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:—
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.