HC Deb 11 December 1946 vol 431 cc1295-6

Resolution reported: That, for the purposes of any Act of the present Session to make provision for centralised buying, selling and distribution of raw cotton and for the establishment of a Commission for that purpose (in this Resolution referred to as 'the Act'), it is expedient to authorise—

  1. (a) The issuing out of the Consolidated Fund of sums for periodical advances to the said Commission as follows, that is to say—
    1. (i) for the purpose of meeting outgoings of theirs properly chargeable to revenue account, advances such that the aggregate outstanding at any time in respect 1296 thereof, and of such part of the net value of assets transferred to them by virtue of the Act as may be treated there under as an initial advance for that purpose, shall not exceed the aggregate of that part of that net value and seventy-five million pounds, and
    2. (ii) for the purpose of meeting outgoings of theirs properly chargeable to capital account, advances not exceeding in the aggregate ten million pounds (reckoned without bringing into account such part of the net value of assets transferred to them by virtue of the Act as may be treated there under as an initial advance for that purpose).
    subject to provision for the making of payments by them to the Board of Trade by way of interest on such initial and periodical advances and of repayment thereof.
  2. (b) The issuing out of the Consolidated Fund, for payment to the said Commission and credit to their reserve fund, of a sum representing the net profit accruing to the Board of Trade from the discharge of their raw cotton functions on or after the first day of April, nineteen hundred and forty-six, determined having regard to all relevant considerations including the net value of assets transfered as aforesaid.
  3. (c) The raising of money by the Treasury, in any manner in which they are authorized to raise money under the National Loans Act, 1939, for the purpose of providing sums to be issued out of the Consolidated Fund as mentioned in this Resolution or of providing for the replacement of sums so issued.
  4. (d) The payment into the Exchequer of payments to be made as aforesaid by the said Commission to the Board of Trade, the issue out of the Consolidated Fund of sums paid into the Exchequer representing such payments, and the application of sums so issued in redemption or payment off or debt, or, in so far as they represent interest, in payment of interest otherwise payable out of the permanent annual charge for the National Debt."

Resolution agreed to.