§ 66. Mr. CURRIEasked the Chancellor of the Exchequer whether his attention has been called to recent correspondence between the Bank of England and solicitors in Edinburgh acting for a body of trustees desirous of investing trust funds under their care in Government Stock; whether the Bank of England has placed an obstacle in the way of their doing so by refusing to register as holders the names of more than four of the trustees as owners of the stock; whether this is the usual practice of the Bank of England; and if so, whether it rests on Statute or merely on the discretion of the bank; whether he is aware that trustees in Scotland have been repeatedly advised that a trustee who neglects to have himself properly registered in connection with investment of trust funds exposes himself to personal liability; and whether the Government will consider the practicability of relieving trustees in Scotland from this difficulty by introducing legislation either specifically giving trustees power to fall in with the Bank of England's requirements on this point or, alternatively, specifically empowering the Bank of England to fall in with the requirements of the law of Scotland regarding it?
§ Mr. McKENNAI have not seen a copy of the correspondence referred to, but my hon. Friend has written fully to me on the subject. The rule limiting the number of stockholders in a joint account to a maximum of four has been long established, and though not based on Statute has been found convenient. It is applied to all holdings and not merely to Scottish holdings. I am inclined to think that the arrangements occasionally adopted under which trustees exceeding four in number appoint four of their number to hold the stock provides a reasonably satisfactory solution of the few difficulties which arise.