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Post Office and Telegraph (Money)

Orders of the Day — Ways and Means – in the House of Commons at 12:00 am on 27th November 1957.

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Resolution reported,That provision be made, as from the first day of April, nineteen hundred and fifty-eight,

  1. (a) for authorising the Treasury from time to time to issue out of the Consolidated fund, for application as appropriations in aid of moneys provided by Parliament for the service of the Post Office, such sums (not exceeding in the whole the sum of seventy-five million pounds) as the Treasury may determine to be appropriate on account of expenses properly chargeable to capital account;
  2. (b) for authorising the Treasury, for the purpose of providing money for sums to be issued out of the Consolidated Fund as aforesaid, or for repaying to that Fund all or any part of the sums so issued, to borrow—
    1. (i) by means of terminable annuities for a term not exceeding twenty years (such annuities to be paid out of moneys provided by Parliament for the service of the Post Office or charged on and paid out of the Consolidated Fund), or
    2. (ii) in any other manner in which they are authorised to raise money under the National Loans Act, 1939 (any securities created and issued for that purpose to be deemed for all purposes to be created and issued under the said Act of 1939), and for requiring sums so borrowed to be paid into the Exchequer;
  3. (c) for the repayment to the Exchequer, out of moneys provided by Parliament for the service of the Post Office of sums issued pursuant to paragraph (a) of this Resolution (so far as those sums exceed the amount borrowed in the manner mentioned in subparagraph (i) of paragraph (b) of this Resolution), together with interest thereon;
  4. (d) for the issue out of the Consolidated Fund of sums paid into the Exchequer under paragraph (c) of this Resolution and the application of sums so issued in redemption or repayment of debt or, so far as they represent interest, towards meeting such part of the annual charges for the National Debt as represents interest;
  5. (e) for restricting the operation of subsection (1) of section one of the Post Office and Telegraph (Money) Act, 1955, and repealing section two of that Act, and far the repayment into the Exchequer of certain sums issued under the said subsection (1).

Resolution agreed to.

Bill ordered to be brought in upon the said Resolution by the Chairman of Ways and Means, Mr. Marples, and Mr. Powell.