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House of Commons Hansard
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Overseas Resources Development Money
11 November 1947
Volume 444

Resolution reported:

"That, for the purposes of any Act of the present Session providing for the establishment of a corporation charged with duties for securing development in colonial territories (hereinafter referred to as the 'Colonial Development Corporation') and for the establishment of a corporation charged with duties for securing the production or processing of foodstuffs or agricultural products other than foodstuffs in places outside the United Kingdom and the marketing thereof (hereinafter referred to as the 'Overseas Food Corporation') it is expedient to authorise—
  • (a) the issue out of the Consolidated Fund of—
  • (i) sums required for making advances under the said Act to the Corporations up to amounts such that the aggregate outstanding at any time shall not exceed in the case of the Colonial Development Cor- poration, one hundred million pounds, or, in the case of the Overseas Food Corporation, fifty million pounds; and
  • (ii) sums required for fulfilling any guarantee given by the Treasury under the said Act of borrowings (other than by way of such advances) of the Corporations:
  • (b) the raising under the National Loans Act, 1939, of any money required for the purpose of providing any sums to be issued as aforesaid or for the replacement thereof;
  • (c) the payment into the Exchequer of—
  • (i) sums received by the Secretary of State or the Minister of Food by way of repayment of advances to the Corporations or of sums issued for fulfilling any guarantee given by the Treasury as aforesaid or by way of interest thereon; and
  • (ii) sums paid to the Minister of Food by the Overseas Food Corporation in respect of expenses incurred by the Minister for arrangements for starting activities falling within the functions of the Corporation or incurred by the Minister in respect of any property vested in him or contract entered into by him or on his behalf for the purposes of such arrangements or in respect of the transfer of any such property or contract to the Corporation;
  • (d) the issue out of the Consolidated Fund of sums paid into the Exchequer under subparagraph (i) of paragraph (c) of this Resolution and the application of so much there of as represents principal in redemption or repayment of debt and so much thereof as represents interest in payment of interest otherwise falling to be paid out of the permanent annual charge for the National Debt."
  • Resolution agreed to.