HC Deb 09 December 1946 vol 431 cc927-30
The Deputy-Chairman (Mr. Hubert Beaumont)

I think it would be for the convenience of the Committee if we discussed together all four Amendments to this Clause, which propose to leave out paragraphs 1, 3, 5 and 7 respectively

Colonel Crosthwaite-Eyre

I beg to move, in page 42, line 17, to leave out out paragraph 1.

I understand that the Chancellor has something to say on this matter, and, therefore, I do not wish to detain the Committee in proposing this Amendment. I would ask the right hon. Gentleman to remember that it does give the Government power, at any stage, to make any currency specified currency, without reference to the House. It is necessary I submit for His Majesty's Government to remember that, however well they may think they administer this power, that is no reason for making it permanent. I know that the Chancellor is one of those people who was born to immortality rather than given it, but that does not mean that when some Herodotus comes to write his life the same immortality will be granted him. He can always look behind him to the hon. and learned Member for Gloucester (Mr. Turner-Samuels) as one of those who are going to succeed him. Therefore we on this side of the Committee, who are slightly frightened by that possibility—particularly as we have seen throughout the discussions on this Bill, the hon. and learned Member whispering in the right hon. Gentleman's ear and guiding him from time to time—wish to be guarded against it I hope the Chancellor will be able to meet, not only this very real objection, that currency may be specified without any reference to the House, but will also consider these other Amendments. I hope he will be able to give us a general assurance to remove our fears and that it will not be necessary for us to detain the Committee any longer.

Mr. Dalton

I can respond to the hon. and gallant Gentleman's amiable and eloquent request to abbreviate Business, by saying that all these matters have been discussed at earlier stages. Perhaps, I may, therefore, be excused from repeating the arguments. I indicated that we would examine them all, and we have done so. I am prepared to accept the first Amendment, which has just been moved, with regard to specifying foreign currencies, thereby making any Treasury Order governing this matter subject to negative Resolution. I gather it is the wish of the Committee that I should also indicate our attitude on each of the other Amendments. The Amendment to leave out paragraph (5) would not be advantageous for us to accept, because it would involve naming particular persons and firms in an Order before the House of Commons, and that would not be for the convenience of those concerned. I would ask hon. Members not to press it

12.30 a.m.

I say then that we are prepared to accept that Orders declaring any currency to be a specified currency shall be laid, subject to negative Resolution. We accept that. With regard to the omission of paragraph 3— Any order directing that section seventeen of this Act shall apply to any securities. We will accept that. With regard to paragraph 5— Any order specifying persons who are to be authorised dealers or authorised depositaries."— as I say, we think it is best that it should stay in the Schedule. We think it invidious to mention names of persons in an Order. We do not think that is called for. With regard to paragraph 7— Any order prescribing the investments in which sums standing to the credit of a blocked account may be invested."— we are prepared to accept the Amendment to omit that. Having accepted 75 per cent. of what is desired, I hope that the Committee will see their way to come to a decision.

Lieut.-Commander Braithwaite

I am sure that hon. Members on this side, as indeed hon. Members on the other side who have been following the proceedings, will be grateful to the right hon. Gentleman for this very remarkable outburst of generosity I rise to ask a question arising out of what took place earlier, when we mentioned the question of the definition of authorised depositaries being enlarged to include certain professions, such as stockbrokers, solicitors and so on. The right hon Gentleman said that it would be appropriate to raise this matter at this stage Perhaps he would now prefer that it should stand over until we reach the Report stage. If that is so, I would point out that in the case of stockbrokers there is an important matter here for consideration The right hon. Gentleman mentioned that it might be possible to hold securities for a matter of 30 days—

Mr. Dalton

For temporary use.

Lieut.-Commander Braithwaite

The right hon. Gentleman will agree it is not an exaggerated possibility that a death may take place after a deal has been set on foot, and before its completion. It is usual for a stockbroker to hold securities while carrying out valuation probate which is often a fairly lengthy procedure, and then proof of death has to be lodged with each individual company. The right hon Gentleman will realise that this is often a prolonged matter, and I should be glad if between how and the Report stage, he would look at the matter.

Mr. Dalton

Certainly.

Amendment agreed to.

Further Amendments made:

In page 42, line 17, leave out paragraph 3.—[Mr. Assheton.]

In page 42, line 28, leave out paragraph 7.—[Mr. Eccles.]

Motion made, and Question proposed, "That the Schedule, as amended, be the Sixth Schedule of the Bill."

Mr. Assheton

Will the Chancellor be good enough, at a later stage of the Bill to deal with the exchange-market dealers?

Mr. Dalton

Yes, Sir.

Question put, and agreed to

Bill reported, with Amendments; as amended, to be considered upon Thursday, and to be printed. [Bill 21.]