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Colonial Loans Money

Volume 465: debated on Friday 27 May 1949

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Resolution reported:

"That, for the purposes of any Act of the present Session to authorise the Treasury to guarantee certain loans by the International Bank for Reconstruction and Development to the Governments of colonial territories, it is expedient to authorise—
  • (a) the guarantee by the Treasury of the principal of and the interest on any such loan, so, however, that the amount of the principal of the loans so guaranteed shall not in the aggregate exceed the equivalent of fifty million pounds;
  • (b) the charge on and issue out of the Consolidated Fund of any sums required by the Treasury for fulfilling any such guarantee;
  • (c) the payment into the Exchequer of any sums received by way of the repayment of any sums so issued."—[Mr. Rees-Williams.]
  • Motion made, and Question proposed, "That the House doth agree with the Committee in the said Resolution."

    11.5 a.m.

    Will the Secretary of State or the Under-Secretary explain why we have two Money Resolutions on the Colonial Loans Bill? We had one in November and another this week and some explanation would be of assistance.

    The reason for putting down the second Financial Resolution was to cover the same point as it is proposed to cover in Committee. That is to say, certain charges not covered in the original Financial Resolution are found to be necessary if loans are to be guaranteed from the Bank. That is exactly the same point as we shall be considering on the Committee stage.

    Can the Under-Secretary give an idea of the total sum which may be wanted? Can he give some estimate? That would be more satisfactory.

    I am sorry I am unable to satisfy the hon. Member on that point. As I explained on Second Reading, this Bill is intended to enable Colonial Governments to borrow moneys from the Bank, if they so desire. I am quite unable to say at this moment to what extent they will take advantage of the facilities offered.

    Question put, and agreed to.