§ Order of the Day for the Second Reading read.
§ THE EARL OF MUNSTERMy Lords, I beg to move that this Bill be now read 2 a second time. The object of this Money Bill is to authorise the issue of a further capital sum of £35,000,000 for development of the postal, telegraph and telephone systems. It is estimated that £32,000,000 will be required for telephone development, which has increased enormously under the influence of improving trade and as a result of the reduction in telephone charges; and a further sum of £3,000,000 will be required for the postal and telegraph services. The period for which the borrowing powers now to be taken will suffice depends upon the future rate of development, but the sum now to be authorised should meet all requirements until September, 1939. I might mention in conclusion that the actual expenditure and the works to be carried out each year are subject, as in the past, to the approval of the Treasury.
§ Moved, That the Bill be now read 2a.—(The Earl of Munster.)
§ On Question Bill read 2a, and committed to a Committee of the Whole House.