HC Deb 13 July 1882 vol 272 cc423-4

[Progress 6th July.]

Bill considered in Committee.

(In the Committee.)

Clauses 1 to 20, inclusive, agreed to.

Clause 21 (Capital money under Act; investment, &c. by trustees or Court).

MR. SHAW LEFEVRE

said, he had an Amendment to move, in page 11, line 28, after the word "shares," to insert the words "or in any debentures or debenture stock issued under 'The Local Loans Act, 1875.'" He had not been aware that Trustees authorized to invest in railway debentures were also authorized to invest in local loans. There was considerable doubt about it in the country; therefore, to set the matter at rest, he proposed this Amendment.

Amendment proposed, In page 11, line 28, after the word "shares," to insert the words "or in any debentures or debenture stock issued under The Local Loans Act, 1875.'"—(Mr. Shaw Lefevre.)

Question proposed, "That those words be there inserted."

SIR R. ASSHETON CROSS

said, he hoped these words would not be inserted. A great advance had been made in the way this money, which was originally real estate, might be invested. As to the loans under the Local Loans Act, they stood on a different footing to many of these loans. This applied to local authorities, who were entitled to raise a rate for any purpose whatever, and in many cases security of this kind was such as they would not like to see in the Bill. Debentures were payable to bearer, and they would hardly be desirable for the purposes of an Act of this description. The question had been thoroughly discussed, and though opinions were equally divided, he did not think it would be desirable to accept the Amendment.

THE ATTORNEY GENERAL (Sir HENRY JAMES)

said, they ought to be very careful that they ran no risk whatever in this matter. The question had been discussed by a Committee, and he would prefer to take the opinion of that body.

MR. SHAW LEFEVRE

said, there could be little doubt that the Act of 1875, coupled with the Bill, would have the desired effect. All he wanted to do was to give notice to tenants for life and to trustees that they had this power under the Act.

SIR R. ASSHETON CROSS

said, they were only to invest in first-class railways which had paid dividends on their first stock during the last 10 years.

Question put.

The Committee divided:—Ayes 45; Noes 88: Majority 43.—(Div. List, No. 259.)

Clause agreed to.

Remaining clauses agreed to.

Bill reported, without Amendment; read the third time, and passed.