§ Order of the Day for the Second Reading, read.
§ THE SECRETARY OF STATE FOR THE COLONIES (Lord KNUTSFORD)My Lords, I have to ask your indulgence in moving the Second Reading of this Bill, because, owing to some block apparently in the printer's department, it has only at this moment come down from the printer's office. As your Lordships are aware, certain Colonial Stocks may be inscribed in this country, after certain regulations have been complied with, under the Colonial Stocks Act, 1877. The Colonial Authorities have hitherto always transferred, and they very much prefer to transfer, their Colonial Stock by deed; but Section 4 of the Colonial Stock Act, 1877, provided a special form of transfer for Stock inscribed under that Act; it was to be done by a note on the register. By some misunderstanding or overlooking of the effect of Section 4 certain Colonial Stock, which has been inscribed under the Colonial Stock Act, 1877, has been still continued to be transferred by 1029 deed. This Bill has a double object: first, to provide, as the Colonial Governments very much desire it, for the continued transfer of Stock although inscribed under the Colonial Stock Act, 1877, by deed; and, secondly, to heal the irregularity which has unfortunately occurred with respect to some Colonial Stock that has been inscribed under the Act of 1877. I ask your Lordships, therefore, to give the Bill a Second Reading.
§ Moved, "That the Bill be now read 2a."—(The Lord Knutsford.)
§ LORD HERSCHELLMy Lords, my attention has been called to the difficulty to which the noble Lord has alluded, and I think this is eminently a case in which a measure of this sort should be passed; there has been an oversight; a considerable amount of property is affected by it; and no mischief can be done by validating that which has been done.
§ Motion agreed to; Bill read 2a accordingly, and committed to a Committee of the Whole House on Thursday next.