§ The LORD CHANCELLOR, in moving the Second Reading of this Bill, said that he was under the necessity of asking their Lordships' attention for a few minutes to a proposition of great importance. It was well known to their Lordships that the Court of Chancery not only acted as a court in matters of disputed right between parties, but it was also extensively employed as the depository of property, and the means of securing property which otherwise might run some peril in the hands of trustees. Properties in the hands of trustees under marriage settlements, wills, or otherwise, were necessarily subject to this dominion. Much inconvenience had arisen in cases where sufficient care had not been taken to provide for the renewal of trustees; for instance, where a certain number of trustees were appointed in the first instance, and many years must elapse before these trusts expired. These trustees might die one by one, until perhaps one might be left; and if no steps were taken to renew the trust, and the surviving trustee died, the property came under the absolute control of the representative of the surviving trustee, who might be a person in whom the parties had no confidence, and who might have the control of money to a very large amount. This led to the necessity in many cases of taking the property out of the hands of these trustees, and depositing it in a place where it was perfectly secure—where it was sure of being forthcoming, whatever accidents might happen, for the benefit of those who were interested. An order was 1088 made for the payment, but unfortunately it was attended, according to the present practice of the Court of Chancery, with considerable expense, particularly in the case of small sums; for there was no distinction made in the practice of the Court of Chancery between a suit between parties, and suits which were instituted merely for the purpose of securing property in the Court of Chancery—all the expense which was incurred in order to get the money transferred into the Bank in the name of the Attorney General was entirely thrown away. This was a great grievance. In some cases a remedy had been applied, for it was provided in Sir Samuel Romilly's Act, that in cases of mere charity the Court should have the power of administering the charity, without instituting a suit. Some unfortunate decision took place soon after that Act passed, and it was then thought that money in the hands of trustees be-longing to infants should be secured with-out a suit; and another Act passed tending to increase the facilities which had been already afforded. Lately the Court of Chancery had been made, to a very great extent, the depository of monies contributed for the purpose of future speculations in railways. Last year, the money amounted to several millions—this year it had been very much less, but still it amounted to a very considerable sum. What he was now asking their Lordships to carry out was not a new principle; it had been sanctioned for many years, and in all cases to which the remedy had been applied, it had been found to be beneficial. Having thus explained the expense incurred in a suit, where the sole object was to get money transferred from trustees to the Accountant General, he had to state, that it was now proposed by this Bill that all trustees should he at liberty, without a suit, to pay money into the Bank of England to the account of the Accountant General. Some persons would be entitled to the interest, and an order might be obtained from the Accountant General to pay the dividends to the individual so entitled, by which means all chance of the money being misapplied on the death of the trustees would be entirely removed; and during the lives of the trustees the money would be forthcoming. He had ascertained this day the amount of the property now standing in the name of the Accountant General, and found that it was 51,833,000l. The great part of this was money about 1089 which there was no dispute. There could not be a greater test of the value of that department of the Court of Chancery, which acted as the depository of property. In the cases of charity funds, when the trustees became by death or otherwise unable to perform their trust, and care was not taken by those administering the funds to ascertain who were the new trustees, those who had the management of them were to be at liberty to pay the money into the Bank. He also proposed that the treasurer of the county court should be made a corporation for the purpose merely of being the depository in some cases of the legal estate. He would be a public officer not interfering with the charities, and would afford security, and be the means of saving expense. The judge should vest the legal estate in the treasurer of the county court. He trusted that these propositions would meet with their Lordships' assent, and moved the second reading of the Bill.
§ After a few words from Lord ASHBURTON and Lord MONTEAGE, Bill read 2a.
§ House adjourned.