§ CAPTAIN O. YOUNG (Berks, Wokingham)
I beg to ask the Secretary of 402 State for the Colonies whether he is aware that the banks at which all or any Colonial stocks are inscribed refuse to transfer such stocks unless a stockbroker is employed, even in cases where no actual sale takes place, as on the appointment of a new trustee under a settlement; and whether any steps can be taken to simplify the transfer of Colonial securities in England?
§ THE SECRETARY OF STATE FOR THE COLONIES (Mr. J. CHAMBERLAIN,) Birmingham, W.
My attention had not been previously called to this matter. Under the provisions of the Colonial Inscribed Stock Act of 1877 it rests with the banks in whose books the stocks are inscribed to make such regulations in connection with transfers as they consider necessary for their protection as registrars of the stock. Satisfactory evidence of the identity of the transferor is indispensable, and this usually involves the employment of a stockbroker. As regards the latter part of the honourable Member's Question I understand that the regulations for the transfer of Colonial inscribed stocks are not more stringent than those under which Consols are transferred, but I have no power to interfere with the discretion of the registrars of Colonial stocks in these matters.