§ Order of the Day for the Second Reading read.
THE LORD CHANCELLOR, in moving that the Bill be now read a second time, said, its object was to remove doubts as to the liberty of trustees and executors to invest trust funds in certain securities. Many years ago, when trustees were empowered by deed or will to invest trust money in Government securities, they could only place it in the Three per Cents, no matter how secure other funds might be. 1547 However desirable it might be that the money should be so invested as to increase the amount of the income, the trustees had no power whatever, except at their own risk and peril, to invest in any other security than the Three per Cents. After a time the Legislature intervened, and said that trustees might invest in Bank Stock and also in East India Stock. Since then the Government of India had been transferred to the Crown, and there had been created a new East India Stock chargeable on the revenues of India. Doubts had arisen as to whether this new Stock came within the provisions of the Act, and the object of the Bill was to remove these doubts by empowering trustees to invest in this Stock. There was also a clause enabling them to invest in any security guaranteed by Parliament. Of course it was desirable that trustees should have a large sphere of action; and he apprehended their Lordships would have no objection to the second reading of the Bill which he now moved.
§ Motion agreed to: Bill read 2a accordingly, and committed to a Committee of the Whole House To-morrow.