§ "The Land Commission may invest guarantee deposits in stock or annuities issued by any municipal corporation in Ireland, which annuities, or the interest or dividend upon which stock, are secured upon rates or taxes levied by such municipal corporation under the authority of any Act of Parliament."
§ He explained that the object of the Amendment was to remedy partially an injustice under which small towns suffered. English and Irish trustees under the existing law could only invest in the stock of towns of over 50,000 inhabitants, but Scotch trustees could invest in the stock of any town in Great Britain, no matter how small. No trustee, however, could invest in the stock of Irish towns of under 50,000 inhabitants. That restriction, he thought, might well be done away with now.
§ * MR. SPEAKERAccording to my recollection, there is nothing in the Bill about the powers of investment of trustees. This Amendment would appear to be more pertinent to a Trustee Investment Bill.
§ MR. VESEY KNOXpointed out that there was a good deal in the Bill about guarantee deposits, and that this Amendment only referred to the investment of such deposits.
§ MR. MAURICE HEALYsaid that the Acts which this Act amended dealt with the investment of guarantee deposits in trustee stock.
§ * MR. SPEAKERsaid that if the Acts were to be read together as one Act the clause would be in order.
§ MR. GERALD BALFOURhesitated to accept this Amendment, because it would alter essentially the present legal arrangements affecting the investment of trust funds, and because he did not like to make a special exception in favour of this guarantee stock. If they were to accept tins Amendment they would be dealing piecemeal with a large and important question. He might point out to the hon. Member that under this Bill guarantee deposits would practically cease in future.
§ Clause, by leave, withdrawn.
§ MR. MAURICE HEALYinvited the Chief Secretary to express his opinion upon the following clause standing in his (Mr. Healy's) name:—
In the case of any holding to which the Land Law (Ireland) Act, 1881, did not as um-amended apply, but to which the Land Law Acts as amended by this Act apply, a tenancy subsisting at the time of the passing of this Act shall he deemed to be a present tenancy if the tenant was in occupation of the holding at the date of the passing of the Land Law (Ireland) Act, 1881.
§ MR. GERALD BALFOURsaid that he had resisted the principle of this Amendment throughout, and he did not think that he could consistently accept it in this particular form.
§ MR. MAURICE HEALYsaid that he did not move the clause, but would raise the question later on. The hon. Member moved the following new clause:—