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European Payments Union (Financial Provisions) Money

Volume 480: debated on Thursday 16 November 1950

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Considered in Committee under Standing Order No. 84 (Money Committees).—[ King's Recommendation signified].

[Major MILNER in the Chair]

Resolved:

That, for the purposes of any Act of the present Session to make certain provision of a financial nature in connection with the operation of the European Payments Union Agreement and the furnishing of American aid in connection therewith, it is expedient to authorise—
  • (a) the use of the Exchange Equalisation Account and of the funds in that Account in the carrying out of any transaction by the Government of the United Kingdom in pursuance of the said Agreement;
  • (b) such issues out of the Consolidated Fund to the Civil Contingencies Fund, such raising of money under the National Loans Act, 1939, such repayments to the Exchequer and such issues from the Consolidated Fund for the repayment of debt as result from any provision of the said Act of the present Session enabling temporary advances to be made from the Civil Contingencies Fund to the Intra-European Payments Account and applying section three of the Miscellaneous Financial Provisions Act, 1946, in relation to those temporary advances;
  • (c) the issue out of the Consolidated Fund of any sums required in connection with any debts to the Government of the United Kingdom which are outstanding debts within the meaning of the said Agreement or which may arise on the termination of that Agreement with regard to any party or on the liquidation of the European Payments Union, and—
  • (i) for the purpose of providing sums to he issued as aforesaid, the raising of money under the National Loans Act,
  • (ii) the payment into the Exchequer of any sums received by the Government of the United Kingdom representing interest on, or the repayment of principal of, any sums issued as aforesaid or any debts in connection with which any sums are so issued, and
  • (iii) the issue out of the Consolidated Fund of sums paid into the Exchequer as aforesaid and their application in redeeming or paying off debt or in payment of interest otherwise falling to be paid out of the permanent annual charge for the National Debt.—[Mr. J. Edwards.]
  • Before we leave this Money Resolution, I wish to raise the question of—

    I collected the voices and the Motion has been passed. The only question which arises now is whether or not I report the Resolution to the House.

    I think, Sir, you were looking in the other direction and my hon. and gallant Friend the Member for New Forest (Colonel Crosthwaite-Eyre) did not catch your eye.

    I am sorry, but that is the position. I am afraid the Question has been put and agreed to.

    I understood you to be collecting the voices as to whether the verbal Amendment proposed by the hon. Gentleman should be accepted. I had no idea you were putting the whole Motion.

    I put the main Question in a modified form before the hon. and gallant Gentleman had spoken and I collected the voices. I am sorry, but no doubt the hon. and gallant Member will raise any point he wishes to raise when we come to the Committee stage of the Bill. In any case the Amendment on the Order Paper in his name—after "it Is expedient to authorise," insert: "the expenditure of a sum not exceeding two hundred million pounds through"—would not be in order now, and I have not selected it.

    Resolution to be reported Tomorrow.

    Motion made, and Question proposed, "That this House do now adjourn."—[ Mr. Hannan.]