§ Order of the Day for the Second Reading read.
§ The CHANCELLOR OF THE DUCHY OF LANCASTER (LORD CUSHENDUN)My Lords, this Bill, an annual Bill, is one with which I am sure you are very familiar, supplying as it does the machinery by which the local loans necessary for all sorts of local requirements are financed from time to time. The only point upon which I think your Lordships would probably desire an explanation is why it has been necessary this year to have a second Bill, which is rather exceptional, and why it is necessary to pass it through Parliament at this time of year. The reason is simply this.£40,000,000 was voted under the annual Bill last year, and that was estimated to be sufficient to last until next March, but, owing especially to the exceptional activities under the housing programme during 768 this year, stimulated, no doubt, by the desire to complete as many houses as possible under the existing rate of subsidy, which came to an end in October, a very much larger demand was made on the fund than was originally contemplated. The result is that unless this supplementary Bill is passed during the present Session there will be no money voted by Parliament for the requirements under the fund during January and February. The consequences would, of course, be very inconvenient. Indeed, the effect would be to restrict the financing of the housing schemes, education schemes, and other local requirements of that sort. This Bill is therefore presented to Parliament asking for sanction for the financing of the fund to the extent of another £25,000,000, which would be sufficient to carry it on for another seven months, when, in the ordinary course, another annual Bill would be presented, and the usual procedure followed in that respect.
§ Moved, That the Bill be now read 2a.—(Lord Cushendun.)
§ LORD ARNOLDI suppose there is no question of any public issue in connection with the extension?
§ LORD CUSHENDUNNo.
§ On Question, Bill read 2a, committed to a Committee of the Whole House.