§ THE LORD CHANCELLOR (VISCOUNT SIMON)
My Lords, the draft of this Order has been laid upon the Table of the House in accordance with the Statute, but in order that it may become effective it is necessary that the Special Order should be approved. That is the Motion which I now move. The Special Order was made on June 30, and it amends, in certain respects, the provisions of the previous Order regarding the operation of the Anglo-Spanish clearing. The new Order is necessary for two reasons. In the first place the Anglo-Spanish Clearing Office 922 has hitherto met with certain difficulties in regard to the rate of exchange to be used in the conversion into sterling of debts due in pesetas and other currency. Previously the rate to be taken was in all cases that ruling on the day of payment. This Order provides for a more adequate definition of the rate. A process is issued on behalf of the Clearing Office for recovery of the debt: in the case of the County Court the rate will be that ruling on the day on which the process is issued, and in the case of the High Court it will be that ruling on the day on which judgment is recovered or payment is made, whichever is the earlier date.
That is the first reason for the new Order. The second reason is this. The Anglo-Spanish Supplementary Loans Agreement was signed on April 7, 1941. Its terms were presented to Parliament, and will be found in Command Paper No. 6267. According to the terms of the Agreement, the service and amortisation of the loans form a first charge on the clearing receipts, and this Order directs that certain amounts received by the clearing shall be devoted in half-yearly instalments to that purpose. The Special Order has already been approved by a vote of the House of Commons, and I now move that it be approved by your Lordships' House.
§ Moved, That the Special Order, as reported from the Special Orders Committee on Thursday last, be approved.—(The Lord Chancellor.)
§ On Question, Motion agreed to.