PUBLIC WORKS LOANS BILL. (Hansard, 10 February 1937)

§ LORD TEMPLEMORE

My Lords, this Bill, although it can hardly be described as an annual Bill, is presented periodically, usually at intervals of about one year in order to maintain the Public Works Loans Commissioners in funds. It is a formal measure and the present Bill contains, I think, no unusual features. Clause 1 fixes the maximum amount which may be advanced under the Bill at £20,000,000, which is the same amount as that fixed in the Act of 1935, and will probably last the Commissioners for a year or more. Clause 2 deals with certain bad debts as to which hope has not been abandoned of recovering some part of the balance outstanding. These debts are written off the Local Loans Fund and the liability is transferred to the Exchequer. 100 The deficiency in the Fund is made good of t of voted money. Clause 3 deals with the case of a loan made to the Eyemouth Harbour Trustees towards the end of last century, on which there is no hope of obtaining any of the amount due, and which is therefore remitted both as against the Local Loans Fund and as against the Exchequer. I beg to move.