HC Deb 29 October 1945 vol 415 cc167-8

Considered in Committee under Standing Order No. 69.

[Mr. HUBERT BEAUMONT in the Chair]

Motion made, and Question proposed,

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 England (hereinafter referred to as 'Bank stock'), in exchange for Bank stock held by them, such an amount of stock (hereinafter 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 redeem 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."—(King's Recommendation signified.)—[Mr. Dalton.]

It being after a quarter past Ten o'Clock, and objection being taken to further Proceedings, The Chairman left the Chair.

Committee report Progress; to sit again To-morrow.

ADJOURNMENT

Resolved: "That this House do now adjourn."—[Mr. Mathers.]

Adjourned accordingly at Twenty-four Minutes to Eleven o'Clock.