WAR BORROWING

Wairarapa Times-Age, 8 November 1939, Page 6

WAR BORROWING

APPROVED BY HOUSE OF COMMONS

STATEMENT BY CHANCELLOR. NO ADVANCE DSCLOSURE OF DETAILS. By Telegraph—Press Association—Copyright. (Received This Day, 12.10 p.m.) LONDON, November 7. In the House of Commons, Sir John Simon, Chancellor of the Exchequer, moved for authority to borrow 250 millions for sterling for supply and any sums required for the repayment of maturing securities issued under War Loan Acts. Sir John Simon said the Bill would give the Treasury’ borrowing powers similar to those of the War Loan Acts of the last war. It was not in the public interest that the terms of any future 'loan should be the subject of debate and discussion before issue. One of the provisions of the Bill would enable citizens to make a modest contribution per medium of national savings certificates towards fighting and winning the war.

Referring to existing provisions for borrowing for defence purposes, Sir J. Simon explained that the powers already conferred had been or would be used to the extent of (595 millions sterling of the 800 millions authorised. The powers sought under the present Bill expired on March 31, 1940. The resolution was carried unanimously.