HL Deb 09 June 1931 vol 81 cc48-50

Order of the Day for the Second Reading read.


My Lords, this is also a Money Bill, but I want to assure your Lordships that it does not authorise the expenditure of a single penny. The Act which it amends was passed in 1926. It authorised the raising of loans to the extent, so far as East Africa is concerned, of £10,000,000 in the aggregate for railways, harbours, roads and so on. But there was, as we now find, a small mistake in the Act. The Act authorised the Government to guarantee loans raised by these Posses- sions, provided that the Colony or territory passed legislation making the principal and interest of the loan and the sinking fund a charge on their revenue having priority over all other charges not then existing. The Government of Tanganyika raised a loan of £2,000,000, which was guaranteed, and, in accordance with the Act, they passed an Ordinance making it a charge on their revenues with priority over any other charges. Now they want another loan, and we find they cannot comply with the Act of 1926, because they have already promised to give a. priority over any future charges, and that Act requires that any loan should have the same priority over charges not existing at the time of the Act of 1926. The purpose of this Bill is simply to get over that little difficulty, and to say that it shall be sufficient if they give priority to any other charges except only any one given in accordance with the Act of 1926. It is the smallest possible amendment of the Act, and really it carries out what was the original intention. This Bill being a certified Money Bill, if the House accepts it it will not be necessary to go into Committee. I beg to move.

Moved, That the Bill be now read 2a.—(Lord Passfield.)

On Question, Bill read 2a: Committee negatived.

House adjourned at twenty-five minutes before seven o'clock.