§ Mr. BOTTOMLEYasked the Secretary to the Treasury whether he is aware that the Public Trustee is in the habit of advising the sale of British stocks with a view to the reinvestment of the proceeds in Foreign securities; whether such advice is given upon his own responsibility; and whether he will grant a Return showing the total sales of British stocks, with a view to such reinvestment in Foreign securities, since the establishment of the department of the Public Trustee?
§ Mr. HOBHOUSEThe responsibility in this matter rests with the Public Trustee, who has, subject to the Act of 1906 and the Rules made thereunder, the same powers, 1995 duties, and liabilities as a private trustee. I understand that it is not his practice to advise the sale of British stocks merely for the sake of re-investment in foreign securities, but where the creator of a trust has elected to give the Public Trustee discretion to invest in foreign securities, the Public Trustee deems it his duty to give such consideration to that discretion given him by the settler as is possible and prudent under the circumstances of the case.
§ Mr. BOTTOMLEYMay I take it that the advice which the right hon. Gentleman has just given has nothing to do with the theory propounded by the Prime Minister that one of the best things for a country is for its capital to be invested abroad?
§ Mr. HOBHOUSEI so entirely agree with that sentiment that I make no comment upon it.