§ 48. Mr. JOHNSTONasked the Chancellor of the Exchequer whether he has now considered the difficulties placed in the way of the transfer of British Government stock according to the law of Scotland between persons domiciled in Scotland; and whether he has decided to take any steps to ensure that the laws of Scotland as to heritages and transfers shall be applied in the case of Government securities?
§ The CHANCELLOR of the EXCHEQUER (Mr. Churchill)The point to which the hon. Member refers raises highly complicated questions of law and administration, and I regret that I am not yet in a position to add anything to the reply which I gave to my hon. and learned Friend the Member for Argyllshire (Mr. Macquisten) on the 8th December.
§ Mr. JOHNSTONIs the right hon. Gentleman aware that, under the existing methods, the Bank of England, at its own sweet will, can abrogate the laws of Scotland, and can he not have an issue of Government stock through an Edinburgh bank, and allow us to deal 192 with these transfers in Scotland under our own law?
§ Mr. CHURCHILLThe matter is a very complicated one, and I have promised to give it my attention. If the hon. Gentleman will repeat his question in the New Year, I will either give him a verbal answer or circulate a more detailed statement in the OFFICIAL REPORT.
§ Mr. JOHNSTONIn the meantime, can the right hon. Gentleman say anything to allay public apprehension in Scotland over the refusal of the Bank of England to docket transfers at the moment?
§ Mr. CHURCHILLI am led to believe, by the information that I have so far received, that there is not much in this matter, but what there is will be carefully examined and a full statement made.
§ Mr. HARDIEWould it not be possible in the meantime to have some arrangement by which these transfers may be made?
§ Mr. CHURCHILLNo, Sir; I think it would be most undesirable to try to improvise arrangements with regard to such transfers.