HC Deb 19 November 1959 vol 613 cc1339-40
54. Mr. John Hall

asked the Chancellor of the Exchequer what proposals he has for removing undated stocks with fixed interests from the trustee investment list.

Mr. Barber

None, Sir.

Mr. Hall

Will not my hon. Friend agree that the 3½ per cent. War Loan, which has been the subject of recent statements, is a perfect example of the loss which trustee investors can suffer as a result of the limitation placed on their powers of selection of investments? Should not there be a change which does not impose such a loss on trustees?

Mr. Barber

As I think my hon. Friend knows, the whole question of trustee investment is now under consideration by the Government.

Mr. Ridsdale

When is it proposed to introduce further legislation to extend the powers of trustee investment?

Mr. Barber

I am afraid that I cannot say.

Mr. Reynolds

Will the Economic Secretary agree that any loss which has been suffered by trustees in this investment is entirely due to the Government's financial policy which has caused a catastrophic drop in the price?

Hon. Members


Mr. H. Wilson

Will not the hon. Gentleman answer the question asked by my hon. Friend the Member for Islington, North (Mr. Reynolds)? Will he answer the shouts of "Daltons" from those behind him by pointing out that the fall in the value of the so-called Daltons has been far greater under this Government that it was under the Labour Government?

Mr. Barber

I did not mean any discourtesy to the hon. Member for Islington, North (Mr. Reynolds). The answer, is No, Sir; I most certainly do not accept what he said. So far as Daltons are concerned, I should have thought that those spoke for themselves.

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