HC Deb 15 June 1866 vol 184 c467

said, he wished to ask the President of the Board of Trade, Whether, in order to mitigate the inconvenience arising from the recent failures of Banking and Discount Companies, Her Majesty's Government will bring in a Bill to enable the official liquidators of such Companies, when in course of liquidation under the Joint Stock Companies Act, to issue to depositors and other creditors Certificates of indebtedness, and to render such Certificates and the debts thereby certified, transferable by indorsement?


replied, that the object intimated by the Question of the hon. Member was that the Government should bring in a Bill to create a new class of securities transferable by indorsement, and of a kind at present unknown to the law. The question had been maturely considered, and he had not been able to satisfy himself that any sufficient ground had been made out for exceptional legislation in respect of these particular companies alluded to—namely, banking and discount companies, while undergoing liquidation under the Joint Stock Companies' Act. The official liquidator would not be in possession of the whole state of the account as between the creditors and the company, so as to be able to give a certificate of indebtedness which would be reliable, until the winding-up was complete. Under these circumstances, the Government were not prepared to bring in a Bill to effect the object mentioned by the lion. Gentleman.