§
Resolution reported:
That, for the purposes of any Act of the present Session (hereinafter referred to as 'the Act') to make further provision with respect to the powers of the Board of Trade to give guarantees in connection with overseas transactions it is expedient:
- A. To authorise the payment out of moneys provided by Parliament of expenses of the Board of Trade under the Act in connection with arrangements—
- (i) for giving, after consultation with an Advisory Council, guarantees (up to an aggregate amount of five hundred million pounds in respect of the liability of the Board at any one time under the Act and certain other enactments) for the purpose of encouraging trade with places outside the United Kingdom (as defined in the Act), being guarantees given in connection with matters which appear to the Board of Trade conducive to the said purpose;
- (ii) for giving further guarantees (up to an aggregate amount of one hundred million pounds in respect of the liability of the Board at any one time under the Act and certain other enactments) for the purpose of encouraging trade as aforesaid or for the purpose of rendering economic assistance to countries outside the United Kingdom, being such guarantees as appear to the Board to be expedient in the national interest.
- B. To provide that in the event of any amount required for fulfilling any guarantee given under the Act not being paid out of moneys provided by Parliament it shall be charged on, and issued out of, the Consolidated Fund.
- C. To authorise the making from time to time out of the Consolidated Fund of issues of such sums as may be required to enable the Board of Trade to acquire securities guaranteed by them under the Act and certain other enactments.
- D. To authorise, for providing money for making such issues, or for replacing such sums, the raising of money in any manner in which it is authorised to be raised under the National Loans Act, 1939.
- E. To authorise the payment into the Exchequer of interest on such sums, the repayment into the Exchequer of such sums, and the payment into the Exchequer of the amount by which the receipts of the Board of Trade in respect of the securities acquired by them as aforesaid exceed the amounts required for the said payment and repayment, and to authorise the issue out of the Consolidated Fund of such payments and repayments and their application in redemption or repayment of debt or, 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.