§ Order of the Day for the Second Reading, read.
§ THE LORD CHANCELLOR (Lord HERSCHELL)My Lords, this is a measure of a very simple character. It has been passed by the other House, and approved there by the Government. Its object is simply to protect the funds of certain Trade and Provident Societies, so that they shall stand in practically the same position as the funds of Trade Societies which are now exempt from Income Tax, so that the interest on funds, which are used mostly for providing old-age pensions, and altogether for provident purposes by way of superannuation and otherwise, shall be exempt in future from Income Tax. That is the whole scope and object of the Bill, and I beg to move that it be now read a second time.
§ Moved, "That the Bill be now read 2a"—(The Lord Herschell.)
§ Motion agreed to; Bill read 2a accordingly, and committed to a Committee of the Whole House on Monday next.