§ MR. RICHARDS (Finsbury, E.)I beg to ask the Member for the Tunbridge Division of Kent if the Charity Commissioners intend to adhere to their rule of compelling trustees (for the purpose of temporary investment) to purchase consols; and whether the Commissioners will consider the advisability of permitting such moneys to stand on deposit in the Bank of England or approved Joint Stock banks.
§ THE PARLIAMENTARY CHARITY COMMISSIONER (Mr. GRIFFITH BOSCAWEN,) Kent, TunbridgeThe Charity Commissioners have no rule of compelling trustees in the case of interim investments to purchase consols. In authorising such investments they are guided by the circumstances and requirements of each case. The objections to the course suggested by the hon. Member are that the Bank of England do not allow interest on money deposited with them, and that a deposit of money with a Joint Stock bank might involve the trustees of a charity in personal liability for the loss of the sum deposited.