But with regard to the Present Financial Crisis, it was impossible it should not have resulted from a system of drawing bills by the governor in this manner.

From the terms of the speech it was to be assumed that the Government retained (although it certainly had not hitherto been famous for retaining in one session what it had advanced in the previous one)—it was to be assumed that the Government still retained its opinion that the measures it had suggested with respect to the duties on timber, sugar, and corn were absolutely necessary to meet the difficulties of a Great Financial Crisis.

And in a Great Financial Crisis, when we found it 975 necessary to raise a large sum of money !

Because the commercial and financial difficulties, against the recurrence of which this Bill is meant to guard, have, in my opinion, not been generally owing either to mismanagement on the part of the banks, or to 737 the want of such prudence and discretion; and if the Great Financial Crisis of 1825, and that of 1837, may both of them be in some measure traced to the assistance incautiously given to improvident speculations, it is not probable that the experience of those periods will have been so lost, as not, of itself, to have prevented the repetition of similar conduct.

I will not now advert to the unhappy circumstances that made an application to the Bank of England necessary in April last for a large advance on deficiency bills—a course which, in the opinion of the hon. Member for Huntingdon (Mr. T. Baring)—than whom no one is better qualified to speak on this subject—led to the Financial Crisis which took place at that period.

He thought, therefore, that in 1842 the Government of Sir Robert Peel was justified by the Financial Crisis that then existed, in proposing the imposition of an income tax.

, and it was confidently anticipated that before the war had lasted many months, it would fall much lower, that a Serious Financial Crisis would overtake the Emperor, that ruin and poverty would fall upon the landed proprietors, and that national bankruptcy must ensue.

The Financial Crisis which occurred at the end of last year did not much affect the consumption of commodities; it did not interfere with the agricultural districts at all, and its effects in the manufacturing districts were considerably postponed.

There were the effects of the Irish famine; there was an expensive war raging at the Cape; there had been a Financial Crisis; and last, not least, there was a revolution in Europe, which, to a great extent, excited the minds of the people of this country, and for some time previous to the breaking out of that revolution, the attention of the country had been set, precisely as it has been lately set, upon the question of fortifications for national defence.

that it is constantly contracting new debts, and must therefore eventually bring on a Financial Crisis.

When I reflect upon the state of the affairs of Europe, and on the Financial Crisis, which has not yet subsided—and I am afraid is not likely soon to subside—I hold it to be of the utmost importance that the Government should not resign office at this moment.

They were not proceeded with last year owing to the Financial Crisis, which rendered it inexpedient to ask for contracts.

Well as the whole of this Abyssinian deficit amounts to £2,078,000, the appearance of the matter is this—that had we continued at the point of expenditure where we were two years ago—and I, for one, have never concealed my opinion that that was a very high point—instead of the right hon. Gentleman being now obliged to condole with himself, and my being obliged to condole with him on the nature of the appeal that he makes to us, he would have appeared before us, notwithstanding the Financial Crisis, notwithstanding the bad harvest and the comparatively unfavourable state of the Revenue, with a 1174 clear surplus of £800,000.

If those in office do not mend their nays a "Financial Crisis" will take place in this House, which will render it impossible for the Public Business to be carried on by them in the face of this large and increasing expenditure.

Vagrancy had increased very considerably all over the country within the last two years, owing, doubtless, to the Financial Crisis and the consequent absence of employment.

The Committee will remember that the finances of the country had been considerably disturbed and disorganized by the Financial Crisis which happened at the commencement of that period, and,: therefore, those Estimates, prepared in the usual manner on the basis of those of previous years, are found to be in practice not so trustworthy as usual.

Here I must remark the loose manner in which Her Majesty's Government discuss the Present Financial Crisis.

Our Colonies were the heritage of the poor people of this country; and while our population was increasing at the rate of 750,000 yearly, and when there was a scarcity of labour in this country, as when a Financial Crisis occurred, which meant starvation to tens of thousands of our population, the Government ought to aid emigration to them.

It had been asserted by an itinerant agitator in Yorkshire that these men had been badly used, as they had been induced to go from Scotland and other parts of the country to work in the dockyards at low wages, with the hope that they would ultimately get a pension; whereas the truth was what he had stated, and that it had been a great boon to them to get wages to enable them to tide over the winter at a time when the shipbuilding trade was nearly stagnant, in consequence of the Financial Crisis of 1866.

The Reports which they had received from those who best knew the poorer districts of Ireland were that the population was at present in a state of social 1066 and Financial Crisis.

That may be, but our telling him how we are to use it is very like the surrendering of the freedom we have just regained; and though it is fair that that freedom should be surrendered when we are in a condition to frame our own policy afresh, after the dislocation which I admit it has undergone, yet, viewing the nature of This Financial Crisis, and its effect upon the entire subject of Egyptian politics, in my opinion we should be guilty of gross folly were we at this time, and when Lord Northbrook is preparing for the purpose of his Mission, to anticipate its results.

The Committee were asked at the present moment of Financial Crisis not to vote £6,000 this year, or £10,000 next, but to commit themselves by the Vote proposed to be taken to an expenditure of at least £1,500,000.

Day by day they postponed a statement of the real state of affairs, and tried to stave off the Financial Crisis.

There was no way of meeting the Serious Financial Crisis which was rapidly approaching, except by putting the Metropolitan Police under the control of the County Council.

No prudent Minister can do otherwise than leave a large margin, for, with the possibility of a fall in exchange, which no prudence can foresee, it would be most disastrous if a very close estimate of receipts and expenditure were made, so that a fall in, the value of the rupee brought about a Financial Crisis.

Address for "Copies or Extracts of Correspondence which has passed between the Imperial Government and the Government of Newfoundland relating to the Present Financial Crisis in that Colony, and to the request for aid by the Government of Newfoundland".

We have carefully watched the Financial Crisis through which the Indian Government has been passing during the last few years, and we let them know that if they wished for assistance from the Imperial Government, the Government would not refuse favourable consideration to such an appeal, provided it was attended by certain conditions.

whether the supply of gold is insufficient for the monetary requirements of trade; and what steps Her Majesty's Government propose to take to avert a still more Serious Financial Crisis?

I say that my right hon. friend has sorely disappointed the great mass of those who looked to him to steer us through This Financial Crisis.

He does not think it wise even in a moment of Financial Crisis like this to suspend or alter the scale of abatement, and this immense impost is to go on being levied upon the same scale as at present without any differentiation as far as distribution goes.

But the Dock Companies found that compelling the men to join a friendly society placed them in an invidious position if Any Financial Crisis occurred to the friendly society, and thought it would be better to establish a friendly society of their own, the financial basis of which they knew to be sound.

In Victoria, until the Recent Financial Crisis, every effective cadet received ten shillings per head, and, in addition, from £3 to £10 per corps was given by the Government.

The country was face to face with a Serious Financial Crisis.

South Africa had been spoken of as a bankrupt country, or, at any rate, as a country on the verge of a Financial Crisis, but no word had been raised against its paying its members, which this rich 1126 country, we were told, had not money to do.

And I cannot but regret that the Government should have thought it necessary at this period of the session to bring forward such a Resolution as this when so many other pressing political matters need to be considered by the country: and there is a Financial Crisis going on to which I should have thought the whole attention of the Government might well be directed.

Of course I am speaking of a time before the Financial Crisis which has just happened.

The result was this, that we had to abandon the Mediterranean, with 31 battleships taken away, in order to save the situation in Home waters, and a most Disastrous Financial Crisis broke out in London—such a financial crisis as would undoubtedly spell absolute ruin to this country if it occurred to-day.

Let it be so; but it is not treating it from an Imperial point of view to treat it as the hon. and learned Member for Waterford (Mr. John Redmond) did when he said last night that he wanted to prolong the Financial Crisis as a weapon against another branch of the Legislature, and that he would decline to vote for the 166 Budget, not because he did not like it, but because he thought voting against the Budget would be an assistance to the other House.

If Any Serious Financial Crisis will result from that it is only hon. and right hon. Gentlemen on the opposite benches who will be blamed for it.

He said—I am quoting, I think, almost the exact words:— "It will he the maddest course to do anything to mitigate the acuteness of the Present Financial Crisis.

Our concern is that the Government should not use a Financial Crisis for which they themselves are responsible, the discredit of which only belongs to them, for the purpose of raking up a case against the House of Lords when no real case has been made.

Mr. FELL: Is it the policy of the Government to prolong the Financial Crisis?

Mr. HOBHOUSE: If I was aware that there was Any Financial Crisis, of which I am not aware, I should unhesitatingly say it was the intention of the Government not to prolong it.

I venture to suggest it is a marvellous testimony to the stability of the financial position of the nation that we have been able to pass through This Financial Crisis with so small an effect on the price of securities.

and again: "Mr. Asquith had first to deal with the Immediate Financial Crisis created by the action of the Peers; he had secondly to answer the challenge so audaciously thrown down by them on the constitutional issue.

There was no emergency, nothing to precipitate a Financial Crisis; but it was merely a ruse to embarrass his opponents, and that was the largest game the Chancellor of the Exchequer was after at that time.

Quite lately when they were in the throes of a Financial Crisis they could only raise the money by special and very invidious taxation because of the separate rights and powers possessed by the different States of that Empire.

It does not matter what the views of hon. Members opposite may be on the matter of principle; on the 389 matter of fact, if they were face to face with a Great Financial Crisis, they would have to put their prejudices in their pocket and do what was best from a business point of view for the United Kingdom.

On the other hand, supposing you manage to inflict a really serious and disastrous loss on the other side, there will be a Financial Crisis.

It is by reason of the way the Government have failed to force upon China the performance of its obligations under the Treaty of 1911 that these immense stocks have accumulated, and that a Grave Financial Crisis is looming in the immediate future.

During the Financial Crisis which there has been in other countries, it was impossible for them in some cases to get any money from the banks, but we are now informed that that state has passed over, or is very rapidly passing over, and that there is no question whatever of our wanting an extra Vote or anything of that kind.

Sir F. FLANNERY: I do not think it is desirable that we should allow this discussion to close without a reference to the entirely successful manner in which the Chancellor of the Exchequer and the Treasury officials have dealt with a Financial Crisis altogether unprecedented in its character.

We had already raised £90,000,000 for the same purpose, and, practically, we were raising £440,000,000 of money in the same market for the same purpose and under the same conditions We had just got through the most Serious Financial Crisis that this country had ever seen.

No doubt the times would have been infinitely worse but for the splendid way in which our Navy has kept our trade routes open, and the action of the Chancellor of the Exchequer at the outbreak of War, which saved the country from what would have been a very Serious Financial Crisis.

The true fact of the matter is that the American Exchanges, as he himself was forced to admit, have come to their present position by the enormous increase of our imports from America and the necessity of paying for them, that prices have risen by the tremendous inflation of credit which has been necessary to tide over the Financial Crisis, by the very large payment of separation allowances to soldiers' and sailors' families, and the general increase of consumption due to the prosperity of a large proportion of the working classes.

Mr. DENNISS: The cotton trade was faced with something like a Financial Crisis at the outbreak of the War, and the measures then taken by the various cotton associations were such that the Government itself, if it had been asked to interfere, would have taken.

It does seem to me that there is a Financial Crisis with regard to those housing schemes which have been submitted by the various local authorities.

The Conference will have the task of studying the Financial Crisis, and of looking for the means of remedying it and of mitigating the dangerous consequences arising from it.

But if you have to borrow practically the whole of that, or a very large proportion of it, at the bank, the majority of careful people would say, "That is making my commitments too large, and if anything happens, a Financial Crisis, a war, or anything of that sort, I shall not be able to repay that loan".

As we go through these Estimates, we pass enormous sums voted to officials for War bonus and increased cost of living, and, during the present time of Financial Crisis through which the country is passing, when we are all hoping that wages in some industries may fall, it does seem absurd that we have to vote these large sums to these officials.

The attitude taken by the teachers in regard to the Grave Financial Crisis the country is in is very uncalled for.

Some time ago the Government, in face of a Great Financial Crisis, appointed a Committee to inquire into various forms of national expenditure in the hope that proposals might.

New York, as hon. Members may remember, had a Financial Crisis in 1907, and after it she re-organised her financial banks and created what were called Federal Reserve Banks.

I think it is going to be very difficult for any Government to continue in these times of Financial Crisis Estimates of £70,000,000 a year and over.

and if he has received a memorandum from the leading steel manufacturers to the effect that unless something is done quickly a Financial Crisis will arise?

the illegal prohibition of exportation to Tientsin involved the danger of a Serious Financial Crisis at that port with disastrous results to British interests.

This is emphasised in paragraph 18, where special attention is drawn to the absence of Financial Crisis when beam and cable rates are identical.

Readers of history can tell you that in 1845 there was a Serious Financial Crisis, caused largely by the building of vast railway schemes There was a great boom in railways at that time, and money was put into them to such an extent as to cause great dislocation of ordinary commercial credit and indeed finally to bring about a financial crisis.

It is quite obvious when we look at the condition of the London money market to-day, faced as it has been with losses in the Recent Financial Crisis, faced as it has been with the effects of the great slump in the United States, that for all countries at the present time there are special difficulties in raising loans upon the London money market.

It is true that there are 5,000,000 unemployed in the United States, and I should agree largely with the hon. Member who suggested that that was to a large extent due to the Financial Crisis which has overtaken America and the highly organised capitalistic system of society.

An hon. Member has said that the unemployment in the United States is due to the Financial Crisis which occurred there last year.

We must not in the ninth year wake up to find a Financial Crisis, the whole country saying that civil aviation must go on, and that a subsidy is wanted in order to keep it going.

I cannot see any signs of Financial Crisis.

If the Minister of Agriculture succeeds in getting this Measure on to the Statute Book—he will not—the finances are so colossal that any Conservative Chancellor of the Exchequer considering the Present Financial Crisis would have to say "Well, at least this expenditure has to go; it is non-productive to a large extent and it is waste".

Sir K. WOOD asked the Chancellor of the Exchequer whether he can now 880 generally indicate the nature of the proposals of the Government to deal with the Present Financial Crisis and to indicate the contribution the members of the Cabinet propose to make in the present national situation?

If this sort of thing goes on and there is no restoration of confidence by some sign that the Government realise what the result of such action is, I foresee, not only that the movement will go on, but that it will lead to a very Serious Financial Crisis.

It is not merely or primarily on the details of the Bill that I base my opposition to this Financial Resolution, but it is because at this time of Financial Crisis, about which we had very grave warning only last week from the Chancellor of the Exchequer, we are less than ever justified in facing this speculative and unwise expenditure.

The Labour movement that the Government represent will not allow any reduction of benefits in view of Any Financial Crisis which is supposed to be taking place in this country at the present time.

Mr. DIXEY: I bow to your Ruling, Sir Robert, and I conclude by saying that at a time of Great Financial Crisis, when even comparatively small sums might well be appropriated to dealing with some of the very important unemployment problems confronting us, the Treasury ought to exercise the utmost care over expenditure on legal costs.

This is to face a Great Financial Crisis.

It is, however, a singularly unfortunate thing to ask it at the present time when not only is this country in great financial difficulties, but when there is a Financial Crisis throughout the world.

Mr. MARJORIBANKS: May we have an assurance that the British Government will be no party to the imposition of political conditions, thus exploiting the Financial Crisis?

We know that in Germany there has been a Financial Crisis.

Financial Crisis, no information re effect on trade with United Kingdom, 1228.

Financial Crisis, no information re effect on trade with, 1228.

Financial Crisis, effect on trade with United Kingdom, 1228.

Out of the Financial Crisis emerged the political crisis.

When the right hon. Gentleman makes inquiry, not alone from his official advisers but from every 255 source open to him, I am certain he will find that there was bad judgment on the part of those in control, and that their sense of judgment must have been warped entirely, because there were really two crowds, those who had come along here and the great mass of ordinary sightseers who were interested either in the Financial Crisis or in the floodlighting of this House.

I can understand a five-years' plan and the tightening of our belts; I can understand privation for great ends, greater national welfare, and greater prosperity and comfort; I can understand a one-year plan, but there is no pretence, not the slightest pretence, that these cuts which are now proposed are designed to change the social order in this country, and make a return of the Present Financial Crisis impossible.

Mr. WISE asked the Prime Minister on what date or dates the Economic Council or any committee or 820 members of it were consulted concerning the measures to be adopted for dealing with the Financial Crisis?

If the Financial Secretary should announce now—I do not know what he is going to say—that there is to be any stiffening of the charge that will fall upon the small Income Tax payer in regard to this matter, all that he will be doing will be to make a reduction in the general amount of wealth that is more and more needed, in view of the Financial Crisis, for the purposes of general industrial development.

If you give to the large Income Tax payer a special advantage in the matter of life assurance what he will do, especially in a time of Financial Crisis, will be to take advantage to an even greater extent of this process of investing wealth in order that he might reap advantages in the exemption of tax, and in the long run the wealth of that class of Income Tax payer available for general industrial investment will be decreased rather than increased.

Mr. GALBRAITH asked the Chancellor of the Exchequer whether he will consider the advisability of imposing a tax, during the continuance of the 1474 Financial Crisis, on all British subjects who go abroad for the purpose of holidays or amusement?

Moreover, the hon. Member for Caerphilly actually complained of the May Committee for having expressed an opinion as to what the level of teachers' salaries ought to be, apart from the Financial Crisis.

Here is a country faced with a Financial Crisis on the edge of a precipice; and, according to the statement submitted by the Chancellor of the Exchequer, he proposes to save £22,000,000 by these economies, while at the same time he says that we must provide for a payment of £32,500,000 into the Sinking Fund, or £10,000,000 more than we are saving by these economies.

Consultation re Financial Crisis, 517.

Consultation concerning measures for dealing with Financial Crisis, 517, 819–20.

If, for instance, there was likely to be an unreasonable increase in prices by reason of the action of any persons exploiting the Financial Crisis, we might very well argue that, if the right hon. Gentleman should unfortunately be a member of the Government which exploits the present situation and puts on food taxes, thereby bringing about an increase of price, we ought to be able to put him in the dock and have him fined in accordance with the later provisions of the Bill.

We are told that Germany is again face to face with a Financial Crisis.

The hon. Gentleman in seeking to justify this Bill said that India was passing through an Acute Financial Crisis and that this was a Measure which must be passed in order to restore the financial position of India.

That we may be faced with a Serious Financial Crisis due to world-wide causes which will affect, not only the pound but the whole financial stability of the world is, I will not say, probable but possible, during the next few weeks.

Suppose that the Socialist Government had remained in office without a Major Financial Crisis.

I want my right hon. Friend to see, before we go further, how many of the authorities which should prepare these schemes have an adequate staff to do so, how many they will have to employ, and how much that will cost, and then to ask himself whether the money could not be better spent in pursuing some of the educational or other development schemes which, owing to the Financial Crisis, we have had to drop.

Lord APSLEY asked the Secretary of State for the Colonies which Colonial Governors have accepted a reduction in their emoluments since the Recent Financial Crisis, together with the amounts?

Now that, by a piece of great good fortune and good luck, I temporarily find myself the civil head of the Navy, it is my misfortune to introduce the lowest Estimates that have been introduced since 1913, and which have obviously been framed, not on what we would like, but with a, view to contributing, and contributing very generously, towards the nation's common effort to meet the Great Financial Crisis.

We should have carried the process of rearmament a good deal further if it had not been for the Financial Crisis, which entailed so big a cut in the Vote for technical equipment to which I have already referred.

I do not imagine that any other country could come through the kind of Financial Crisis that we came through in the way that this country came through it.

Mr. CRAVEN-ELLIS: Will His Majesty's Government approach the Indian Government with a view to reestablishing the Indian sector of the air route which was suspended last year owing to the Financial Crisis?

It led us to the most Disastrous Financial Crisis that this country has been faced with for many years.

When the Financial Crisis was upon this country the Government initiated a policy and carried it out.

Mr. POTTER asked the Chancellor of the Exchequer whether, in view of the hardship caused to certain Surtax payers by the assessment to Income Tax of profits made in the year prior to the Financial Crisis on which liability for Surtax arises in the following year in which a loss may have occurred, he will be prepared to make provision in the forthcoming Finance Act empowering the Special Commissioners of Income Tax to grant relief in specific cases?

Our country particularly, and the world at large, has seen a very Grave Financial Crisis, and, in response to the implications of that crisis for our own country, there has been a change of Government—I think for the worse—and an em- 1270 barkation upon a policy of what is called economy.

I agree with the right hon. Gentleman the Member for Hillhead that the first and the paramount consideration is a sound monetary policy, but a second condition is international recovery from the Financial Crisis.

The change was one of the regrettable but unavoidable consequences of the Financial Crisis.

Mr. HANLEY: Is my right hon. Friend satisfied that these islands have done their utmost to assist the British Isles in the Financial Crisis?

Something has been said about the Financial Crisis which brought about this legislation being exaggerated, and a manipulation.

This is not an Amendment in the interests of the working classes, and it is directly contrary to the national interests in the Present Financial Crisis.

and whether it has been found necessary to retard operations in view of the Financial Crisis?

At this moment, when we are suffering from a Terrible Financial Crisis due to the sterilisation of gold, and when our object is to raise the price level, nothing could be more contrary to our professed policy than the fact that we are.

This country in the Financial Crisis last Autumn threw a bucket of cold water over itself and came back to reason.

I ask the Government that, in yielding to the sympathetic appeals made by hon. Members in all parts of the House to deal with the genuinely hard cases, which no one can listen to without sympathy, they should realise that there is a Financial Crisis at this moment, and that, if they yield to those, out of generosity, from public funds, they are simply aggravating the evils.

I realise that we are going through a Financial Crisis, and that it may be argued 497 that we have no money to invest in land.

On account of the Financial Crisis through which we are passing, and passing, I think, more successfully than hon. Members would have ventured to prophesy only a few months ago, expenditure—and, let it be quite clearly understood, useful, valuable and productive expenditure—has had to be cut in every Department.

Those who remember that period will recall that there was first a Financial Crisis, greatly owing to lack of confidence.

Unfortunately, the Financial Crisis which affected so many other things had a crushing and a stunning effect upon the fortunes of the Doncaster Drainage Board, and this relatively small area had to be informed that contributions towards its expenses from the Central Fund, to which it had been looking forward, could not, in fact, be made.

I think that all hon. Members on this side of the House will recognise clearly that the definite implication of the Financial Crisis last year and the decision arrived at by the nation was that they had eventually to cut down all the extra financial responsibilities which had been taken on by the Government and see how far we could do without them.

I have often heard it argued by Indians, by Nationalists and by persons in this country, that if the Financial Crisis makes it impossible to give adequate financial resources to the provinces provincial 1763 autonomy is impossible; but that is the conclusion to be drawn from the existence of an impossible financial state.

The Secretary of State himself explained on the occasion when that legislation was passed that nothing short of a great national emergency, nothing short of an Acute Financial Crisis, would justify the Bill, which was an emergency Measure to deal for a short time with the crisis, and that it was the firm intention of His Majesty's Government to safeguard in every possible way the rights and guarantees of the Services.

When the Financial Crisis, became acute in the 752 summer of 1931, there was, obviously, a change in circumstances.

Mr. LANSBURY (by Private Notice) asked the Prime Minister whether he is now in a position to assure the House that before the vital discussion with the United States Government on the question of War Debts takes place he will, in circumstances which will permit Debate, make a statement outlining the broad principles of the policy the Government propose to pursue, and whether he can make any statement of any action proposed by the Government in relation to the Financial Crisis which has arisen in the United States?

When the Financial Crisis fell upon this country towards the end of 1931 and we were confronted with the need for bringing in a second Budget, when we were faced with a deficit of £70,000,000 in the current year and £170,000,000 in the subsequent year, it was never even then suggested.

I would point out to the Parliamentary Secretary that since 1928, when the original Bill was introduced, we have had a, Financial Crisis, and that we are still in a financial crisis.

The hon. Member for South Croydon says that the Financial Crisis is so much more severe that we ought to cut down more.

In 1931 the expenditure, estimated for and carried out before the so-called Financial Crisis arose, upon the three Services amounted to £107,329,000.

Financial Crisis, British Government action, 805.

Financial Crisis, British Government attitude, and no action called for, 805.

I hope to touch on the Financial Crisis which has come upon municipalities, more particularly in the North of England, and then ask the Government to tell the House and the country what is their reply to the challenge recently made by a group of economists to the financial policy of the Government.

There is also the host of schemes, local and national, which have been held up by the very proper reduction of capital expenditure during and immediately following the Financial Crisis of 1931.

I must say that I view with considerable alarm what may take place all over the country in this connection, and I trust that the Government will reconsider this 1610 matter with great care, recollecting that, although they are basing their recommendations upon the report of the Departmental Committee, that report was more than two years old before the very Serious Financial Crisis through which this country is passing commenced.

When the Prime Minister was on his voyage to America and when the Financial Crisis arose in regard to America recently, can anybody contend that the Equalisation Fund had not a strain put upon it?

In 1931 it had to be suspended on account of the Financial Crisis and the impossibility of borrowing money, and the need above all of restoring financial credit and not incurring fresh loans, but now that the situation is so different the policy should be changed and a different course should be adopted.

Is it justifiable to give a considerable relief to one class of taxpayers without giving any consideration at all to the cuts in expenditure which were made at the time of the Financial Crisis?

Our strongest objection is this: Eighteen months ago we were told that the nation was in a Great Financial Crisis and everyone was called upon to share in a common sacrifice.

The construction of a 4½ mile length between Greenford and Hillingdon was postponed at the time of the Financial Crisis in 1931, but my hon. Friend has recently offered a grant towards the cost of this section, which is estimated at £260,000, and I understand that the first portion will shortly be put in hand.

After all, I do not suppose that, when the Cabinet imposed upon themselves a cut at the time of the Financial Crisis, it was at all popular among them.

That is a very revealing statement when you realise that Germany, 14 years ago, was practically bankrupt, defeated, and exhausted after the greatest struggle in history, and that ever since then, practically speaking, Germany has been going from one Financial Crisis to another.

In 1931, at the time of the Financial Crisis, the 'Government had a 2640 definite policy, that all borrowing must stop.

There was an urgency in 1931, because there was a Financial Crisis, but there is no financial crisis to—day.

Dr. BURGIN: Because none of us desire to be precipitated into Another Financial Crisis.

I am arguing that that is not the case at all, and that this kind of legislation is responsible for the continuation of the Financial Crisis.

Public opinion killed the strike against this country in 1926, and it saved the country once again in the Financial Crisis of 1931.

We were appointed before the Financial Crisis in 1931.

It was understood that when the Financial Crisis ended the cuts would be restored and the sacrifices no longer continued.

treatment of war pensioners, not ungerous, and comparison with other countriesr, and no cuts made as result of Financial Crisis, 1886–7.

treatment of war pensioners, not ungenerous and comparison with other countries, and no cuts made as result of Financial Crisis, 1886–7.

It was only when this Government came into power, after the Financial Crisis had arisen, that a check was put on the accumulation of the debt which, as the Chancellor of the Exchequer admitted on another occasion, has been due to maladministration and to the fact that successive Governments—especially the last Socialist Government, because the largest amount of debt was accumulated at that time—have shown a regrettable unwillingness to adopt those strict actuarial principles which are now being applied, and will be applied in future.

In 1931, we were told from the Government Front Bench that the economies were necessary purely because there was a Financial Crisis, and that all sections of the community had to make the sacrifice in order to pull the country out of the financial hole into which it had got.

While I am told by you, Sir, that I cannot discuss the means test in general, I think we are entitled to discuss some phases of it in so far as we are arguing that the means test was brought about in 1931 presumably because there 448 was a Financial Crisis.

-Colonel Headlam): This is one of a number of schemes, suspended as a result of the Financial Crisis, which are being kept under constant review in the hope that arrangements may be made, at no distant date, for the resumption of work, as and when funds permit.

What we had was a Financial Crisis, so-called.

I cannot help regarding this particular proposal, when taking into account all the other matters which arose out of the Financial Crisis, and viewing it as a whole, as an instance in which the Budget is unbalanced in the vital sense of not considering first those whose interests are greatest.

It was put on to meet the special circumstances of the Financial Crisis.

The Lord President of the Council made it quite clear in June at the time when, we suppose, the Government were coming to a Great Financial Crisis, when he said: "I may say one thing about it that, if we get back to power, that tax will never see daylight".

It is no use the right hon. Gentleman leaving his child on our doorstep and saying that we have malnourished it; his brat has been one of our greatest troubles; and, after that, he participated in causing a Financial Crisis which brought all slum clearance to an end.

Economy was very necessary during the Financial Crisis, and everyone will agree that the local education authorities co-operated heartily with the board in keeping down expenditure wherever possible, but now that the crisis is over, the progressive policy adopted by other Government Departments must be adopted by the Education Department.

In 1931 there was a Financial Crisis, the spending power of the people was in jeopardy.

Those Members who were here in 1931 will recall that a survey was started in the spring of that year, but was stopped 2530 at the time of the Financial Crisis.

I say that there are many in the hon. Member's constituency associated with the best life in his constituency, and with the most wholesome movements in his constituency, who would regard it as intolerable if a majority, secured as the result of the Financial Crisis, were to be used to undo in part what has been established for 100 years.

It was distinctly understood that the powers were asked for only because of the national emergency and of the exceptional situation created by the Financial Crisis.

Road improvement, scheme held up by Financial Crisis of 1931 and present position re, 1576.

If my hon. and learned Friend opposite were in office, and if he brought about, as he said, a Financial Crisis, something like that might happen.

Sir S. CRIPPS: May I point out that I never suggested bringing about a Financial Crisis?

Unfortunately, in 1931 the Government suspended negotiations with the City Corporation owing to the Financial Crisis, and since then the corporation have been told that the First Commissioner is unable to vary the terms which had previously been offered, and which are said to be prohibitive.

It was regarded as a sacrifice, and no other cut was asked of the civil service to meet the Financial Crisis.

They are faced with the position that the Opposition have indicated that, when they get their chance of reorganising industry, the first stage will be a Financial Crisis.

of restoration, we shall not be faced with something of the character prophesied by an hon. and learned Member opposite, namely, a Financial Crisis, and a situation in which one day at the polls might undo in the main the good work of the previous four and a half years.

Despite the Financial Crisis, the political situation, in recent months, was not unfavourable.

I am well aware that the figures I have given reflect the reduced capital expenditure of 1932 and 1933, and no doubt we should have done much better in this direction had it not been for the Financial Crisis of 1931.

My hon. Friend has had to face difficulty for years, and when he produced his speech to-day no doubt he did so with great satisfaction, because he is a man who wishes education to go forward and he has been severely hampered by the Financial Crisis.

In my own constituency we had plans before the Board of Education when the Financial Crisis occurred in 1931 and the axe fell.

It is perhaps of little value to point out"— 2155 I want the right hon. Gentleman to pay particular attention to this— "that, when the last two increases in the petrol tax were made in 1931 the Chancellor of the day gave a pledge that they would be removed when the Financial Crisis was past".

Nevertheless, it was extraordinary to see the tenacity with which the Treasury and the Bank clung to the Gold Standard at that rate of exchange; because now the most orthodox economists, and even Professor Robbins himself, admit that that was one of the main causes of the Financial Crisis of 1931.

If we were in the presence still of a Financial Crisis, we could say, "Such things have been before; it will pass; we have seen worse weather".

Other people who are more clever than ourselves may know, but we do not know how it is that the German nation, which we have been told over and over again has been smitten by Financial Crisis after financial crisis, is able to build up a great air force, to embark on a great naval enterprise and to establish a huge army in the way that it is now doing, and yet be in the poverty-stricken condition that we are told it is in.

We have heard about the Financial Crisis of 1931, but the miners have a financial crisis every Friday night and every Saturday.

What would have been our attitude if we had had not only a Financial Crisis but also a threat to the constitution of the country and to the normal system of Government by armed Leagues?

I think that, if hon. Members consider this as a financial document, then what is meant is a Financial Crisis.

He spoke of a Financial Crisis, but there was no specification whatever, nor did he venture to inform the Committee as to whether that financial crisis was attributable to the conduct of the National Government or some other Government.

Parties may act separately in normal times but they must act co-operatively when the nation was faced was a Financial Crisis or of any other kind.

One was the Financial Crisis of 1931 which arose almost at the same time.

The Prime Minister has led us through two great crises, the General Strike of 1926, and, with the assistance of the Lord President of the Council, the Financial Crisis of 1931.

In the days immediately after the Financial Crisis in 1931 we had to scrape together every penny we could and we got money from every nook and cranny.

If we go on without this Bill will as many spindles be destroyed as are going to be destroyed if the Bill is passed, will there be fewer men and women in employment, will there be a shortage, perhaps of cotton yarn, will the banks, perhaps, be put into such difficulties that there will be a Financial Crisis?

I feel that unless something of that sort is done we shall reach again the time when a Financial Crisis is upon us and revenue is insufficient to meet expenditure.

He went on to make amends to the taxpayers and wage earners upon whom the sacrifices had been imposed in the Financial Crisis of 1931.

, a level to which it has never risen except in time of war or immediately after the War or during the Financial Crisis.

We have already been through one Financial Crisis, and have just pulled through; we might not pull through a second.

It is necessary that the House should pay increasing attention to this matter of economy, because it seems that we are in danger of proceeding from Financial Crisis to financial crisis.

During the so-called Financial Crisis of 1931 - I do not intend to enter now into the question of whether it was real or sham - legislation was passed in a period of 12 months which involved a large section of our people in considerable suffering and sacrifice.

I do not deny that a Financial Crisis like the one we had in 1931 did in fact visit very serious consequences upon individual people.

In the case of a Financial Crisis which the country has been going through it is only fair that the British Broadcasting Corporation should pay their share towards the national recovery at the expense of having to curtail their own activities.

The depression in these distressed areas started many years before the Financial Crisis, the slump or the economic blizzard, or anything else.

hon. Member for Derby (Mr. J. H. Thomas) during or just after the Financial Crisis of 1931, for the purpose of their making improper revelations of Cabinet secrets.

Knowing that Parliament has said to the County Council, "You shall be responsible for these bridges," it does seem to me an extraordinary thing that Parliament should say in 1932, because there had been a Financial Crisis, "We will not permit you to have this money"; later should change its mind and say, "We will not let you undertake this unless you combine it with a Charing Cross scheme"; and then change its mind again and say, "We will not let you have the money at all" - should first say the County Council can have a grant of 75 per cent.

He found himself with instructions from the Colonial Office that as there was a Financial Crisis at home all Colonial Budgets must be balanced.

I cannot believe that even in a Financial Crisis that was wise national policy.

We were turned out in 1931 on the plea that we had let the country into a Financial Crisis.

Exactly as the right hon. Gentleman the Member for Epping, for five years, cleared up the ladder before Labour came into office, so the people who are sitting on those benches to-day, with their ruinous, suicidal financial and armaments policy, are driving the country into Another Financial Crisis such as that for which they were responsible in 1929.

It seems to me that we are being asked to spend unlimited sums on armaments, to unbalance our Budget, to build up Financial Crisis and trouble and unemployment in the future; and to such a course we are unable to give our support.

It is tremendously to their credit that in 1931, when they believed that there was a Grave Financial Crisis, they went in their thousands to the polling booths and voted away a few coppers of their dole.

Was it not one of the recommendations of the Royal Commission before the Financial Crisis?

The hon. Member for Bridgeton (Mr. Maxton) asked us whether we say that the sum spent on unemployment insurance had brought about the Financial Crisis of 1934.

In 1931–32,although it is not admitted by the Opposition, there was a period of Financial Crisis.

Some five years ago we had a Financial Crisis which caused great political controversy in the country.

Mr. Turton asked the Minister of Agriculture whether in order to increase the productivity of agricultural land, he will re-introduce the grants for land drainage and moor gripping discontinued in the Financial Crisis of 1931?

asked the Minister of Agriculture whether in order to increase the productivity of agricultural land, he will re-introduce the grants for land drainage and moor gripping discontinued in the Financial Crisis of 1931?

It is very unfortunate indeed that the work begun by Dr. Addison, when he passed the Drainage Act of 1930 through this House, and prepared plans at the Ministry of Agriculture for large-scale drainage, the whole thing should have to be cut in the Financial Crisis of 1931.

Mr. Ormsby-Gore: Owing to the Financial Crisis in 1932 the Acting Governor ordered a 10 per cent.

There was, however, something besides lack of equilibrium in the national balance sheet which was responsible for the Financial Crisis of 1931.

and whether, in view of the growing need for agricultural education, he will take the necessary steps to restore the scale of grants that was in operation up to the Financial Crisis of 1931?

Therefore, I hope that in future, when the party on this side of the House have taken the places of right hon. Gentlemen on the other side and if we get into Another Financial Crisis - [Laughter] - similar to the one that we are facing at the present moment; it is not the Labour Opposition which has come to the House and asked for another £200,000,000, it is the National Government who are asking for it.

They are faced with a Serious Financial Crisis for the very same reason that we were faced with a serious financial crisis in 1932, namely, that we had not enough gold.

The sobriety of the nation and the fact that members of the licensed trade conduct their businesses in an exemplary manner, notwithstanding the Serious Financial Crisis through which so many of them are passing, is surely sufficient justification for their claim to consideration at the hands of the Government.

It will be a Financial Crisis, in my view, more severe than that of 1931, because it will not be a currency crisis as the last one very largely was.

I listened very carefully to the speech of the hon. Member for Gateshead and I welcomed both sections of it, because no one from that side of the House up to to-night had so completely whitewashed the Labour Government and absolved them from any responsibility for the Financial Crisis of 1931.

They built houses under it and it was only the Financial Crisis of 1931 which checked the operation of that Measure.

Such a reduction in pay would be justified only if there were a Financial Crisis, and as we are not faced with a financial crisis, I think it is a great pity that the Government were not a little bit more liberal and that they did not give the allowances without making any deductions from the pay of the officers.

There are signs of a definite industrial recession in this country at the moment as well as a purely Financial Crisis.

Over the lapse of years the number of pensioners is decreasing, but when hon. Members say that there is no corresponding downward curve in other countries they should realise that we are the only country in the world among the combatants that did not reduce our pensions scales during the Financial Crisis.

In the Financial Crisis of 1931, the Chancellor of the Exchequer, looking round for something to tax, again fastened on this unfortunate road industry and in two successive Budgets of that year imposed additions of 2d.

We have seen the situation in France in recent years - a rich country, but a country in which, owing to various considerations, there has not been confidence of late, with the result that they have been going from one Financial Crisis to another.

The Financial Crisis on which I desire to speak to-day-it is certainly a financial crisis that the nation is called upon to face-is in' large degree subject to two main causes.

I am making the statement as undeniable, that behind the facade of complacent, pharisaical humbug on the part of the Government, the real financial figures in relation to the British Exchequer to-day reveal a state of Financial Crisis beyond all doubt much more serious and much more devastating in the burdens that the country is being asked to meet, than was the case in 1931.

I suggest to the House that, with this nation in face of a growing Financial Crisis in the National Exchequer, the position is still as the party to which I belong has so often said, namely, that wealth is allowed to increase in limited sections of the community while poverty increases among other sections, and that when one comes to the national burden, it is inequitably distributed among those sections.

Therefore, we are up against the absolute necessity of keeping up the national revenue, if we are to avoid a very Serious Financial Crisis at some time or other.

If we are given, as I hope we shall be, the support of the Committee and a steady grant, without interruption - and our grants have been interrupted twice so far because of Financial Crisis, involving very great economic difficulties and ultimate loss - we think our planting area could usefully be expanded during the next few years from the present 23,000 acres up to about 40,000 acres.

but if, on the other hand, the volume of world trade continues to dry up, if the commodity price level continues to drop and conditions of deflation continue, there is no doubt that we shall be faced sooner or later with a Financial Crisis which will far surpass in magnitude and severity the crisis of 1931.

The immediate reason for the cessation of the test inspections at the end of 1931 was that the services of the inspectors temporarily engaged for the purpose were dispensed with as part of the economies affected in consquence of the Financial Crisis at that time.

Unless these two can be sustained and increased, a Financial Crisis sooner or later in this country is inevitable.

It will only be two or three years before we shall have reached a total of £9,000,000,000 of debt, £1,500,000,000 more than when the wicked Labour Government left office on a so-called Financial Crisis.

Yes, and the Financial Crisis which developed, as the hon. Member will suggest, as a consequence of that experience led them to the position in which their hopes were to be centred in the return of our hon. Friend.

In Macedonia alone 500,000 people were settled, and while it is true that the refugees themselves did not pay the full interest on the loan, the Greek Government, until the Financial Crisis paid the rest in full, and it was recouped from the refugees as taxpayers and from the general increase in prosperity resulting from their production.

In 1931 there was a Financial Crisis.

We are told that the £100,000,000 paid over a long period of years for the unemployment created a Financial Crisis in 1931.

I am as certain of one fact as I am that I am standing here: References have been made in this Debate to the so-called Financial Crisis of 1931, but I am certain that the policy that has been followed by the Government since that date has rendered necessary this colossal Budget.

Does not the hon. Member think that there is the greatest likelihood of the industrial section of the West of Scotland taking the same practical view of this matter as they took of the Financial Crisis of 1931?

Any attempt to do so would only have one result, and that would be a repetition of the Financial Crisis with which we were confronted in 1931.

Practically all visitors had gone in a few days with the result that the proprietors of hotels, shops and boarding houses were faced with a Financial Crisis.

The arrangements made in regard to Brazilian loans since the Financial Crisis of 1931 are fully 586 set out in the annual reports of the Council of Foreign Bondholders.

I think it must have been in the heat of working through the Financial Crisis of 1931.

The Chancellor, before he begins to talk about his Purchase Tax, is estimating to get this year £466,000,000in Customs and Excise Duties, as compared with a humble £245,000,000 which the Labour Government could get when it was charged with causing a Financial Crisis.

I must say, on behalf of my hon. Friends who were associated with me in the so called Financial Crisis of 1931, that as my mind goes back to the night of 8th September of that year and the Debate in this House, with its tremendous excitement and great interest in the late Lord Snowden by the packed benches opposite, as to whether or not this country was going to disaster over £100,000,000 or so, I am extremely surprised at the small volume of interest which has been shown in the extraordinary Budget we have now to debate.

Even during the Financial Crisis of 1931, the increase was not wholly arrested, and with the prospect of a declining population and of great economic difficulties after the war, and with a vastly increased National Debt, it surely would only be a measure of reasonable prudence if the Government brought some pressure to bear upon local authorities now, by anincrease in their rates, to pay off, at an increased rate and increased speed, the very heavy debt which they have contracted during the last 20 or 30 years.

I do not forget the time when in a Financial Crisis we were all asked to tightenour belts.

I have not the slightest hesitation in saying that if Parliament at this moment were to adopt this scheme, there would be a Financial Crisis even worse than that.

What was the Financial Crisis that let Newfoundland down?

I well remember in 1931, at the time of the Financial Crisis, I cut my election expenditure down by two-thirds and retained my seat, in fact, increasing my majority.

They read in the newspapers that the Tarran Company had a Financial Crisis, so they met together to see how they could get the money to build these houses.

If the Opposition had been able to pursue their policy of increasing by many millions a year expenditure on the social services - whether the cost fell upon the Exchequer or on compulsory contributions does not much matter from this point of view - whilst at the same time flatly refusing, as they did flatly refuse, to consider public direction in the reorganisation of industry for public needs, I believe that policy would lead to a Financial Crisis, to another 1931.

Take the Financial Crisis of 1931 which was resolved, according to the Report of the Donoughmore Committee, by passing six Acts dealing with financial matters, and giving to the Executive a large measure of control of taxation which should have been in the control of this House.

With the approach of the reconstruction period it is hoped to restart county cricket next May, and the Financial Crisis with which the game is faced justifies the formulation here, again, of very strong representations for relief from Entertainments Duty.

Is the hon. Gentleman suggesting that Imperial preference was not a means of greater prosperity throughout the Empire and did not pull us through the results of the Financial Crisis?

On the other hand, if we get more consumption, more taxes, more burdens upon the public purse, more wages, without the production taking care of them, then we shall get not over-production but inflation and a financial smash, a Financial Crisis from which the working classes will suffer as much as anybody else.

What hon. Members opposite are afraid of is a Financial Crisis abroad; we may as well face it.

But where is the self-interest, if at the end of six years the money is reduced by half, and where is the patriotism if at the end the nation finds itself landed in a Financial Crisis?

I feel that there is now a danger of a Financial Crisis such as will make 1931 look quite simple.

It will be within the recollection of many hon. Members that in the Financial Crisis of 1931 this House reduced Members emoluments to £ 360.

He is arguing that for him to seem not to make a change of what was existent between the wars is clearly to show that it was not the financiers but, in point of fact, the Labour Government of 1931 which caused the Great Financial Crisis.

I should very much rather, if I were one of these pensioners, have this thing in the Bill now, than have to wait, especially with the dangers there axe of a Financial Crisis.

According to the Government's own White Papers, we are on the verge of a Financial Crisis, and we cannot possibly tell what £30 million will buy in three or six months' time, or in three or 10 years' time.

The Chancellor of the Exchequer said the other night at Newcastle that he had sufficient power to ward off Any Financial Crisis.

Of course, it was right for the Chancellor yesterday to emphasise the seriousness of our position in regard to the foreign exchange situation and particularly in regard to the dollar exchange situation, but when people talk about Financial Crisis and the desperate condition of this country and when the Chancellor says that we must "export or expire," what is really in the back of his mind and what should be in the minds of those other Members?

But when we talk about a Financial Crisis, we should not overpaint the picture.

For example, China clay is a raw material which will be absolutely essential to us, in view of the Impending Financial Crisis.

For example, China clay is a raw material which will be absolutely essential to us, in view of the impending Financial Crisis.

As regards the Supplementary Budget which the Chancellor is to introduce, the Chancellor was warned months ago that there would be a Financial Crisis.

Then came the Financial Crisis.

That was gradually increased, and in 1931, when we had a Financial Crisis similar to that which we have today, the only way the Tory Party could find to deal with the situation was to inflict a 10 per cent.

Mr. Osborne asked the Financial Secretary to the Treasury in view of the fact that during This Financial Crisis the nation is spending more on tobacco than it can afford, if he will give a lead to the country and set an example to private industry by issuing instructions that smoking will be prohibited in all Government offices during working hours.

asked the Financial Secretary to the Treasury in view of the fact that during This Financial Crisis the nation is spending more on tobacco than it can afford, if he will give a lead to the country and set an example to private industry by issuing instructions that smoking will be prohibited in all Government offices during working hours.

Does my right hon. Friend not agree that it would be a good thing if, during the Financial Crisis, Members of this House set a good example by discontinuing the smoking of expensive cigars?

I myself, when Financial Secretary, hadto introduce the Public Works Loans Bill following the Financial Crisis of 1931.

asked the Lord President of the Council whether, having regard to the Financial Crisis with which this country is at present faced, and with a view to curtailing expenses, he will consider reducing the size of and decreasing the expenditure on the Central Office of Information forthwith, by retaining only such part of the organisation as relates to reference libraries and other records of public value.

Owing to the Present Financial Crisis and difficulties it will be many years before this will come into effect, and I hope in general that a proper sense of proportion will be kept in relation to this Clause.

We have a Financial Crisis, and the Government are taking the steps which any Liberal or Tory Government would have taken under the same conditions.

We should think what we can afford at the present time of Financial Crisis, and then give and do a little more.

In our present state, when capital expenditure is being limited for economic reasons, I should doubt whether this would happen; but it may be that we shall get out of Our Financial Crisis before we get out of our food crisis - I do not know what may happen - and, if we did, it might be that the Secretary of State would start directing people to incur very large capital expenditure without their having any recourse at all, so far as I can see, in a certain event.

Six years later, at the time of the Financial Crisis and the election of the National Government, cuts of about 10 per cent.

Mr. De la Bère asked the Lord President of the Council whether having regard to the Financial Crisis with which 1439 this country is at present faced, and with a view to curtailing expenses, he will consider reducing the size of and decreasing the expenditure on, the Central Office of Information forthwith, by retaining only such part of the organisation as relates to reference libraries and other records of public value.

Even more important now, in the Financial Crisis through which we are passing, is the arrival of oversea visitors whom we must attract to this glorious island of ours, if we are not to suffer grievously in the future.

People may tell us that these are difficult times and that there is a Financial Crisis.

The position of our country has been characterised as facing a Financial Crisis.

Coming down with some difficulty from these more lofty planes, may I say that what has surprised me most in this Debate and the events of the last few weeks is that it appears that This Financial Crisis, or pending financial crisis, has come as something of a surprise to the Government and not only to this Government but to other Governments.

If you take these three factors together, the Financial Crisis, the party conflict and the atom bomb, it will, I think, be generally agreed that the hour is grave.

There is now Another Financial Crisis, and poor folk up and down the country, with memories of those dark days, are afraid of what may happen to them.

He put it in a manner which was a little more gentlemanly perhaps, but at the same time there was the accusation that the Present Financial Crisis was due to thepolicy of this Government.

The miners have responded magnificently in This Financial Crisis, and up and down the country the men, by resolution in their lodges, are declaring their intention to start working on two or three Saturdays per month in order to attain this year's target.

It is certainly true that, every time we have a Financial Crisis, up pops the Parliament Bill, but no hon. Member opposite can surely suggest that the circumstances which we face today, nationally and internationally, are the same as those which faced us on the last occasion.

It is a discouragement to those of us who really are honestly doing our best to help the Government, at this time of Financial Crisis, to extend our business to overseas dollar countries.

Taking the view that we may one day emerge from the Present Financial Crisis, I should have thought it might have been wise to draw this Bill in a temporary form, to enact that the Bill should last two, three or maybe five years, and to put in the Bill as we frequently do, provisions for renewal by Order in Council, or by including it in the Schedule to the Expiring Laws Continuance Bill.

The next thing in which I thought the right hon. Gentleman was really too ingenious for anything was in dissociating the whole of this Amendment almost entirely from any notion that there has been a Financial Crisis or a devaluation or a cut.

It is largely a Financial Crisis.

Mr. De la Bère asked the Lord President of the Council whether, having regard to the Financial Crisis with which this country is at present faced, and with a view to curtailing expenses, he will consider decreasing the expenditure of the Central Office of Information forthwith, by retaining only such part of the organisation as relates to reference libraries and other records of public value.

asked the Lord President of the Council whether, having regard to the Financial Crisis with which this country is at present faced, and with a view to curtailing expenses, he will consider decreasing the expenditure of the Central Office of Information forthwith, by retaining only such part of the organisation as relates to reference libraries and other records of public value.

I remind hon. Members opposite that some of us remember that the answer of the party on the other side to a Financial Crisis not as bad as the present one, was to make, in 1931, a cut of 15 per cent.

Following on that experience, we had the introduction of the Safeguarding of Industries Act, 1925, hedged about as it was with a great many gaps, and it was not until the Financial Crisis of 1931, which I will pass over rapidly, knowing what painful memories it has for hon. Members opposite, that we reached unity on this matter, not only on these benches, but among Liberal thought at that time, whatever prefix or suffix they carried in that period of their history, in favour of the Abnormal Importations Act, 1931, which was introduced to deal with the currency of that period.

They have left the country insecure, and, after six years which could have been spent on getting us back on our feet, we are facing the Worst Financial Crisis since the end of the war.

I only want to point out - and this is no criticism whatever of my predecessor, who was caught up in a Financial Crisis - that a system of colonial development which leaves the Colonies to finance the Mother Country to the extent of £1,000 million cannot continue unchecked.

We have to face that fact, not on the basis of an Immediate Financial Crisis, but on the basis of our long-term needs.

The net result of all this, if we take the Present Financial Crisis which is affecting this country and the sterling area, is that two-thirds of our adverse position today is due to this change in the terms of trade.

I remember very well years ago Sir Stafford Cripps saying that he could not imagine the Labour Party coming into power without a first-rate Financial Crisis.

Further, we are in the middle of a very Serious Financial Crisis; and it is at this very moment that Mr. Symington decides to put us in the soup.

I find that even in 1947, the year of the Financial Crisis, there was an extra 6d.

The right hon. Gentleman knows perfectly well that when there was a Financial Crisis a short time ago one of the first things that was done was to cut housing.

That is why we have had Financial Crisis after financial crisis in the last six-and-a-half years.

His hon. Friend said of his attitude at that time:I thought the right hon. Gentleman was really too ingenious for anything … in dissociating the whole of this Amendment almost entirely from any notion that there has been a Financial Crisis or a devaluation or a cut.

But a good many of them now show in their speeches that This Financial Crisis is not something new, that it is, as the Leader of the Opposition said today, something which has been happening over 50 years.

Too much money has been spent to avoid Another Financial Crisis.

I am not complaining about that, but do say that there must be a lot of fat/upon which they could survive, for a time at any rate, while we get through the very Serious Financial Crisis with which the nation is faced.

We are facing a Financial Crisis.

We hear talk about a Financial Crisis, but in 1949 the expenditure on drink was £719 million and, in 1950, £727 million.

It is inevitable that our railway system, like others, should be bogged down in a Financial Crisis, but what I object to is that, since the return of the present Government, there has been some reaching out towards the same old cure of economy, which must come out of the standard of living of the men and out of the condition of the railway service itself.

The Grave Financial Crisis under which we are labouring supplies more than sufficient explanation for this decision.

He claims that he is a prophet and that he foresaw both the setback in the arms programme and the Financial Crisis.

The position is that if we cannot increase production in this country, if we run into a Financial Crisis, then the people who will suffer most as a result of it will be those in the lowest level of incomes.

The Financial Crisis in 1949 resulted in considerable economies in the Air Force, notably in Transport Command.

It is a grave responsibility for us this year, under This Financial Crisis.

I do not believe that they or anybody else in this Committee is entitled to say "We are certain that in two years' time we shall be out of Our Financial Crisis".

I believe that it was because of the Labour Party's absolute refusal to face up to this that so much of their planning was bedevilled and led them from one Financial Crisis to another.

What a reputation the Conservative Party are giving Great Britain abroad when they say that the solution of Our Financial Crisis can be achieved only by putting burdens on the cripples first, and that England can only be held together by making charges on abdominal belts.

This Guillotine is introduced because the Government require the National Health Service Bill in order to make a contribution towards solving the country's economic and Financial Crisis.

If that is not possible, and I fully appreciate all the difficulties which the Government have on hand at the moment - they have only been in office six months and the country is in a Financial Crisis, althoughvery few people seem to realise it - I should like my hon. Friend to give an assurance that if the industry should deteriorate in the next 12 months my right hon. Friend the Chancellor will consider the matter very seriously at the time of the next Budget.

They know all about the Financial Crisis.

Nevertheless, because of other factors of Socialist extravagance - their Government expenditure and overspending of the national purse - we ran into the Financial Crisis of 1951, and the present Chancellor of the Exchequer was consequently faced with a picture of serious inflation.

There have been restrictions on remittances of one sort and another ever since the Financial Crisis of 1930-31, but it has not become so acute until fairly recently, from 1946 onwards, when the situation has become increasingly critical owing to the simultaneous factors of inflation abroad and larger currency earnings, together with increasingly severe restrictions on remittances of profits, whether due to foreign exchange, shortage, or to Government legislation.

These points I have raised about our internal economy and Government action are important at this time because of the Financial Crisis within our country.

On the one hand, there is the argument of the hon. Member for Aston, and on the other hand there is the Government's argument, the strength of which nobody can deny, which is this: unfortunately, like it or not, there is today a Financial Crisis, and Government economies have to be carried through.

I am amused and even amazed at the attitude displayed by right hon. and hon. Members opposite in this debate on what we call the Financial Crisis.

I agree that when the country is in a Financial Crisis, for perhaps a year or 18 months we have to live on our fat for the time being.

There is no sense in increasing production if some man-made Financial Crisis is going to stop people who need goods from buying them from others who are ready to make the goods they need.

Surely, in those conditions, it almost becomes nonsense to appeal to the industries of this country to develop and increase our export trade and save us in the time of Acute Financial Crisis through which we are now passing.

They were not taken, and the result was a Financial Crisis.

I am sure that my hon. Friends on this side of the House are very grateful to him for this admission, for it is the first time that any hon. Member of the party opposite has ever admitted that there was Any Financial Crisis at all when the present Government came into office.

Does the Financial Secretary realise that the London taxicab trade faces a very Serious Financial Crisis at present, that all the London taxicabs are running at a loss, and that it is most urgent that the Government should make up their mind what to do about this Report?

This Financial Crisis is the true crisis of local government today, though much less discussed than the related defects of organisation and boundaries.

There are about 20 cinemas and every one of them serves a small town or community and in each of them there is a Financial Crisis.

We are told that the country has only just been saved from a Financial Crisis.

I realise the difficulties of 1949 and the Financial Crisis then.

I say at once that in 1949, when the Leader of the Opposition, who was then Prime Minister, announced that because of the Financial Crisis there had to be some slowing up of the advance, he also announced that a committee would be set up to go into the question of costs and design.

The last Government made a change at the time of the Financial Crisis but later some more was given.

Two years ago under a Labour Government this country was heading for the Worst Financial Crisis that we have ever seen.

The Gateshead and Sunderland jobs to which my hon. and learned Friend referred were licensed in 1947 and 1948 before the stricter rules were introduced as a result of the Financial Crisis which was threatening in 1951.

It did not survive the Financial Crisis of 1947.

The Financial Crisis did not prevent the Government from embarking on a bigger house building programme, which was used as the argument for cutting the school building programme.

It was left to this Government, in the teeth of a really Serious Financial Crisis, to raise the basic pension by 10s.

All these very remarkable figures - the increase in the number of teachers, the vast increase in the number of school places provided, the expenditure met out of public funds, larger than ever before - all this is being attained despite the Financial Crisis of 1951, which we fortunately survived, and despite the pressure of an unprecedented defence programme on men, materials and money.

It was brought out at a time when, because of the activities and the mistakes of the late Government, we were in a Financial Crisis and everything had to be looked at from the financial point of view.

When it was departed from, it was said by the Government of the day that the departure was purely temporary to deal with what was then regarded as a passing Financial Crisis.

In view of the fact that when my right hon. Friend raised the Bank Rate, the "Daily Herald," in large black letters, said that there was a Financial Crisis and "The Times" on the same day said there was no hint of one, will my right hon. Friend say which was right?

One does not have to face the possibility of a Financial Crisis.

His hon. and learned Friend the Member for Gloucester (Mr. Turner-Samuels) likened the present situation to 1931, and accused Her Majesty's Government of trying to 2146 create a Financial Crisis similar to that of 1931.

We shall get a Financial Crisis and then wages will be pulled down at once and there will be a reduction in the standard of life.

The Financial Crisis with which they had to deal - serious as it was - was not produced by any policy emanating from this country.

He has warned the country that our balance of payments is in a very delicate state, and has said that we should be heading for Another Serious Financial Crisis unless energetic steps were taken to correct the adverse trend.

We made them for exactly the same reason as the previous Government made the cuts before they went out of office - because we were involved in Their Financial Crisis at the time.

Entirely due to the Financial Crisis caused by the party opposite.

I think it was wise to take the portrait down, but it was not so wise to follow the budgetary example, because I would remind the Chancellor that a few months after Mr. Gladstone made that reduction in Income Tax there was a Major Financial Crisis.

That work and the British contribution to it has suffered very greatly from the cold war, the Financial Crisis following the Korean war and the defence burdens which we have all had to undertake.

When the Government came into power, we were supposed to be in a Financial Crisis.

We find ourselves in the most Serious Financial Crisis we have experienced for many years, and it confronts our country alone.

Is not the Minister aware that we are facing a very Grave Financial Crisis, that the Plimsoll line is now beneath the water, and that every measure the Government have taken up to now has been calculated to increase prices?

When, in a year of Financial Crisis, notwithstanding the Premium Bonds, we are compelled to allow people to have special concessions in respect of tax up to amounts on either side of £ 1,000, we wonder whether we have not set the whole business rather too high.

Ever since the war we have been rolling from one Financial Crisis to another, and apart from our sacrifices in the war, and many other circumstances which have created difficulties, I believe that one of the major factors in our repeated financial crises is the fact that the quality of the service of Ministers and of Members of Parliament has been seriously affected by the limitations which are imposed.

I believe I am expressing the view of the trade union movement when I say that the trade unions are prepared to do everything they can, and have been so prepared for many years, to help the nation out of Any Financial Crisis.

It is that the fact that our railways are publicly owned has made it infinitely easier to deal with Their Financial Crisis.

I do not think that we should have done so at the time, had it not been one of those times of Financial Crisis which are now endemic".

The Board spoke of the Recent Financial Crisis and said that the scheme was still on, but that completion would be delayed.

It does not appear to be disloyal for a group of people, at the very moment that the full impact of the Financial Crisis struck this country, to make fortunes overnight on the Stock Exchange.

But I must say that with the Present Financial Crisis, with the increase in the Bank Rate to 7 per cent.

For instance, in the Recent Financial Crisis, and in the previous one, when the Opposition have asked "Why do you not reduce imports"?

For instance, in the recent Financial Crisis, and in the previous one, when the Opposition have asked "Why do you not reduce imports"?

It is said of one Welsh county that as soon as a Financial Crisis arrives they always present a most extravagant and grandiloquent development plan well knowing that it will be turned down and that they will get credit for the thought without having any of the responsibility for giving effect to it.

What I regard as the most serious aspect of this part of the matter which is raised by the evidence is what I may term the phenomenon of the rush for liquidity which takes place, and has to take place, whenever a Serious Financial Crisis threatens the country.

Then into that situation of relative buoyancy in our economy there suddenly came This Financial Crisis.

That is interesting in view of the fact that at that time we were in a Financial Crisis and the right hon. Gentleman and his hon. Friends ran away from it.

The reason is that in an inflationary situation, where there is a demand for more cash, more notes and more coinage, it is impossible for the Government to say, "We refuse to print any more money", because, owing to the structure of our financial situation, if they attempted to do that when there was a real need and demand for that money, it would again provoke a Financial Crisis.

The Commission discussed those figures with us and, despite the fact that we were by then into a very Serious Financial Crisis, we agreed substantially to those figures by allowing £145 million for 1958 and £145 million for 1959.

As my hon. Friend the Member for Glasgow, Central (Mr. McInnes) said, at the present time the local authorities are experiencing a Financial Crisis.

I am quite sure that they wanted an increase in the basic rate of pensions just as much as everyone else who took part in that debate, but, when it came to the Budget just afterwards, the Chancellor of the Exchequer was unable to give any rise in the basic pension at all, and that was because, as we know, there was a Financial Crisis at the time.

Yet today, very hurriedly, the Governor and five members of the Legislature came to see the Minister about a Financial Crisis.

I rise to draw attention to the critical condition of the transport industry, and particularly to the Financial Crisis that faces the British Transport Commission.

It is true that this is not as bad as it was in the Great Financial Crisis of 1931, when we had 1½ million unemployed, but this danger is always lurking.

He heard my hon. Friend the Member for Gloucestershire, West (Mr. Philips Price) remind the House of his recollections of the Financial Crisis of 1931.

Anyone with experience of what happened as recently as September, 1957 - I am not referring to the Gloucester by-election, but to the Financial Crisis - will not speak too lightly of our need for safeguards in difficult external financial circumstances.

Socialist policy is a policy of inflation, involving a Financial Crisis every two years and a devaluation every three-except that in the second three-year period they usually give up office and leave a Conservative Government to take over.

It is precisely because the hon. Member for Motherwell (Mr. Lawson) and his hon. Friends appear to follow the advicewhich the hon. Gentleman gave - that what a country can afford is a political matter - that while his party were in power we had a Financial Crisis every other year and a devaluation of the £.

An outstanding example of this occurred when, owing to the Financial Crisis of 1957, interest rates rose to the highest ever level of 6¼ per cent.

Is not this piling a Financial Crisis on top of all the other distress which they feel at that time?

I am not concerned at the moment with the steps considered necessary in a period of Financial Crisis, but, when clearance of slum schools is postponed indefinitely in the name of economy, we are passing the burden of our difficulties on to our children - the innocent party.

If we had chosen that moment, at the beginning of 1957, to make a bigger increase in all retirement pensions we should merely have intensified the Financial Crisis which followed in the autumn of 1957.

and what assurance was given by the then Chancellor regarding the stability of sterling 45 to the American Treasury during the 1956 Financial Crisis.

This is an expenditure which we shall have to reconsider, because we shall face a Financial Crisis.

They did not expect to come in at that time so they were landed with their own problem of a Financial Crisis.

The arrangement for imposing an extra tax has been introduced because we might be faced with a Financial Crisis during the year.

But I suggest that when framing a Measure to deal with a Financial Crisis it is not desirable to adopt this backdoor method of supplementing the provisions in the Local Employment Act?

I cannot believe that we could have a Financial Crisis whch could be so marginally adjusted from bad to good by the simple transfer of £4 million in any one week.

But the poor public reads about this and also reads at the same time that there is a Financial Crisis, and that it finds rather mystifying.

This is a relic of a past state of affairs, of the day when Government investment in science was in terms of small sums of money and, therefore, there was no difficulty in saying "Yes" to the requests, except in times of Financial Crisis.

Can the Minister give us any indication of what the Vickers Vigilant costs, and why he should be pressed to go in for more of these weapons when we are told that we are facing a Financial Crisis?

To me, the economy being made over Tanganyika is one of those typical little economies that an ordinary family makes when, suddenly, it meets a Financial Crisis and it is decided to cut down the grocer's bill and to give the children only one plate of cornflakes for their breakfast.

If we are now in the middle of Another Financial Crisis we should not go blithely ahead setting up commissions to do unnecessary jobs, or jobs which are being done adequately by bodies which already exist.

Can the right hon. Gentleman tell us whether Mr. McNamara made certain proposals which would greatly increase the defence expenditure of this country and whether he told Mr. McNamara that we are facing a Financial Crisis and that he did not want the same percentage of unemployed as America has?

We are now in the middle of a Financial Crisis, a large part of which is due to the fact that early this year the House agreed to this vast expenditure of over £1,660 million, which the country is now told has helped to land it in this financial crisis.

] It is perfectly clear that if we are not able to do that we shall have one Financial Crisis after another.

Tomorrow and Thursday the House will be crowded when we discuss the economic difficulties and Financial Crisis facing the country.

One reason for the Present Financial Crisis, according to the Chancellor of the Exchequer, is that we have been spending too much money and must cut down on our overseas expenditure.

One reason for the present Financial Crisis, according to the Chancellor of the Exchequer, is that we have been spending too much money and must cut down on our overseas expenditure.

How cam they continue to spend these enormous sums of money in foreign lands and, at the same time, keep our economic and Financial Crisis under control?

This is the size of the increase which was settled for Scotland, early in the summer, before the Financial Crisis had become acute.

I have an awful feeling that perhaps in eight year's time the Minister will come to the House and say that, because of a Financial Crisis or something like that, the Bill must be extended for another five years.

Dame Irene Ward asked the Chancellor of the Exchequer whether, in view of the fact that the cuts accepted by Government and local government employees at the time of the national emergency in 1931 were restored when the Financial Crisis ended, he will raise the interest on 3½ per cent.

In a few weeks' time, the benches opposite will be crowded with hon. Members asking about the Financial Crisis and the heavy burden of Government expenditure.

One of the first things that the Labour Government did when they took office in 1945, in spite of the Financial Crisis after the worst war we had ever gone through, was to deal well with Service pay, particularly with old-age pensions, and that hon. Gentlemen opposite will not do.

We are engaged in a Financial Crisis.

All I can say is that if one wanted any reassurance that this absurd tax designed to save the country in a Financial Crisis was utterly absurd, and the more so because it is the Government's last resort, we have had it in the two speeches to which we have just listened.

Mr. F. Noel-Baker asked the Lord Privy Seal what further United Nations bonds Her Majesty's Government now propose to purchase as a contribution to the solution of the Financial Crisis which is to be discussed at the forthcoming special session of the United Nations General Assembly.

Moreover, all this depends, bearing in mind the record of this Government - if by any chance they happened to be returned to power - on the possibility of a Financial Crisis which gives them justification to cut back on local authority house building.

Some hospitals recruited more nurses, and immediately found themselves, often less than half way through the financial year, with a Financial Crisis because, owing to the squeeze, there were no reserves to meet this additional expenditure.

That is a short, handy summary of where the Financial Crisis has led us.

One matter that has worried me about the debates in the Committee of Ten, in the General Assembly, and so on, is that these counter-theories and counter-propositions are being argued at some length while the Financial Crisis deepens and the United Nations is being rendered more and more impotent in relation to possible peace-keeping operations which it might be called upon to undertake at short notice.

For example, would an analysis of the reasons for the Financial Crisis at the end of the last two Labour Governments be political propaganda, or, as it could be suggested, an interesting historical analysis?

Does my right hon. Friend agree that the nation would be better served if Opposition speakers ceased trying to talk as though the country were in a Financial Crisis?

Years a job, when I first studied these matters, there was a Financial Crisis in 551 Belgium, and the Belgian Minister appeared waving a bag saying, "Le franc est sauvé".

For whatever reasons, it remains the fact that two out of three Socialist Governments ended in a Financial Crisis and the only one that did not lasted for only nine months.

What we have to do - I cannot emphasise this too much - is not to talk as if we were in a Financial Crisis.

I am trying to prepare the Treasury against that day and to deal with thesituation which will arise in two or three years' time when we shall have a Financial Crisis because people will understand what the medical profession is saying.

They remember 1951 when they produced the Financial Crisis from which they ran away rather than dare tackle.

I said that while a Financial Crisis, in the sense of a run on sterling, could always be met by use of the reserves and international borrowing, urgent action was imperative to get exports and imports into balance in the long run.

With our razor-edge economy we have to remember that we can at any time talk ourselves into a Financial Crisis.

It may, therefore, seem appropriate that I should have chosen to speak in this debate on the supplementary Budget because, whilst the stability and growth of the national economy affect every single person to a greater of lesser degree, areas like Cornwall are infinitely more susceptible in times of Financial Crisis than, for example, the over-populated, over-employed areas of the South-East.

Although he has plenty of the latter, he has, apparently, not a few of the former, because, at a time like this, he has sought to persuade the House that the Financial Crisis now facing the country is largely the making of the present Government.

I believe that the party opposite is concerned with a Financial Crisis, a balance of payments crisis, at present.

This is a very apt time to have this debate, because it is the time when the United Nations is faced with the Financial Crisis not of just how to pay for its previous peace-keeping actions, but of how it is in the future to pay for its peace-keeping function.

One good item, however, may emerge from the Present Financial Crisis.

First, we are seeking a solution of the Immediate Financial Crisis, without which no progress can be made.

Limited it obviously is at a time of Financial Crisis, be it public or private.

First of all, he states that this is the wrong time to increase Ministers' and Members' salaries, because we are in a Financial Crisis.

On this side of the House, we have no difficulty about this, because, in spite of the Financial Crisis, we do the things which we believe to be right.

] May I ask the Prime Minister if he will use every endeavour to ensure that there is some international co-operation within the United Nations to try to solve Their Financial Crisis?

If my memory serves me right, I am not sure that the hon. Gentleman was quite so helpful in this matter at the time of the peacekeeping operations in the Katangan affair which has caused the Financial Crisis.

I am here tonight to carry on the humble work of probing, scrubbing and cleansing these Navy Estimates, realising that this exceedingly large sum of £560 million cannot be disposed of by a gathering of old Navy comrades, but is a huge sum that has to come out the national Exchequer at a time when we face a Great Financial Crisis.

What an approach there must have been in October, November, December and January, when the Financial Crisis was upon us and the Government did not talk to the building societies and the building industry at that time!

I shall not rehash the arguments about responsibility, whether it is because they inherited a Financial Crisis that they did not expect, because they are no longer relevant.

The hon. Member for Bodmin (Mr. Bessell) said, "There is a Financial Crisis facing the building societies".

With the advantage of hindsight, would not the Chancellor agree that he caused a loss of foreign investment in this country by blowing up a Financial Crisis which was not there?

Probably the most urgent was the Financial Crisis as it affected the B.B.C., to which I shall return later.

I was astonished to hear the right hon. and learned Gentleman deal with B.B.C. finance in the way that he did, for the simple truth is that within a matter of hours almost of coming into office urgent representations were made by the B.B.C. to see me to present to me the full nature of the Financial Crisis which the previous Government had left the Corporation.

Why did they not press these pleas when there was a Conservative Government in power, and not start making them in the middle of a Financial Crisis, as we now are in?

No one thinks that the tax system is perfect, but this is surely a very curious time to introduce a radical revolution of this kind when we are facing a Grave Financial Crisis, a deficit overseas, and a crisis of confidence induced by the actions of the present Government.

The same happened in 1931, in Another Financial Crisis, when another committee on national expenditure recommended a drastic cutting back.

For this reason it has always been a tempting target in times of Financial Crisis for the Treasury to suggest cuts, if not outright abolition.

In view of the difficulties which the building societies face as a result of the Financial Crisis which the country has been experiencing - and I do not make any sort of political point out of this - it would be a very helpful gesture to them, and to the small investors and those people who are seeking to purchase homes, if the Chancellor would consider making a worthwhile concession in this case, not only in respect of Corporation Tax but more particularly in respect of the proposed new Clause which deals with relief from Capital Gains Tax.

What we are debating is whether it is wise of the Government to bring forward this Bill for Second Reading today, 14th July, 1965, in the middle of a Financial Crisis, largely brought about by their own methods and lack of judgment.

That is about the root of it - that we cannot afford to criticise America too much, because if we take a different line on Vietnam, it will mean a Financial Crisis for this country.

All I would say is that if, with a balance-of-payments deficit of £800 million last year, there was a feeling that that was a tolerable figure to be accepted - which we were told repeatedly by right hon. Gentlemen opposite, although we did not agree with it - then I think that, with a balance-of-payments deficit this year of much less than half that figure, there is no possible justification for Any Financial Crisis when the economic position is improving rapidly and when we require more time to get it completely right.

Instead of spending almost unlimited money on new roads in one way or the other at a time of Financial Crisis, would not the right hon. Gentleman be better employed in tryingto get more traffic back on the railways, which are only half-used?

There was an insinuation in it against the Government, because it accused them of having manipulated a Financial Crisis with the result that the firm had had to increase the price of drinking straws.

Not only have we played a part in the United Nations world peacekeeping operations, but in the Present Financial Crisis which faced the United Nations it was Great Britain which made the proposal for an additional contribution to the U.N.O. to meet the financial problems.

I agree that there is machinery for the House to be recalled if Any Urgent Financial Crisis happens during the Recess.

One of my hon. Friends referred to the policy of the previous Administration, and I should like to comment on what the attitude of the Conservative Party might have been if they had been faced with the Massive Financial Crisis which we have faced over the last nine months and which we inherited from them.

Greenwich Hospital, in spite of its millions of capital but because of bad administration - because the assets are worth far more and the income should be far more - then had Another Financial Crisis, as it has done previously down the centuries.

They were suspended for a time in the Financial Crisis of 1956 for a couple of years or more and the rates have been varied from time to time.

When one hears the claim that the difficulties of the Government are attributable to their inheritance from the last Government, it is important to remember that in the election campaign right hon. Gentlemen opposite were at one and the same time talking about a Financial Crisis and all the things they would do in office.

There has been a movement towards the trustee savings banks and, earlier in the year when we had a Financial Crisis, local authorities were offering high rates for short term loans and were getting money.

Another example concerns a technical schoolboy who was referred to the youth employment officer by his headmaster but who, although he had four O-levels and was likely to get three more in the November examinations, felt compelled to leave school because of a Financial Crisis at home.

Perhaps the Minister will tell me if my figure is wrong, but it is estimated by fairly reliable sources that this year £50 million of borrowed money will be given away when we are supposed to be in the middle of a Financial Crisis.

In order to prevent a further waste of money and materials, and to show the world that we really mean to overcome This Financial Crisis, real, as I think, or unreal, and to set an example, I hope that he will reimpose the prescription charges, which I think were wrongly abolished.

My personally chosen service - the B.B.C. - will be constantly in a Financial Crisis for two reasons.

and for how long this hospital project is now to be retarded owing to the Financial Crisis and to the cancellation of the master plan for Dawley in favour of a combined new town for Dawley and Wellington.

I do not believe that they will go to the country if there is a Financial Crisis, but they will almost certainly need the support of my hon. Friends.

It is that in South Aberdeen, as in many other parts of the country, they were impressed by the priorities and programmes of the last Labour Administration, and particularly in my area by an Administration which could deal energetically with a Serious Financial Crisis and at the same time manage to reduce unemployment and so eliminate that endemic plague, the unemployment spiral dictated by external balance of payments difficulties.

It was 18 months after the Great Financial Crisis of 1951.

In the middle of a Financial Crisis, in which we are told that the £ is in danger and that we must economise and tighten our belts, one of the first Measures of the new Session is a Bill to provide £430 million for the purchase of military aircraft and equipment in America.

The discussions were established by a decision of the General Assembly about a year and a half ago with a view to examining not only the Financial Crisis then being undergone, but the general future peace-keeping capacity of the United Nations.

I can remember that the Guillotine was imposed when a Budget was introduced in the midst of a Financial Crisis and when the previous Government, at the same time as they introduced their Finance Bill, introduced measures which imposed charges on the Health Service.

[That this House, while welcoming all reasonable steps that Her Majesty's Government is taking to deal with the Financial Crisis and to restore national solvency, regrets that no proposals were made by the Prime Minister to end the heavy and needless expenditure on the Polaris submarine programme and for abandoning of the Polaris base at Faslane.

Mr. Hastings asked the Prime Minister, in view of the Financial Crisis, what measures he intends to introduce in 242 order to reduce restrictive practices and increase the competition and efficiency of industry.

The truth is that the factors that the Prime Minister mentioned have had the effect of making our problems more difficult, but the sudden onset of this particularly Acute Financial Crisis stems from a collapse of confidence at home and abroad in the Government's ability to manage our economic affairs.

Mr. Emrys Hughes asked the Secretary of State for Defence what proposals he has for reducing expenditure on H.M.S. "Britannia" during the Financial Crisis.

Can my hon. Friend say whether there is any possibility of a freeze on the activity connected with Polaris submarines during the Financial Crisis?

Is it not a deplorable situation, when the country is in a Financial Crisis, that this great industry has been allowed to run down to such an extent that the VC10, which the right hon. Gentleman admits is a superb aircraft, cannot be developed not only for these Corporations, but for sale abroad?

and if, in view of the Financial Crisis, he will reduce this expenditure.

Mr. Emrys Hughes asked the Secretary of State for Defence if, in view of the need for a reduction in national expenditure due to the Financial Crisis and the need to save the £ sterling, he will make further economies in the Polaris submarine programme.

Is my right hon. Friend aware that many of us on this side feel that, despite the Financial Crisis, the cuts are trifling?

Could we not postpone this until the Financial Crisis has cleared up a bit?

But in view of the fact that we are in a Financial Crisis - if the right hon. Gentleman has not heard of it - does not he think that there is a strong case for postponing the completion of Polaris submarines as he does not know how they will be used when they are completed?

Was it wise, I ask again, to get all the best brains employed on this non-productive work at a moment when the country was facing a Financial Crisis?

We have already been told that there have been no cuts in establishments or staff in the Civil Service, despite the Financial Crisis.

That is the Present Financial Crisis.

Just as the miners, railwaymen and everybody else must contribute their share to the nation in this hour of Financial Crisis, so should the members of the legal profession.

When these negotiations with the American Government about the F111 opened, did my right hon. Friend know that a Financial Crisis was coming?

Mr. Winnick: Would not my right hon. Friend agree that there is a tremendous amount of public interest in this matter because of the Financial Crisis in 247 the newspaper world, including The Guardian?

Not even in the Great Financial Crisis of 1931 did we invade the compensation sum paid to war pensioners.

Mr. Winnick asked the Prime Minister what reviews are taking place in Government Departments to see what can be done to ease the Present Financial Crisis facing a number of national newspapers.

They did so for reasons which were in no way a matter of national emergency, which were in no way connected with Any Financial Crisis, which were in no way connected with the prices and incomes policy.

Belatedly, they took our advice, and on 20th July the Prime Minister said that there was a Financial Crisis and that he would have to take steps.

In times of Financial Crisis it is probably irresponsible of any Opposition to put forward plans that would cost a vast sum of money.

Apart from anything else, I should have thought that the Government would regard it as electorally highly undesirable if we were to find ourselves in Another Financial Crisis about 1968 or 1969.

My memory goes back to the Financial Crisis of 1931, when the £ was under attack and, as a condition of lending money to the Government, the international bankers stipulated that there should be cuts in unemployment pay.

Mr. Emrys Hughes asked the Secretary of State for Defence if he will give details of new reductions in expenditure he is proposing as a result of the Financial Crisis.

We know that the Government lurch from one Financial Crisis to the next.

Britain has just met a Serious Financial Crisis and the Government's decision to devalue was wise and courageous.

Why does hefollow the example of his Tory predecessors of axeing housing at a time of Financial Crisis?

We had a Financial Crisis and a balance of payments problem at the time.

Did Mr. Kosygin express profound and sincere sympathy with Britain having got into a Financial Crisis due to speculation against the £ by foreign speculators?

They are highly articulate and very well organised into bodies of teachers and of local education authorities, with a very well publicised Press and a very powerful lobby, and the task of a Secretary ofState is not an easy one, even when there is no Financial Crisis abroad.

Therefore, the very existence of this high poll tax contributes to the Financial Crisis which I see ahead.

Now I believe that this Actuary's Report is likely to be only the tip of an iceberg of Financial Crisis which is going to attack the National Insurance Fund in the years that lie ahead - a crisis caused by entitlements against the Fund running ahead of contributions to the Fund.

We must save money because we are in a Financial Crisis".

But how does this mean economy help us in Our Financial Crisis?

Can we draw the conclusion from what the righthon. Gentleman has been saying that if there had not been a Financial Crisis, and if devaluation had not occurred, the Government would nevertheless have substantially cut down on civil defence?

But we have got out of the Far East and the Middle East because of a Financial Crisis.

As the most essential thing is to defend the and the national economy in this grave hour of Financial Crisis, I support the Government 150 per cent.

We are supposed to be in a Financial Crisis.

The arguments deployed on both sides of the House do not convince me that this sum is not excessive and that, if the House goes on spending at this rate, we shall ever get out of the Financial Crisis.

Not only is there a Financial Crisis raging, but next week we shall have the Budget.

Having regard to the information we have received about a Grave Financial Crisis it may be that "grave disorder in the House" is a phrase which could be applied to the existing circumstances.

In this situation of Grave Financial Crisis the point he is making is even more relevant.

We have been fiddling with procedure while the world is inflamed by a Financial Crisis.

But, whereas if one errs on the side of incaution, it is too late to correct that incaution because one is overtaken by a Financial Crisis, if one errs on the side of caution there are ample monetary and other instruments at the disposal of the Government to put matters right in good time.

Whenever there is a Financial Crisis, cuts are made right across the board.

But I am showing that, with the enormous destructive power of nuclear weapons, there is no real defence to justify the Government spending a considerable amount of money on it at a time of Financial Crisis.

I do not think that it will blow up yet, but the sheer length of Our Financial Crisis is what worries me.

One thing which has appalled me is that, when we are considering the expenditure of vast sums of public money at a time of Financial Crisis, there is only a handful of hon. Members on the benches opposite.

We cannot dismiss the fact that this debate is taking place as we are tottering on the edge of yet another Financial Crisis.

We cannot dismiss the fact that this debate is taking place as we are tottering on the edge of yet Another Financial Crisis.

We had the Suez Group attackingthat policy of the Tory Government when the then Government realised they had to reduce expenditure, during a time of Financial Crisis; and they were assailed by the Suez Group, and Winston Churchill said we had to be realistic and we could not stay in Suez without staying in Egypt.

It seems that, every time we have a debate on transport, we also have a Financial Crisis.

It is probably just that, every time we have a debate, we have a Financial Crisis.

Last week, some of us sensed an air of unreality about the debates on the House when outside in the world at large there was obviously a Grave Financial Crisis, when the foreign exchanges were closed here and in the European capitals and we were devoting our time to debating electoral reform and the reform of the House of Lords.

The United Kingdom delegation informed the Councils of the measures which the United Kingdom Government proposed to introduce in the context of the Present Financial Crisis.

I began by saying that in July I made a speech to say that imports were growing very fast and that exports were not growing as fast as we should like and that we were facing a Financial Crisis again.

Would the right hon. Gentleman agree that, perhaps, one of the useful by-products of the Recent Financial Crisis is that France, although not a signatory of the Treaty, will have to curtail her nuclear programme, nevertheless?

Mr. Emrys Hughes asked the Secretary of State for Wales, in view of the present economic situation and the need for reductions in expenditure, if he will postpone the Investiture of the Prince of Wales at Caernarvon until the end of the Financial Crisis.

asked the Secretary of State for Wales, in view of the present economic situation and the need for reductions in expenditure, if he will postpone the Investiture of the Prince of Wales at Caernarvon until the end of the Financial Crisis.

Mr. Dodds-Parker asked the Secretary of State for Foreign and Commonwealth Affairs if, in view of the Recent Financial Crisis, he will give an assurance that it remains the policy of Her Majesty's Government to support the North Atlantic Treaty Organisation.

Here we find the Opposition and the Government united in coalition to spend money which we cannot afford to spend in this manner in a Financial Crisis.

The Postmaster-General faced a Financial Crisis, and he has chosen a method of trying to preserve the financial take of the Post Office.

Staggering from one Financial Crisis to another, in which weask people to make greater sacrifices, we cannot guarantee full employment until we surmount our difficulties", we might not react so despondently.

In a fortnight we shall be talking about the Financial Crisis.

That is a straightforward way of getting into a Financial Crisis, and it is not just.

He said that we should not be tottering from Financial Crisis to financial crisis.

Secondly, we then had the period when I used the soubriquet last year of Rob Roy, when the right hon. Gentleman produced the enormous impost of £1,200 million, but I think we have seriously to consider whether what has been done in this Budget will be sufficient to avoid a further Financial Crisis this year.

The subsidy to British airlines is often justified with a sort of undefined comment that they are major earners of foreign exchange, and that in a situation of Financial Crisis, such as we have permanently, it is wrong for anybody to question anything that earns foreign exchange; that it must be right.

The figures, therefore, clearly demonstrate greater and greater borrowing at steeply rising rates of interest, to which must be added the increased costs arising from devaluation, rising excise duties and an almost perpetual state of Financial Crisis - a nightmare situation for local authority treasurers.

We could have Another Financial Crisis.

Therefore, since we have seen in Britain with the present Government, confronted with a Financial Crisis, a tendency to whittle away the contracted out element of the scheme, this is a very serious precedent and raises the gravest doubts about the rôle of private and occupational pension schemes in any scheme devised by the right hon. Gentleman.

To place full responsibility for financing the Health Service on taxation would be to condemn the Service to an ever deepening Financial Crisis.

But we should get away from the permitted strength, which arose largely from the Financial Crisis of two years ago.

I wish to say one sentence only to remove the last plank of the Tory platform which has been built over the lasttwo or three years on the conviction that Financial Crisis was inevitable under this Government.

Equally, S.T.V. has been considerably relieved under the Order, and we know, whatever remarks may have been made at one time or another by Lord Thomson in another place, that a series of dramatic programmes, including a dramatic projection of the Scottish Office, had to be postponed, together with several other programmes, on account of the Financial Crisis.

We now come to last autumn, and the board then found itself in a most Serious Financial Crisis.

Mr. Smith: My hon. Friend has made a valuable point, because this came at 1592 the same time as the Financial Crisis.

Sir K. Joseph: Could the right hon. Gentleman tell the House what contribution to the company's Financial Crisis probably arose from the Government's transfer to Vickers of the expected nuclear submarine building and maintenance orders for which Cammell Laird had prepared and tooled up?

These, however, played a negligible role in producing the Acute Financial Crisis which fell upon the company.

So it was that the Labour Government when they went to the election said that there was no Financial Crisis and that they had weathered the storm.

Then 15 months later the nation was in the grip of Financial Crisis.

How will the people on Merseyside feel about the putting in of a receiver to perform the Government's so-called rescue operation, when all that was required was £10 million to overcome the Immediate Financial Crisis?

I was not interrupting the Minister on a party point when I asked him whether he was aware of theanxiety about the method of disclosure of the board's Financial Crisis.

When considering these figures we must remember the Serious Financial Crisis we had in those years, yet the Labour Government tried to meet their promises to the city as far as possible.

As a result, the bus industry is buffeted by the harsh winds of wage inflation, now accounting for more than two-thirds of bus operating costs, and the industry confronts a creeping Financial Crisis.

Let us not be tied down and hypnotised by this one RB211 contract lest we find in 12 months that events have not gone as we have optimistically supposed and that Lockheed is threatened with Another Financial Crisis because orders have not materialised, and we are then, indeed, in the gravest danger of having done ourselves out of the rest of the aero-engine business as well.

It has to be remembered that the Communist-led unofficial dock strike in 1967 which led, unfortunately, to the Financial Crisis of 1968 resulted in the Cabinet being pressed by Left-wing members, because of cuts in the social services, to increase the pace of withdrawal from east of Suez.

All over Europe there are yards maintained with Government help, despite Financial Crisis.

Again, I quote from Mr. Cuckney's evidence - page 30, Day 1 - Since September it has been publicly known at home and abroad that the port faces a Financial Crisis.

In the annual report, published and presented in April, 1970, no mention was made of Any Financial Crisis.

That is a good deal higher than the present rate burden, which was described by the Secretary of State for the Environment the other day as a Major Financial Crisis about which we on this side did nothing when we were in office.

We all know that as soon as a Financial Crisis hits the country in the shape of a payments crisis - and under this Government it will not be long before we get into that position - the first victims of the "stop" measures are the local authorities.

, whereas in 1965, at a time of Financial Crisis, the Labour Government increased pensions by 13 per cent.

Some damned silly rumour in the City created such problems for the Labour Government that there was a Financial Crisis nearly every other week.

First, the resolution of the American imposed Financial Crisis is by no means certain before the next Presidential election.

That came at a time of Financial Crisis.

For many years the telegraph service has been in a state of Financial Crisis and it receives a considerable subsidy.

I return to the point, which I do not think the hon. Member for Heywood and Royton can deny, that, again speaking from memory, the total of hire-purchase transactions grew by several hundreds of millions of £s in the more recent period before the Labour Government's Financial Crisis and before 1969 when interest relief was abolished - from about £750 million to well over £1,000 million.

We want to know whether, after entering the EEC, we in this Parliament will be able to influence the Government to understand that their policy of importing coal is a nonsense, particularly for a country facing a Financial Crisis.

It is important that the House and the country should realise how widespread the expectation of devaluation had become by that time and why it was that Mr. Graham Hutton was able to write in this morning's Daily Telegraph:Every qualified observer was awaiting last week's Financial Crisis" - everyone, it appears, except the Chancellor of the Exchequer.

In the lowest quarter in 1970 - that is, at the worst possible time, at the height of the Financial Crisis - under the Labour Government the figure for public sector completions was 42,821.

I shall not take up the time of the House in talking about the Current Financial Crisis which is affecting the national game of football since there have been one or two debates on the matter recently, but I wish to put on record certain facts.

I shall not take up the time of the House in talking about the current Financial Crisis which is affecting the national game of football since there have been one or two debates on the matter recently, but I wish to put on record certain facts.

They face a Great Financial Crisis such as they have never faced before.

Having regard to the Present Financial Crisis, inflation being at the highest level at which it has ever been, the public will not see it as a fair Budget.

I do not think that in the light of these figures we should talk ourselves into some kind of Financial Crisis that I do not believe exists at present.

It is well known that many Football League clubs face a Financial Crisis as desperate to them as the country's balance of payments is to the nation.

It would be helpful if the Government would indicate whether they share the view of Beaverbrook Newspapers about the nature of the Financial Crisis that it is facing.

We are facing a Grave Financial Crisis.

There was a considerable increase in the real purchasing power of the pension and other associated benefits I will not enter into the arguments as to whether that rapid commitment in the circumstances of the time led in some measure to the Financial Crisis which later dogged the Labour Government but, sadly, they were never able to carry on from the particular base they had set themselves in 1964.

Something must be done in the near future to solve This Financial Crisis, which is worse than that of the 1930s.

It is true that there is now a liquid reserve, but that position is deteriorating and it is estimated that by 1975, if there were no increase, there would be a Financial Crisis, because the reserves are falling at an alarming rate.

If hon. Members opposite are serious about talking of a Financial Crisis, or of a serious economic situation - and as the Chancellor, at the same time, has pointed out the need to balance the Budget or to limit the excess of public expenditure over income - they should consider the consequences of the actions in which they are now indulging.

It is engaged not merely in the massive project which led to the Financial Crisis of 1970–71, but in a whole range of collaborative ventures often overlooked when we consider the rôle of this public company within the general aerospace picture.

The Financial Crisis that faces local authorities is by no means relieved by the proposals before us.

One of the worst features of the Financial Crisis is that there can be no possibility of an extension of BBC local radio or the likelihood of the BBC implementing the recommendations.

Even if a strong line were taken, the Financial Crisis would still remain.

The Financial Crisis facing the BBC is very real.

No doubt it is always possible to raise the existence of a Financial Crisis as a reason for delay.

I know that local authorities face Their Worst Financial Crisis for a long time, but I apply the same argument to them as I applied to the national Government at the beginning of my speech.

At the same time as the causes supported by the Soviet Union are advancing, the United Kingdom, at a moment of Financial Crisis, is preparing, in effect, to lend money to the Soviet Union at a rate lower than that at which we are compelled to borrow to keep ourselves afloat.

The Financial Crisis ties up with all sorts of other important ingredients - pay, labour relations, overmanning and the grim conditions on some lines.

If so, it is strange that nearly every informed critic in the Press, the travelling public and Conservative Members feel that there is a sense of Financial Crisis and that British Railways are in trouble.

As I happened to serve on one for seven years, I can perhaps recall that twice we were on the point of signing a contract for a swimming pool but we came up against a Financial Crisis, when the Government asked local authorities to cut back.

One reason for Our Financial Crisis is that local authority expenditure under the last Conservative Government and under the present Government has got out of public control.

We are in the middle of a Major Financial Crisis, and if we do not make these cuts now they will be made by the Chancellor within the next three or six months We are here to help him.

Financial Crisis is presenting a grave threat to our social services.

There is a Grave Financial Crisis facing the country, as the hon. Gentleman recognised.

Fourthly, we have to bear in mind the Government's pledge to restore interventionist powers in the Bill which, at a time of Financial Crisis, is crazy.

We have listened to the Minister of State, Scottish Office, indicating that money is no object at all, but we are in the midst of a Major Financial Crisis and it is up to the Government to tell us a little more about where the finance is coming from and about how it is to be spent.

A Financial Crisis faces the country.

In discussions on the consultative domument there was talk of the money being spread over five years, but, in the Present Financial Crisis, is the agency to be told that there is an annual limit beyond which it cannot go or, taking its cue from this profligate administration, can it blue it all in 18 months, as suggested from the benches behind me, and come back for more?

Despite the Financial Crisis facing the country, the attitude among my people is that perhaps a year or two years for any signs of action may he a year or two years too late, because they are looking for the justice which they think is Glasgow's due in the 1970s.

The immediate cause of this debate is the Financial Crisis which faces many voluntary organisations, but the debate raises wider issues, including the place of voluntary organisations in this country and the place of the volunteer.

Although the initial and basic cause of the Financial Crisis was the policy of Tory Ministers, it has to be acknowledged that there has been an error of judgment this year.

The Financial Crisis is caused by the factors I have mentioned and by the fame drain of many top creative artists going to live overseas, and this is stopping many projects from coming forward.

Is the Minister aware that, however well the plans are supposed to work, there is no evidence on the ground that they do, and that these problems are likely to grow steadily worse with the growing Financial Crisis throughout public services?

I find it very disappointing that, despite the magnitude of the Financial Crisis facing the country, the Government should still conduct these doctrinaire and ideological arguments.

That is the measure of the Financial Crisis facing the industry.

Even if the British economy were doing well and we were not suffering from a Financial Crisis, high inflation and rising unemployment, the Government's policy for the North Sea would be unjustifiable, misguided, dangerous and damaging.

There is the Financial Crisis, the question of the 200-mile limit, and, even more important, the common fisheries policy.

Referring to what he describes as a "well meant but ill-informed proposed piece of legislation", Professor Vere said: "In East London we have seen a steadily increasing incidence of alcoholic disease and a steadily diminishing DHS provision for alcoholics, thanks to the Financial Crisis.

Referring to what he describes as awell meant but ill-informed proposed piece of legislation",Professor Vere said:In East London we have seen a steadily increasing incidence of alcoholic disease and a steadily diminishing DHs provision for alcoholics, thanks to the Financial Crisis.

I appreciate that that is not a new solution but it is important that at this stage of Financial Crisis it is examined.

It is surely curious that, in the middle of a Financial Crisis, we have suddenly been given the go-ahead for a plan that will cost £15 million and will cause an enormous amount of dislocation.

Labour's housing policy is now cracking under the twin pressures of Financial Crisis and human desires.

All the time that the Government are staggering in the short term from Financial Crisis to financial crisis they are damaging the long-term economic prospects of this country.

I am glad that the hon. Member for Derby, North (Mr. Whitehead) concentrated on the fact that when it finally reports the Annan Committee will do so against a background of Financial Crisis at the BBC.

I hope, as a result of the discussions we have had, that a Chancellor of the Exchequer will think warily before removing that grant and, indeed, that a Secretary of State will fight extremely hard to ensure that those grants are not removed because of the Financial Crisis.

However, at this time of Financial Crisis, I believe that ordinary people will not give a "Thank you" to any of us for being misled.

In a period of Acute Financial Crisis the nation simply cannot afford this ridiculous piece of Socialist nonsense.

At a time of Similar Financial Crisis in 1940, the Government of the day created a support fund for the arts in CEMA, the father of our present Arts Council.

It may take a long time to do so, particularly in the Present Financial Crisis.

When we are in our present serious financial situation and are being investigated by IMF officials - and indeed we probably now face the most Serious Financial Crisis since the 1930s - why should we waste 30 days of parliamentary time and considerable finance on such an exercise?

This Financial Crisis - characterised by the collapse of sterling - has been thrust upon him at the most damaging moment by Government ineptitude.

Every three to four months after that argument is put forward, one of them comes back to the Dispatch Box to explain that all the things which were impossible three to four months ago have now to be done because of the worsening Financial Crisis.

Indeed, coming from the Lake District I regard myself as a conservationist, but it is true to say that if those buildings had not been listed the Authority would have been £10 million better off and the Financial Crisis would have been considerably lessened.

We had high hopes for a sound transport policy in 1974, when there was a change of heart, but those hopes were dashed by the Financial Crisis that followed.

We entered the Worst Financial Crisis that we have ever had and were in the arms of the International Monetary Fund in December.

It was established in 1866, and it even survived through the Financial Crisis of 1931, that the recording of information for maps should be a national service.

It is not, as the right hon. Member for Leeds, North-East (Sir K. Joseph) appears to think, just a Financial Crisis.

What action will the Government take to deal with This Financial Crisis and the potentially serious consequences for the Welsh economy?

All that has changed because of the Financial Crisis that came upon us.

Happily, at the moment we are not in a Financial Crisis.

All those reasons lead the Scottish National Party to the voting system under which, but for the Financial Crisis of 1931, all of us would have been elected anyway.

I beg to move,That this House takes note that Great Britain's universities and university staff are experiencing a Grave Financial Crisis, believes that this crisis is seriously impairing the fulfilment of their educational and research obligations; and calls upon Her Majesty's Government to ensure that the obligations imposed upon the universities are matched by the resources made available to them, and that university staff enjoy a phased elimination of the pay anomaly they have suffered since July 1975.

Every time there is a Labour Government, thereis a Financial Crisis.

Is he aware that there is a likelihood of a continuing Financial Crisis for the Humber Bridge because the revenue is not sufficient to meet the cost of servicing, the capital and keeping it in repair?

That report said:A company in the private sector faced with Financial Crisis on the scale of BSC would have to divest itself of activities not central to its business if it wanted to be able to fund the investment needed to maintain competitiveness and the ability to provide employment, in its central activities in the longer term.

Obviously at a time of ever-increasing Financial Crisis for the Corporation, one of the immediate areas in which we would expect to see substantial reductions is the disposal of stocks - money that is tied up.

We have also seen, as we have become accustomed to seeing in the summer months in recent years, the eruption of a Major Financial Crisis, with bank rate hoisted to 10 per cent.

We have also seen, as we have become accustomed to seeing in the summer months in recent years, the eruption of a major Financial Crisis, with bank rate hoisted to 10 per cent.

This country is not suffering from a Financial Crisis - yet.

Central Nottinghamshire area health district is facing its most Serious Financial Crisis since the inception of the National Health Service.

Dealing with the need to face up to the Financial Crisis which he sees as more or less permanently facing Glasgow - perhaps somewhat exaggeratedly - he said:It is the intention of the Conservative administration to give the Government such detailed information about Glasgow that, rather than cut any assistance, they will be prepared to treat us as a special case.

That may be all right for one or possibly two years, but standards cannot be maintained if it becomes the norm and not just the exception in a time of Financial Crisis.

The fact that there is an Immediate Financial Crisis has no bearing on Greek accession.

As the Government lurch from one Financial Crisis to another will they not be tempted to sell more of out profitable national assets?

However, I recently read in the Sunday Telegraph - so it is likely to be true - that the postimpressionist exhibition at the Royal Academy is so successful that it is not likely to be facing an Immediate Financial Crisis.

Now it is on the market, because the Ministry decided to realise some of its agricultural properties in order to find money to make a contribution towards the Present Financial Crisis.

I maintain, and the area health authority has admitted, that the Financial Crisis, as it describes it now, was anticipated.

Will the Minister accept that this is an internationally renowned centre which appears to be facing a Serious Financial Crisis, primarily as a result of spending cuts by the Department of Education and Science?

We have set in train the legislative steps to provide additional financial support for Welsh language teaching and, despite the Financial Crisis, we are planning further to improve the present financial backing given by the Government to the language.

They must have known, because of cash limits imposed on the nationalised industries, and particularly on the BSC, that the BSC was reaching a Financial Crisis.

Will the Prime Minister take time today to study the Financial Crisis at the Royal Hospital for Sick Children, Glasgow?

Mr. Prescott asked the Minister of Agriculture, Fisheries and Food if he is 512 satisfied that the public investment by the Government in the conversion of the Hull fish dock is protected in the Present Financial Crisis.

Except that there is a difference between the port of London's Present Financial Crisis, or the one within the last 12 months, and the one that is coming for the port of Liverpool.

Although the increases cause immense difficulties for the industrialised countries, they cause intolerable burdens for the poverty-stricken countries, which are approaching Financial Crisis.

They are important because there are bound to be fundamental strains on the financial system within the EEC, not only because of the Financial Crisis that looms next year - the debate about the 1 per cent.

Is it not time that the right hon. Gentleman and his right hon. and hon. Friends told the people the truth about the financing of the Common Market - that 1981 is bound to be a crunch year, that the Common Market will be in a Great Financial Crisis, and that, unless something is done about the CAP and the whole question of financing the Common Market, we shall be in trouble, and so will the Market?

When the Labour Government lurched from one Financial Crisis to another, with sterling falling in value from $ 2–40 to $ 1–60, there was no sudden upsurge in overseas sales.

The Community faces a Financial Crisis because the cash will run out.

People will have to wait until the Current Financial Crisis is over and inflation is down to a figure acceptable to us".

The right hon. Gentleman has now answered the question about the Financial Crisis on the railways.

At a time of the most Massive Financial Crisis facing British Railways, the Bill brings to bear upon them provisions which are at best irrevelant to that crisis and, at worst, downright damaging to their future.

There is a Financial Crisis in heavily subsidised London, Bristol and Liverpool, and one developing in Manchester and in other estuarial areas, due to the declining traffic and a switch of traffic from the West of the country to the East, resulting in surplus labour in areas with high severance costs.

I remember making many speeches both in the country and this House at that time to the effect that, unless the canal system and the British Waterways Board were brought into a close relationship - indeed, were brought within the water industry - every time there was a Financial Crisis, they would be the first to suffer.

They want not so much cheaper money as money that is secure and that they know will not be taken from them suddenly, leaving them with a Financial Crisis.

The commission's general view was that the board had made major efforts to reduce costs only at times of Financial Crisis.

We did not make any significant change in the overall level of resources, and we tried as far as possible to protect the trunk roads construction programme from the effects of the Present Financial Crisis and to avoid unnecessary cuts.

There is no doubt about the Financial Crisis that the two ports face.

However, I can give the Secretary of State examples of the Financial Crisis that is facing other ports and the extent of the increasing burden of funding financial severance and meeting the loans as they become due.

Will he let us know whether he is in favour of the provisions as they apply to Merseyside, against the background of the Serious Financial Crisis that our port faces?

My right hon. Friend also said that the ports were suffering from a Financial Crisis.

Street prostitutes often solicit for short-term economic gain, to deal with an Immediate Financial Crisis.

None of us in his private capacity would have such a con- 609 tract as this entered upon in times when finances were bright and cheerful, going on now that a Serious Financial Crisis has overtaken us.

About 18 months before the next election, their knees begin to wobble, their courage fails and the BBC is once again plunged into Financial Crisis.

I agree that this is not a propitious time to deal with major questions of local government reorganisation in Scotland, particularly as local authorities are already in a state of Financial Crisis as a result of Government policies.

She went on:The true picture, however, is one of depression, uncertainty and cutback, with Financial Crisis looming closer for many.

I hope that it will be appreciated that this is an important order and that if we fail to pass it those charities will face a Grave Financial Crisis.

The Opposition's proposals would cause a Financial Crisis and a sharp acceleration of inflation.