HC Deb 15 March 1888 vol 323 cc1289-90
SIR CHARLES LEWIS (Antrim, N.)

asked Mr. Chancellor of the Exchequer, Out of what Fund the bonus of 5s. per cent payable under the National Debt (Conversion) Bill to parties assenting to the conversion thereunder of Consols or Reduced Stocks will be paid; and, will it be a charge against Revenue for the forthcoming financial year?

THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)

No, Sir; the bonus will not be a charge against Revenue in the ensuing financial year, as the hon. Baronet will see on referring to Clause 13 of the Bill, which deals with the provision of money to meet this and other expenses incidental to conversion.

MR. SEALE-HAYNE(for Mr. HANDEL COSSHAM) (Bristol, E.)

asked Mr. Chancellor of the Exchequer, If he will state, with regard to his scheme for the conversion of the National Debt, whether commission will be paid on ordinary accounts, or only on Trust accounts; and, whether all joint accounts will be assumed to be Trusts, or will a declaration be required to enable an agent to get the commission?

THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)

The hon. Member will find that the Bill authorizes the payment of this commission to all recognized agents through whoso instrumentality the conversion of Consols or Reduced Threes takes place, and does not limit it to Trust accounts. There will, therefore, be no question of a declaration of a Trust in this connection.

MR. MACLURE (Lancashire, S.E., Stretford)

asked Mr. Chancellor of the Exchequer, Whether, under the Bill for the conversion of the National Debt, provision will be made to protect Trustees who have invested moneys in Consols to cover annuities under wills, or similarly to provide for ground-rents or rent-charges under wills where a distribution of the rest of the property has been legally made?

THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)

the hon. Gentleman will, I think, find that Clause 19 of the Bill gives sufficient protection to Trustees in such cases. Every care is being taken to render the position of Trustees secure in the matter.