HUGE BORROWING
DEFENCE OF BRITAIN £800,000,000 AUTHORISED' PARLIAMENT GIVES POWERS (United Press Assn.—Elec. Tel. Copjrlgnt) (Received Nov. 8, 3.15 p.m.) LONDON, Nov. 7 In the House of Commons Sir John Simon moved for authority to borrow £250,000,000 for supply and any sums required for repayment of maturing securities issued under the War Loan Acts. Sir John said the Bill would give the Treasury borrowing powers similar to 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 the issue.
One of the provisions of the Bill would be to enable citizens to make a modest contribution, per medium of national savings certificates, towards fighting and winning the war. Referring to the existing provisions for borrowing for defence purposes, Sir John explained that the powers already conferred had been or would be used to the extent of £695,000,000 of the £800,000,000 authorised. The powers sought under the present Bill expired on March 31, 1940. The resolution was carried unanimously.
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Waikato Times, Volume 125, Issue 20956, 8 November 1939, Page 8
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179HUGE BORROWING Waikato Times, Volume 125, Issue 20956, 8 November 1939, Page 8
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