I move:—
That for the purpose of any Actof the present session to charge and impose certain duties of customs and inland revenue (including excise), to amend the law relating to customs and inland revenue (including excise) and to make further provision in connection with finance, it is expedient to authorise—
(1) that a sum of £767,274 to redeem borrowings, and interest thereon, in respect of Capital Services shall be charged annually on the Central Fund or the growing produce thereof in the 30 successive financial years commencing with the financial year ending on the 31st day of March, 1954;
(2) that there shall be advanced out of the Central Fund or the growing produce thereof to the extent authorised by such Act such sums as may be required to meet payments by the Minister for Finance to the Revenue Commissioners in respect of stock of the 5 per cent. National Loan, 1962-72, accepted in payment of death duties;
(3) that there shall be charged on and paid out of the Central Fund or the growing produce thereof the principal of and the interest on any securities issued by the Minister for Finance for the purpose of borrowing under such Act and the expenses incurred in connection with the issue of such securities.
This arises out of the usual provision which has become a normal feature of the Finance Bill to provide for the need for the repayment of moneys borrowed for voted capital services. The second part, paragraph 2, arises out of the need to give effect to the condition which formed part of the prospectus of the last National Loan that the stock of the loan would be accepted at par value in payment of death duties. The third paragraph is simple in that it merely provides that the Minister may pay out of the Central Fund or the growing produce thereof the principal and interest involved in the issue of these securities.