HL Deb 28 March 1890 vol 343 cc130-1

Order of the Day for the Third Reading, read.

*THE EARL OF MORLEY

My Lords, I had not an opportunity of saying anything upon this Bill when in Committee, and I take this opportunity of expressing my regret that the clause as to carrying on other businesses was altered in the manner in which it was in Committee. The result of that alteration will, I think, be to render the Bill absolutely nugatory. It is evident that no company at present exists which has for its sole business the performance of the offices of executor administrator or Trustee, and I do not think it would be possible to establish a company which should have as its only object the undertaking of those duties. I think if it is desirable to enable companies to act as Trustees or executors, it is essential that these companies should also be permitted to undertake other business of a remunerative character.

LORD HERSCHELL

I, of course, agree entirely with all my noble and learned Friend has said. I do not propose to go over the ground again which I traversed when the Bill was in Committee. I cannot think the alteration then made will afford any real protection to the public; because while it empowers such a company only to undertake the performance of the duties of executors and trustees, it in no way limits the investment of its funds by such a company, and does not prevent it involving itself in the very speculative investments which were the ground of objection to companies which undertook not only that business but other businesses as well. The Amendment which I have on the Third Reading is upon Clause 24, which is taken verbatim from my noble and learned Friend's Bill relating to Public Trustees, and I have merely made the Amendment to bring it into the final shape which that Bill assumed. It is in line 25, after "of" to insert "any of," and to leave out the words "or of any such persons." Then in line 27 to leave out the words after "bank" and insert words, so that it shall read "that the company or bank shall not be deemed liable by reason of having had notice thereof."

Amendments agreed to.

Bill passed, and sent to the Commons.