§ Order of the Day for the Second Reading read.
§ LORD TEMPLEMOREMy Lords, this Bill, like the Bill I introduced to your Lordships yesterday, is very nearly a hardy annual, but not quite, because the rule, as your Lordships know, is that whenever the Public Works Loans Commissioners come to the end of their money they have to come to Parliament in order to get a new Bill. The last Bill, which was in charge in this House of my noble friend Lord Stanhope, was passed in July of last year. This Bill differs from the Bill of last year in that Clause 1 contains the names of the Commissioners. These Commissioners are appointed for five years from the 1st April in any given year. In this case they were appointed as from the 1st April, 1931, and their term of office therefore expires on the 1st April next, and they have to be reappointed for five years as from that date. They receive no emoluments for their services.
Clause 2 authorises the National Debt Commissioners to issue for the purpose of loans to the Public Works Loans Commissioners sums not exceeding £20,000,000. Clause 3 deals with a feature of nearly every borrowing and lending institution, 256 in which you sometimes have bad debts. Clause 4 deals with the special case of Eyemouth Harbour and remits the outstanding debt of£200, plus £53 17s. interest. Clause 5 is rather complicated and deals with an attempt to simplify the accounting of the Fund. Clause 6 deals with relief in respect of interest on loans, and directs that if it should prove possible, as the result of conversion of local loans stock, to reduce rates of interest on any existing loan made out of the Fund, that relief shall be passed on to the ultimate borrower in cases where the money has been re-lent under statutory powers. Clause 7 is the Short Title. I do not think the Bill presents any novel or unusual features. I beg to move.
§ Moved, That the Bill be now read 2a.—(Lord Templemore.)
LORD STRABOLGIMy Lords, my noble friends offer no opposition to the Bill, which contains no new features; but the very fact that it contains no new features tempts me to ask whether there has not been some change in Government policy with regard to public works. I understood at the recent Election that the Government intended to embark on a great scheme of public works for the relief of unemployment, and indeed I thought they were rather seeking to steal the thunder of the Council of Action. Now I see that the usual orthodox sum of£20,000,000 is put in as the upper limit under the control of the National Debt Commissioners. £20,000,000 will not go very far when we consider the number of harbour works, bridges and so on that are required. Perhaps the noble Lord could say a word on this point and tell us that the Government policy of deflation and parsimonious economy is over, and that they are going to encourage useful and necessary works up and down the country, many of which are urgently required. I know that bridges may be con-strutted with help from the Road Fund, but nevertheless there are many other works that might well come under this Bill if money were available.
§ LORD TEMPLEMOREIn answer to the noble Lord I would refer him to the last item on the Order Paper to-day, the Railways (Agreement) Bill, the Second Reading of which I am also going to have the honour of moving. I think he will find there that the policy he adumbrates is 257 being very carefully and fully carried out by His Majesty's Government.
§ On Question, Bill read 2a, and committed to a Committee of the Whole House.