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Power To Borrow Moneys Required For Certain Sinking Funds

Volume 155: debated on Friday 16 June 1922

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Motion made, and Question proposed,

"That the Treasury may raise money in the same manner in which they are authorised to raise money under Sub-section one of the War Loan Act, 1919, for any of the following purposes, that is to say:—
  • (a) for providing during the financial year ending the thirty-first day of March, nineteen hundred and twenty-three, for the issue out of the Consolidated Fund of the sums to be issued there-out, under Section forty-five of the. Finance Act, 1921, for the purposes of the sinking fund established under that Section in connection with the 3½ per cent. Conversion Loan; and
  • (b) for providing during the said financial year such sums as are required in connection with the 4 per cent. Victory Bonds, or stock or bonds forming part of the 4 per cent. Funding Loan, 1960–90, which are transferred in satisfaction of death duties, or are as required under Section two of the War Loan Act, 1919, to be issued to the National Debt Commissioners for the purposes of the sinking funds established in pursuance of that Section in connection with the 4 per cent. Victory Bonds and 4 per cent. Funding Loan, 1960–90; and
  • (c) for providing for the repayment to the Consolidated Fund of all or any part of the sums issued out of that fund for the purposes aforesaid;
  • and that the provisions of Section. One of the War Loan Act, 1919, shall have effect accordingly."—[ Sir J. Baird.]

    This Resolution is necessary to the passing of Clause 30 of the Finance Bill. The whole subject was very thoroughly discussed on the Second Reading. The Clause authorises the Treasury to borrow money for the purpose of meeting, in the first place, the Sinking Fund for the 3½per cent. Conversion Loan; in the second place, the Sinking Fund for the Funding Loan and Victory Bonds, and, thirdly, Funding Loan and Victory Bonds tendered in payment of Death Duties. I hope the Committee will not desire me to enter into further details at this stage. When the Clause comes up, the subject will be gone into again, but it is impossible to introduce the Clause unless the House gives us this Resolution.

    Question put, and agreed to.

    Resolutions to be reported upon Monday next.

    Committee to sit again upon Monday next.