§ Order for Second Reading read.
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Duff Cooper)I beg to move, "That the Bill be now read a Second time."
It would be improper if I did not say a few words in explanation of this Bill, which is noncontroversial and is simply designed to facilitate the work of the Trustee Savings Banks. As anybody acquainted with that work will be aware, it is divided into two departments, the ordinary department, where deposits are made and a fixed rate of interest is paid, and also a special investment department, which is allowed by Statute to make investments in a very narrow and clearly prescribed field. The object of the Bill is slightly to extend the margin of that field by allowing them to invest in municipal trustee securities maturing in 15 years, 498 and in British Government securities maturing in 30 years. Even this extension is limited to 40 per cent. of the total sum invested in the department, and is under Treasury control. The percentage that goes to each of the municipal and Government loans is controlled, and the investment has to have the approval of the National Debt Commissioners. The Bill also gives them the right to open accounts for ordinary business purposes at ordinary commercial banks, a right they already exercise but on which there has been some doubt whether it is legal for them to do so. The Bill is brought forward in response to a demand from the Trustee Savings Banks, and has the approval of the Association of Trustee Savings Banks.
§ Question put, and agreed to.
§ Bill committed to a Committee of the Whole House for To-morrow.—[Sir G. Bowyer.]
§ The remaining Orders were read, and postponed.
§ It being after half-past Eleven o'Clock upon Wednesday evening, Mr. SPEAKER adjourned the House without Question put, pursuant to Standing Order.
§ Adjourned at Twelve Minutes before One o'Clock.