HC Deb 13 April 1863 vol 170 cc119-20

Resolution reported, That it is expedient to amend the Laws relating to the investment of the monies of Savings Banks, established under the Act 9 Geo. 4, c. 92, to create a charge for such Savings Banks upon the Consolidated Fund in place of certain perpetual Annuities now standing in the names of the Commissioners for the Reduction of the National Debt for such Savings Banks, to give powers for converting certain other amounts of such perpetual Annuities into certain other Annuities, and to provide for the due payment out of the Consolidated Fund of any deficiency which may arise from insufficiency of the securities to meet the legal claims of the Trustees of such Savings Banks.


said, that the question of converting the large sums in savings banks into Government stock was fraught with many difficulties, and was likely to give rise to a system of finance of a very objectionable character. He therefore hoped that the Bill about to be brought in would receive the most serious consideration of the House.

Resolution agreed to.

Bill ordered to be brought in by Mr. MASSEY, Mr. CHANCELLOR of the EXCHEQUER, and Mr. PEEL.

  1. SAVINGS BANKS BILL. 47 words