;
  3. (c) to authorise the Treasury, for the purpose of providing any sums required to re- 944 deem the Government stock, to raise money in any manner in which they are authorised to raise money under the National Loans Act, 1939;
  4. (d) to authorise the payment into the Exchequer of sums paid by the Bank of England to the Treasury in lieu of dividends on Bank Stock, and to authorise the issue out of the Consolidated Fund of sums so paid into the Exchequer and the application of sums so issued in payment of interest otherwise payable out of the permanent annual charge for the national debt."

Resolution agreed to.