§ 54. Sir A. Knoxasked the Financial Secretary to the Treasury whether he is aware that the custodian of enemy property stated, on the 17th October last, that it was not possible to invest any dividends received by him on behalf of British subjects in the Channel Islands and that these dividends were being held by companies or banks on blocked accounts to his order; and whether he will issue an order to the custodian and the companies and banks that these dividends are to be invested, as they come in, in national savings or bonds?
§ Captain CrookshankWherever a bank or agent desires to make such investments on behalf of a British subject in the Channel Islands, no objection will be raised. But I do not think that such investments should be made compulsory without regard to the known or assumed wishes of the persons concerned.
§ Sir A. KnoxIs the right hon. and gallant Gentleman aware that the custodian of enemy property has in one case definitely ordered the banks to hold this property at his disposal and not to make investments?
§ Sir W. DavisonIs the right hon. and gallant Gentleman aware that this is quite an exceptional case, in that the persons in question are unable to give instructions with regard to their property, and surely the Government should in those circumstances do the best thing possible for them?
§ Captain CrookshankI think that point is covered by the first part of my answer. A bank or an agent generally has some idea of the wishes of the client, but it is quite another matter for the Government to say compulsorily that the money must be invested.
§ Sir W. DavisonCould the Government not say, "Unless there are instructions to the contrary?"
§ Sir John MellorIs the money left on deposit and the owner being credited with the interest?
§ Sir A. KnoxDoes the right hon. and gallant Member know that in the case of banks the interest is not being credited and that these persons are losing all interest?