HC Deb 29 June 1915 vol 72 cc1765-6

When under the Workman's Compensation Act compensation payable to an infant is commuted, and also when a lump sum is paid into Court as compensation to a widow or dependant, the Court may order that the registrar of such Court shall invest same in whole or in part in any British War Loan, as though such security was expressly mentioned under Clauses 11 and 12 of Schedule 1 of the Workman's Compensation Act, 1906 (6 Edward VII.).—[Mr. Shirley Benn.]


The Clause handed in to me by the hon. Member for Plymouth (Mr. Shirley Benn), to deal with matters relating to the War Loan, is outside the scope of the Bill, and this is not the occasion on which the subject with which it deals can be brought forward.


I thought the Clause might be in order because the Finance Bill undertook to amend the law relating to the National Debt and to make further provisions by which to make available for investment in the debt of the country certain substantial sums at present not available.


The Workmen's Compensation Act of 1906 enables the County Court judge to invest moneys which are to be held for the widow or children of the husband who has been killed. The object of the Amendment of my hon. Friend is that the County Court judge, instead of investing in Consols or Annuities, should invest in the War Loan at 4½ per cent. In the Bill to amend the law relating to the National Debt I wish to call attention to Section 17. Under the general law certain persons cannot invest in any loan or in the National Debt—


It may save discussion if I say that there is a Bill to be introduced to-morrow to enable trustees to borrow money for the purpose of investing in Consols if authorised by the trust. If they are not authorised by the trust, I doubt whether the hon. Member would be willing to press his Amendment.


The County Court judge may invest the moneys awarded to widows and orphans of persons killed in factories, and he is entitled to invest in Consols at 2½ per cent. It is proposed that he should be allowed to invest in the New War Loan at 4½ per cent.


The County Court judge is already entitled to invest in the new War Loan by the provisions of the new War Loan Bill.


I beg to move, at the end of the Schedule, to add:—

Forward to