HC Deb 31 March 1890 vol 343 cc290-1
MR. WHITMORE (Chelsea)

I beg to ask the Chancellor of the Exchequer whether he is aware that, although two months have elapsed since the Chelsea Savings Bank was closed, and although large assets were available for immediate distribution, no dividend has yet been declared; and whether any steps can be taken to expedite the action of the Official Liquidator?


The hon. Member is aware, of course, that the assets in such a case as that of the Chelsea Savings Bank are not available until all the claims have been got in by the Official Liquidator. Reasonable notice has to be given for this purpose, and the date fixed for claims to be sent in with regard to the Chelsea Savings Bank was the 18th of this month. An order was made four days later for payment in full to depositors under £5, including interest up to January 20 last, and of 15s. in the £1 to depositors of over £5, who were also offered facilities by the Liquidator for the transference of their moneys to the Post Office Savings Bank. The money for the actual payment of the dividend ordered will be placed to the credit of the Official Liquidator, and payment will be made after April 8. I trust that the hon. Member will recognise that all possible diligence has been shown in the matter.

MR. HOWELL( Bethnal Green, N.E)

Will the Treasury call the attention of the Trustees and Managers of this bank to the recent decision in the case of the Cardiff Savings Bank?


As it is a matter of great interest to all Trustees, I think it is probable that the case has been brought to the attention of these gentlemen in the same way in which the hon. Member's attention has been drawn to it. I do not know whether the Liquidators are aware of the judicial view taken by the Judge.

MR. BARTLEY (Islington, N.)

May I ask when the Bill on this subject will be introduced?


The Judgments in the case referred to, which were only delivered a few days ago, and were of a very complicated character, will have to be considered in connection with the Bill.