HC Deb 02 March 1966 vol 725 cc1296-7
36. Mr. Howe

asked the Attorney-General what was the value of the New Inn and Cliffords Inn funds at the time at which they were first comprised in a charitable scheme; what is the current value of such funds; what is the average annual percentage decline in value of such funds; what change has been made in the investment of such funds since the passing of the Administration of Justice Act, 1965; and if, in exercising his official responsibility for these funds, he will apply to the Chancery Division of Her Majesty's High Court of Justice for an alteration in the foregoing charitable scheme, with a view to preserving the value and to increasing the usefulness of such charitable funds.

The Attorney-General

The value of the funds at the time when they were first comprised in a charitable scheme was £55,215 and £79,302 respectively; their current values are £23,819 and £32,431 respectively; the average annual percentage decline of the funds since 1905 is 1.13 per cent.; no change has been made in the investment since the passing of the Administration of Justice Act, 1965; I am considering, in consultation with the present beneficiaries of the income, whether to apply for an alteration in the scheme.

Mr. Howe

Do not these funds represent the proceeds of the sale of the old Inns of Chancery? Were they not intended to be used for the creation of a great school of law in which the Council of Legal Education, the four Inns of Court and the Law Society would co-operate? Is not the matter of urgent importance in view of the continuing decline in the value of the funds if they are to be used for a purpose of that kind?

The Attorney-General

The funds were undoubtedly the proceeds of the sale of New Inn and Cliffords Inn and the scheme devised was that the income from the funds should be used for legal education. As for the other matters which the hon. and learned Gentleman has mentioned, I am, as I say, in discussion with the Law Society and the Council of Legal Education as to whether there should be any alteration in the scheme.

Sir Knox Cunningham

Does the Attorney-General take advice about such investment, and has he access to the Government Broker for such advice?

The Attorney-General

I have no doubt that the beneficiaries are in touch with all these sources of advice.