HC Deb 16 July 1908 vol 192 cc1219-20

Order for Second Reading read.

THE PARLIAMENTARY SECRETARY TO THE BOARD OF TRADE (Sir H. KEARLEY,) Devonport

said the necessity for this Bill was brought to the attention of the Board of Trade by an influential deputation representing the large Colonial companies. The capital of Colonial companies invested in this country was computed to be between £24,000,000 and £25,000,000. It was shown that these companies had difficulty in carrying on business in this country, as they were under the Mortmain Act. Under that Act they could not acquire land in this country without either an Act of Parliament or an authorisation under the Crown. But protection was given under the Registration of Companies Act of 1862. Companies formed in the Colonies had not the benefit, of the Companies Act, and had not the privilege of obtaining a private Act of Parliament: therefore they could only acquire land under the Mortmain Act at a fee of £60 on every transaction. What this Bill proposed to do was to provide that companies promoted in British Possessions should have the same privileges as companies formed in this country under the Companies Limited Liability Act. He had consulted the right hon. Member for St. George's on the question and was glad to say that the right hon. Member agreed with him that this was a concession that might be made and would be well received in the Colonies. He hoped the House would give it a Second Reading.

Motion made, and Question proposed, "That the Bill be now read a second time."

MR. LYTTELTON (St. George's, Hanover Square)

said he knew that the present disability in regard to these companies existed in several of our Colonies, and he was grateful to the Government for bringing in a Bill to remove it.

MR. CLAUDE HAY

thanked the right hon. Gentleman for his lucid explanation of this Bill, but asked why it should be thought necessary that the benefits of this Act should only apply to companies registered in British Possessions having business in this country. He did not see that it was necessary for them to have a place of business here in order to enjoy the benefits of the Bill.

SIR H. KEARLEY

said it was only those who carried on business here that came within the provisions of the Mort-main Act.

Question put, and agreed to.

Bill committed to a Committee of the Whole House for To-morrow.—(Sir H. Kearley.)

Whereupon Mr. SPEAKER, pursuant to the Order of the House of 10th July, adjourned the House without Question put.

Adjourned at twenty-nine minutes after Eleven o'Clock.