§ Question proposed, That the Clause stand part of the Bill.
§ Mr. HigginsI will not delay the House on this Clause more than a few moments, but perhaps it is right to say a word or two about it. It is much longer in words than Clause 1, but rather less significant.
United Kingdom participation in the General Agreement to Borrow was authorised in the International Monetary Fund Act, 1962. It transpires that a technical Amendment to the Act is necessary. It provides for any sums which we might lend to come from the Consolidated Fund. This outmoded reference to the Consolidated Fund was not picked up in the National Loans Fund Act, 1968, but the deficiency will be corrected if the present Bill becomes law.
This is for the present a wholly technical matter. While we remain indebted to the Fund, we shall not be called upon to lend currencies under the General Agreement to Borrow. But I hope that the House will agree that it was appropriate to take this opportunity to amend the 1962 Act.
§ Question put and agreed to.
§ Clause 2 ordered to stand part of the Bill.
§ Clause 3 ordered to stand part of the Bill.
§ Preamble agreed to.
§ Bill reported, without Amendment.
§ Motion made, and Question, That the Bill be now read the Third time, put forthwith pursuant to Standing Order No. 55 (Third Reading), and agreed to.
§ Bill accordingly read the Third time and passed.