§ Order of the Day for the Second Reading read.
§ THE UNDER-SECRETARY OF STATE FOR THE COLONIES (LORD ARNOLD)
My Lords, this is an annual Bill, the Second Beading of which is moved formally in your Lordships' House. The main purpose of the Bill is to fix the maximum amount which may be issued by the National Debt Commissioners for the purpose of local loans. The capital required is provided by the issue of three per cent, local stock.
§ Moved, That the Bill be now read 2a.—(Lord Arnold.)
§ On Question, Bill read 2a, and committed to a Committee of the Whole House.