HC Deb 25 June 1867 vol 188 cc551-2

Order for Second Reading read.


moved the second reading of this Bill, which proposed to enable trustees to invest funds intrusted to them in the new East India Stock. The principle of the Bill was in accordance with judgments delivered by Lord Campbell and other Judges; and, in fact, might be regarded more as explanatory of the law than as a new proposition.

Motion made, and Question proposed, "That the Bill be now read a second time."—(Mr. H. B. Sheridan.)


desired to know the opinion of the Government on the Bill, as it appeared to him to contain some important provisions; it proposed to enable trustees to invest in funds not secured by the Government, whereas at present trustees were very properly confined to funds that were so secured.


desired to know whether the hon. Member who had moved the second reading of the Bill was sure that Lord Campbell had given a judgment in favour of the principle on which the Bill was founded, as in a case in which he had been personally concerned he was informed to a contrary effect.


hoped that if the principle of the Bill were approved, the stock of the New Canada Railway would be included in the same class with the New East India Stock, as trustees had great difficulties now-a-days in making what could surely be deemed sound investments, having a reasonable rate of interest to recommend them.


said, that the Amendment suggested by the last Speaker would meet with his cordial assent in Committee, and with reference to the question of the hon. and gallant Member, said, that he had Lord Campbell's judgment in his hand, and would read it, if the House wished.


, while declining to express a decided opinion without first consulting with the Attorney General, said, that previous Acts of Parliament had permitted trustees to invest in those stocks only which the Government had secured; the Bill of the hon. Member would permit trustees to invest in stock which was not so guaranteed. He did not see, however, why the hon. Member should not pass his Bill through this stage.

Motion agreed to.

Bill read a second time, and committed for Friday.