"That the Bill be now read a Second Time."
This Bill is needed in order to extend the operation of the Exchange Control Acts for a further four years from 1 January 1983. The last extension of the Act was in 1978 and the validity of the extension had now expired. The original Act was brought in to apply for four years in the hope that, after that period, it would no longer be necessary to provide the controls for which the Act provides. In the intervening period, however, it has been clear for a number of reasons which, of course, have varied from time to time depending on circumstances that it is necessary to maintain these exchange controls so that, for example, we can proceed in the normal course of events without being subject to speculative or uncontrolled movements of currency which could, in certain circumstances, create difficulties for the management of our foreign reserves and the management of overall investment policy within the country. The Bill provides for a further extension of four years for the provisions of this Act. It is necessary because, since the last extension in 1978, the situation does not appear to have changed in any way which would justify a different approach to exchange controls or discontinuation of the Act.