A Bill introduced in the House of Representatives in Canberra proposes a Government export, the export finance and insurance corporation, which is intended to operate as an export financing institution as well as a credit and investment insurer and guarantor. The Deputy Prime Minister, introducing the Bill, said that the corporation would provide export finance for medium and long-term credit sales of machinery as capital equipment and also establish lines of credit, especially to developing countries and state trading organisations.

UNITED KINGDOM

Road Traffic (Seat belts) Bill — First reading House of Commons, Nov. 1, 1974.

This Bill provides for the addition of a new section (s. 33 (a)) to the Road Traffic Act 1972. It would give the Secretary of State power to make regulations requiring persons driving and riding in motor vehicles to wear prescribed seat belts. There are provisions for different classes of vehicles, descriptions of persons and circumstances and exceptions in the regulations. The offence of not wearing a seat belt, in contravention of the regulations, will be a summary offence punishable with a maximum fine of £50.

This Bill, introduced into the House of Lords, is intended to ratify the 1958 New York Convention on the recognition of foreign arbitral awards.

The Offshore Petroleum Development (Scotland) Bill will give the Scottish office the power to acquire sites needed to speed up the building of the giant concrete platforms needed in the North Sea if the exploitation of oil is not to be delayed further. The Bill will enable land to be taken over compulsorily for several specified purposes including platform construction, pipelines, shore terminals and necessary infrastructure support. This will be done through a new “Expidited Acquisition Order” for each site which will be subject to Parliamentary approval. The legislation also includes provisions for the licensing and control of sea based operations in certain designated areas.

The Scottish Secretary will also have a duty to reinstate any lands acquired and developed under the Bill, although alternatively, he may adapt land for another use after consultation with local authorities.