§ MR. SEXTONI beg to ask the Chief Secretary to the Lord Lieutenant of Ireland whether there is any law obliging the Commissioners of Charitable Donations and Bequests in Ireland to invest the moneys of the charities they control in Consols, which pay only 2¾per cent. interest, thereby materially limiting the income of the charities concerned; if there be such a law, have the Commissioners invariably acted upon it; if there be no such law, why do they keep these moneys locked up in Consols, and to the detriment of the charities prevent investments in approved securities bearing a larger interest; and is there any means by which the Commissioners may be induced to allow sale of Consols and investments in other securities which are legally open to investment by Trustees, and which bear greater interest?
MR. J. MORLEYI am informed by the Secretary to the Commissioners that in all cases where application has been made to them to change the investment of charity funds in the hands of the Board, standing in Government Stock, they have been of opinion that the interests of the charities concerned have been best served by retaining the corpus of the funds in Government Stock, save in one instance, where under special circumstances the Commissioners were authorised by a scheme of the Court of Chancery to alter the investment. As the Commissioners have adjourned their sittings during the legal recess, I regret it has not been found practicable to ob- 463 tain a more detailed reply to my hon. Friend's inquiries.
§ MR. SEXTONHas the right hon. Gentleman any objection to representing to the Commissioners the wisdom in the interests of the charities of investing in Consols and other specified securities?