HC Deb 07 March 1951 vol 485 c513
Captain Crookshank

I beg to move, in page 3, line 18, to leave out fourteen."

It will be recollected that this Clause enumerates various Sections of the principal Act which are to cease to have effect, namely, Sections 11, 12, 14, 15 and 17. We do not wish Section 14 to cease to have effect. That Section is the one which begins: The Corporation shall establish a reserve fund. We cannot see why, with the changeover of the accountability of the Corporation to a different Minister, that it should cease to have a reserve fund. I quite recognise that it is to be financed by annual Votes and not by advances from the Treasury, but there is no reason why, if it is to have proper trading accounts, and be a business concern, it should not have a reserve fund. By deleting Section 14 of the principal Act, we make it impossible for the Corporation to have a reserve fund. If the right hon. Gentleman reads his own White Paper he will see that it says: A sum of £1,000,000 is to be set aside to cover unforeseen contingencies. I do not know what is to happen to that £1 million if it is not to be a reserve fund. Unless there is a very good explanation to the contrary, I hope the right hon. Gentleman will see the wisdom of this Amendment and will allow the Corporation to have a reserve fund.

It being Seven o'Clock, and there being Private Business set down by direction of The CHAIRMAN OF WAYS AND MEANS under Standing Order No. 7 (Time for taking Private Business) further Proceeding stood postponed.