HC Deb 12 November 1953 vol 520 cc1245-6

Considered in Committee under Standing Order No. 84 (Money Committees).—[Queen's Recommendation signified.]

[Mr. HOPKIN MORRIS in the Chair]

Resolved, That, for the purposes of any Act of the present Session to provide for raising further money for the development of the postal, telegraphic and telephonic systems and of any other business of the Post Office, it is expedient—

  1. (i) to authorise the issue out of the Consolidated Fund of such sums, not exceeding in the whole one hundred and twenty-five million pounds, as may be required for the purposes of such development as aforesaid;
  2. (ii) to authorise the Treasury to borrow by means of terminable annuities, or in any other manner in which they are authorised to raise money under the National Loans Act, 1939, for the purpose of providing money for sums so authorised to be issued, or for repaying to the Consolidated Fund all or any part of the sums so issued, and to authorise payment into the Exchequer of any sums so borrowed;
  3. (iii) to provide for the payment of such terminable annuities out of moneys provided by Parliament for the service of the Post Office, or, if those moneys are insufficient, out of the Consolidated Fund;
  4. (iv) to authorise the repayment into the Exchequer of such sums as are equal to the excess of—
  1. (a) the sums authorised to be issued under paragraph (i) of this Resolution over
  2. (b) the sums borrowed by means of such annuities as are payable under the said Act of the present Session out of moneys provided by Parliament
and to authorise the payment into the Exchequer of interest on the sums so authorised to be repaid; (v) to authorise the issue out of the Consolidated Fund of sums paid into the Exchequer as mentioned in the last preceding paragraph and the application of sums so issued in redemption or repayment of 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.—[Mr. Gammans]

Resolution to be reported Tomorrow.