§ Order of the Day for the Second Reading read.
§ THE CHANCELLOR OF THE DUCKY OF LANCASTER (VISCOUNT PEEL)My Lords, the Bill the Second Reading of which I now move, must be considered in connection with, and can only be studied in connection with, those other measures for the relief of unemployment, some of which have already been placed before your Lordships. This Bill is a very intricate one, and, as there- is such a small attendance, I do not propose to go into a detailed description of it at the present time. I think that it would probably be best, if there are any points which your Lordships wish to raise, that I should deal with them on Committee stage.
I will only say two things about the Bill. It is divided into two parts. The first half gives power to the Treasury to guarantee the principal and interest, or both, of loans up to £ 25,000,000, the proceeds of which are to be spent mainly in providing work in this country, and in that way stimulating trade The provisions of that part of the Bill will be administered by an Advisory Committee of business men, but the Treasury, of course, will have ultimate responsibility for the spending of the money. The Treasury will, however, in most cases, act upon the advice of this Committee. The second portion of the Bill deals with export credits, and it extends, enlarges, and makes more easy the machinery by which that Export Credits Act will work. I should like to say that the limit of £ 26,000,000 which has already been granted by Parliament, is not proposed to be exceeded in this Bill. I beg to move.
§ Moved, That the Bill be now read (Viscount Peel.)
§ On Question, Bill read 2a, and committed to a Committee of the Whole House.