HC Deb 30 May 1951 vol 488 c294

Resolution reported: That, for the purposes of any Act of the present Session to extend the powers of the Minister of Fuel and Power to make advances to the National Coal Board for capital purposes, it is expedient—

  1. (a) to authorise the issue out of the Consolidated Fund of such sums as may be necessary to enable the Minister of Fuel and Power to make advances to the National Coal Board for defraying their capital expenditure, so, however, that the aggregate amount of the principal outstanding in respect of such advances shall not at any time exceed three hundred million pounds, and any such advance shall be subject to the provisions of the Coal Industry Nationalisation Act, 1946, for the making by the said Board of payments to the said Minister of interest on such advances and in repayment thereof;
  2. (b) to authorise the Treasury, for the purpose of providing sums to be issued out of the Consolidated Fund as aforesaid or of providing for the replacement of the sums so issued, to raise money in any manner in whch they are authorised to raise money under the National Loans Act, 1939;
  3. (c) to authorise the payment into the Exchequer of sums paid by the said Board to the said Minister in respect of interest on such advances as aforesaid and in re payment thereof, and to authorise the issue out of the Consolidated Fund of sums paid into the Exchequer as aforesaid and the application of sums so issued, in so far as they represent principal, in redemption or repayment of debt or, in so far as they represent interest, in the payment of interest otherwise payable out of the permanent annual charge for the National Debt.

Resolution agreed to.

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